It’s been a productive month for the ASX newby.
The post The Airtasker (ASX:ART) share price has gained 7% in a month appeared first on The Motley Fool Australia. –
Airtasker Ltd (ASX: ART) shares have had a good run over the past 30 days, with plenty of news to spur them on.
The Airtasker share price is currently sitting 7.41% higher than it was this time last month.
On 17 May, Airtasker shares closed at $1.08. At the time of writing, the company’s shares are trading at $1.16.
Let’s take a look at what the outsourcing platform has been up to lately.
The month that’s been for Airtasker
Over the past month, the ASX has been updated on news from Airtasker four times.
The first was on 21 May, when Airtasker shares entered a trading halt as the company announced it will acquire San Francisco-based local services marketplace Zaarly.
Airtasker’s first overseas expansion will cost it around $3.4 million. Additionally, it plans to continue expanding into the United Kingdom in the future.
To fund the acquisition and its future growth plans, Airtasker conducted a $20.7 million capital raising.
On 25 May, the company officially ended its trading halt, announcing it had successfully completed the capital raise.
That day, Airtasker shares closed 12% higher than their previous session.
Then, on 7 June, the Airtasker share price gained another 5% without the company uttering a word.
The gain was likely due to a broker note out of Morgans. The broker upgraded the company from a neutral rating and improved its price target to $1.29.
Finally, on 11 June, Airtasker was officially admitted to the S&P/ASX All Technology Index (ASX: XTX) – though, the news didn’t affect its share price.
Airtasker share price snapshot
The Airtasker share price had had a productive first few months on the ASX. The company completed its initial public offering (IPO) on 23 March.
Airtasker shares have gained almost 15% since first hitting the ASX boards and are more than 78% higher than their IPO price of 65 cents.
The company has a market capitalisation of around $480 million, with approximately 413 million shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.