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Audinate share price (ASX:AD8) rockets to new all-time high

Shares in the Aussie tech company are soaring this morning.
The post Audinate share price (ASX:AD8) rockets to new all-time high appeared first on The Motley Fool Australia. –

The Audinate Group Ltd (ASX AD8) share price has picked up right where it left off on Friday. Shares in the Aussie digital audio networking technology company jumped more than 7% this morning on the way to a new all-time high.

So, what’s driving the Aussie growth share to new heights?

Why the Audinate share price is surging higher

The major catalyst for this morning’s move appears to be Friday’s FY21 trading update from the Aussie company.

Audinate reported unaudited FY21 revenue of US$25.0 million, up 23% from US$20.4 million in FY20. That includes a strong finish to the year highlighted by 74% quarter-on-quarter growth.

A strong Aussie dollar against the greenback helped Audinate record A$33.4 million in revenue versus A$30.3 million in FY20.

The Audinate share price rocketed more than 7% this morning to go with a 6.5% gain on Friday. Audinate investors will welcome the news after a major slump in the March 2020 bear market.

However, Audinate noted the global supply of chips and electronic components as a near-term risk to the company’s growth. While the company has met customer demands thus far, a “record backlog of committed sales orders” for FY22 means there may be some delays in fulfilling orders.

Audinate co-founder and CEO, Aidan Williams, was bullish, if circumspect, in his comments:

We are pleased with the FY21 revenue performance and the resilience of the business in the face of COVID related challenges over the last 15 months. While Audinate and our manufacturing customers have successfully navigated supply chain challenges to date, we expect continued uncertainty throughout the remainder of [calendar year 2021].

The Audinate share price has been on a tear in recent months. Shares in the Aussie technology group are up more than 90% since hitting $5.01 per share in August 2020.

Today’s second straight trading day of gains has the company’s market capitalisation pushing $750 million at the time of writing.

Foolish takeaway

Friday’s FY21 trading update, highlighted by the successful launch of Audinate’s first original equipment manufacturer (OEM) Dante video products, has been well-received by shareholders. That’s helped propel the Audinate share price to a new record high to start the week.

The post Audinate share price (ASX:AD8) rockets to new all-time high appeared first on The Motley Fool Australia.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AUDINATEGL FPO. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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