Why the MoneyMe (ASX:MME) share price is charging 6% higher today

The MoneyMe Ltd (ASX:MME) share price is on the move on Wednesday following the release of a positive update this morning…
The post Why the MoneyMe (ASX:MME) share price is charging 6% higher today appeared first on The Motley Fool Australia. –

unstoppable asx share price represented by man in superman cape pointing skyward

The MoneyMe Ltd (ASX: MME) share price has been a strong performer on Wednesday.

At the time of writing, the digital credit company’s shares are up 6% to $1.43.

This has reduced the year to date decline by the MoneyMe share price to just 2.5%.

Why is the MoneyMe share price charging higher?

Investors have been buying MoneyMe shares following the release of an update this morning.

Pleasingly, that update was positive enough to offset broad weakness in the tech sector following a selloff on Wall Street’s Nasdaq index overnight.

According to the release, MoneyMe was on form again during the month of April and delivered record originations of $47 million for the month. This is up 693% over the prior corresponding period.

Management advised that the strong performance in originations was achieved through existing products, excluding its recently launched Autopay innovation.

In light of this, the company has revised its expectations for gross customer receivables to exceed $300 million in FY 2021. This will be up at least 225% year on year from $134 million in FY 2020.

This is expected to lead to overall revenue coming in at $58 million to $62 million in FY 2021.

Management commentary

MoneyMe’s Managing Director and CEO, Clayton Howes, was pleased with the company’s performance in April.

He said: “We are pleased to report the strong growth and momentum in MoneyMe. Record originations in April are a direct result of our products continuing to deliver amazing customer experiences, including from automated on-the-spot decisioning and fast settlement geared to the needs of Gen Now.”

“We have a strong product pipeline to support revenue growth. Our lastest product, the recently launched Autopay, is a same day drive away finance innovation we expect to materially add to the growth of MoneyMe. Launched on the 21st of April, Autopay is already transacting sales in dealerships,” he concluded.

Where to 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 more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.

The post Why the MoneyMe (ASX:MME) share price is charging 6% higher today appeared first on The Motley Fool Australia.

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.

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

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

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 indefinitely, 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.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!