Insights

Why is the Pointsbet share price up 8% on the ASX today?

Pointsbet shares are smashing the ASX 200 today.
The post Why is the Pointsbet share price up 8% on the ASX today? appeared first on The Motley Fool Australia. –

It’s been a lukewarm day so far for the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 is up by 0.12% after initially rising far more decisively this morning. But that hasn’t stopped the Pointsbet Holdings Ltd (ASX: PBH) share price from enjoying a cracking day this Thursday.

At present, Pointsbet shares are on fire, having rocketed a pleasing 7.7% so far today to $3.07 a share. That comes after the gaming tech company closed at $2.85 a share yesterday and opened at $2.98 this morning.

So why is the Pointsbet share price having such an impressive performance today?

Why is the Pointsbet share price on fire this Thursday?

Well, this is a rather strange occurrence because there has been no new news out from the company so far today. Or indeed this week. In fact, the piece of news we got out of the company was the quarterly activities report Pointsbet released last week on 29 July.

As we went through at the time, this report showed the company’s total net win increasing by 41% year on year to $85.8 million. Sports betting net wins were up 32% to $78.5 million, while overall turnover rose to $1.3 billion for the quarter, coming in far above the $986 million the company recorded in the corresponding quarter of FY2021.

But even so, investors were not impressed with this update at the time. As we noted last week, the release of this report resulted in Pointsbet shares falling 11% on the day it was released, and by a further 14.15% the following day.

So perhaps investors have changed their minds this week, and have decided to give Pointsbet shares another chance.

ASX 200 tech shares shoot the lights out on the ASX today

We are also seeing many other ASX tech shares perform well today though. The S&P/ASX 200 Information Technology Index (ASX: XIJ) is currently the best performing sector on the ASX 200 this Thursday. It’s up more than 2% so far. This has seen many ASX tech shares shoot the lights out.

Take Block Inc (ASX: SQ2). Its shares are up 9.3% at over $126. Life360 Inc (ASX: 360) and EML Payments Ltd (ASX: EML) are both up 5.3% and 7% respectively. Zip Co Ltd (ASX: ZIP) was up close to 10% earlier today but has since cooled off somewhat.

So it’s possible that Pointsbet shares have simply been caught up in a wave of goodwill towards ASX tech shares today too.

Whatever the reasons for Pointsbet’s stellar performance this Thursday, no doubt it is being welcomed by shareholders. 

At the current Pointsbet share price, this ASX 200 tech share has a market capitalisation of $940 million.

The post Why is the Pointsbet share price up 8% on the ASX today? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of July 7 2022

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Why BrainChip, Fortescue, PointsBet, and Zip shares are dropping
ASX 200 midday update: Zip crashes, PointsBet tumbles
Pointsbet share price tumbles 12% despite reported net-win improvements
Here are the top 10 ASX 200 shares today
Here’s why the Pointsbet share price tumbled 10% today

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments, Life360, Inc., Pointsbet Holdings Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Rebate Rewards

Level 2 Rebate

Deposit $2,000 and get $200 Rebate
$ 200 Rebate
  • 3 Simple Steps
  • 1. Register Using The Link Below (Promo-Code: WEBREBATE)
  • 2. Deposit $2,000 and place one trade at any non-Austalian market within 30 calendar days
  • 3. Receive Your $200 Rebate
Popular

Level 1 Rebate

Deposit $1,000 and get $100 Rebate
$ 100 Rebate
  • 3 Simple Steps
  • 1. Register Using The Link Below (Promo-Code: WEBREBATE)
  • 2. Deposit $1,000 and place one trade at any non-Austalian market within 30 calendar days
  • 3. Receive Your $100 Rebate

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex Securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

EASY QUALIFICATION & LOW ENTRY
NEW CLIENT REBATE OFFER
EARN UP TO $200 CASH REBATE
Act Fast - Promotion Ends In
Click Here To Get Started
EASY QUALIFICATION & LOW ENTRY
NEW CLIENT REBATE OFFER
EARN UP TO $200 CASH REBATE
Act Fast - Promotion Ends In
Click Here For More Info