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Why the ELMO (ASX:ELO) share price is charging higher today

This tech share is heading higher on Monday…
The post Why the ELMO (ASX:ELO) share price is charging higher today appeared first on The Motley Fool Australia. –

The ELMO Software Ltd (ASX: ELO) share price has started the week in a positive fashion.

In early afternoon trade, the human resources technology company’s shares are up 2.5% to $5.11.

Why is the ELMO share price is pushing higher?

Investors have been bidding the ELMO share price higher today following the release of a positive product announcement this morning.

According to the release, the company has launched a new module, COVIDsecure.

Developed in-house, COVIDsecure allows employers to automate record keeping of COVID testing and the vaccination status of their workforce. The company believes the module will act as the technology that supports businesses to reopen safely post-lockdown.

The module also provides employers with the ability to capture employees’ vaccination and test status for the entire or targeted areas of their business such as location, department, or even role.

Furthermore, employers can configure periodic expiry alerts so they can be notified when an employee is due to update their vaccine or test status. ELMO believes this alert functionality will be particularly useful for workers required by government regulation to submit for testing at regular intervals.

Management commentary

ELMO’s CEO and Co-Founder, Danny Lessem, spoke very positively about the new module.

He commented: “Many businesses have announced they will be mandating vaccinations among their workforce, ELMO’s COVIDsecure module makes it easier to keep records of the vaccination and testing status of that workforce, with employee consent.”

“ELMO’s COVIDsecure module gives employers a tool to help keep their employees and the community safe. The new module increases the breadth of our solution, further differentiates ELMO’s value proposition and provides new revenue opportunities,” he added.

The ELMO share price is down 22% in 2021. Shareholders will no doubt be hoping this news is the catalyst to getting the ELMO share price heading in the right direction again.

The post Why the ELMO (ASX:ELO) share price is charging higher today appeared first on The Motley Fool Australia.

Should you invest $1,000 in ELMO right now?

Before you consider ELMO, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and ELMO wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

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Motley Fool contributor James Mickleboro 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 Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software. 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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