Insights

Why the Parkd (ASX:PKD) share price is soaring 78% today

The company is having a bumper day on the ASX on Tuesday.
The post Why the Parkd (ASX:PKD) share price is soaring 78% today appeared first on The Motley Fool Australia. –

The Parkd Ltd (ASX: PKD) share price is racing past most ASX shares today with its emphatic rise. This comes after the construction technology company announced two important updates to the market on Tuesday morning.

At the time of writing, Parkd shares are swapping hands for 6.6 cents, up an astonishing 78.38%.

What did Parkd announce?

Investors are fighting to get a hold of Parkd shares following the company’s update on its opportunities in the car parks market.

In its first release, Parkd advised it has signed a memorandum of understanding (MOU) with the University of South Australia.

The framework enables Parkd to undertake a 90-day due diligence process to assess the feasibility to develop a multi-storey car park. The development opportunity is being considered at the University’s Adelaide central business district (CBD) site.

The terms of the MOU offer an exclusive 3-month period for Parkd to explore and evaluate the project’s economic viability.

In addition to that announcement, Parkd also provided a second release to the ASX. The company stated it has signed a binding heads of agreement (HOA) with Axiom Properties Ltd (ASX: AXI).

The HOA will see both parties seek opportunities within Australia for developing and constructing car parks in the private and public sectors.

During the 18-month term of the HOA, the partnership aims to use Axiom’s experience in funding property development. Furthermore, Parkd will employ its knowledge in delivering technical design and construction solutions.

Any awarded contracts are to be negotiated between the pair and will involve entering a formal agreement governing the project at hand.

Parkd chair Bronte Howson commented:

This partnership presents an exciting opportunity for PARKD to provide an alternate funding solution to traditional capital expenditure. Providing fully funded projects via AXIOM would be a game changer and will provide the impetus for PARKD to realise opportunities that are currently impeded by lack of available funding.

Parkd share price summary

Founded in 2016, Parkd designs lightweight concrete modular car parking systems. The company focuses on supplying and building multi-storey car parks for an array of retail centres, hospitals, airports, universities, and more.

In the past 12 months, the Parkd share price has stormed 230% higher, with year-to-date returns up 65%. The company’s shares reached a high of 8.5 cents in April 2021.

The post Why the Parkd (ASX:PKD) share price is soaring 78% today appeared first on The Motley Fool Australia.

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

Before you consider Parkd, 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 Parkd 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 May 24th 2021

More reading

Leading broker slaps $89 target on CBA (ASX:CBA) share price
Why Afterpay, Bellevue Gold, Pilbara Minerals, & Zip are charging higher

Here’s why the Vital Metals (ASX:VML) share price is flying higher today
Here’s why the Zip (ASX:Z1P) share price is rocketing 8%
What’s driving the PointsBet (ASX:PBH) share price sharply lower?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.

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!