We’d be loathe to speculate on any post-COVID trends of an amorous nature, but listed dating platform Love Group Global (ASX:LVE) led this week’s Hot Money rankings with a 14-day RSI of 94.
ASX game developers also made their move, as both iCandy Interactive (ASX:ICI) and Playside Studios (ASX:PLY) landed major share placements of $40m and $25m respectively.
Each week, Stockhead recaps ASX stocks that are “running hot” as deduced by the Relative Strength Index (RSI).
The RSI is a technical gauge which measures how trading momentum is affecting the price action.
A reading of 70 is seen as the level at which a company may have been overbought. If a stock has a reading of 30 or below, it could be undervalued.
Click here for a more detailed rundown of what the RSI does and how it’s used.
While there’s usually a pretty good reason if a given stock is running hot (or cold), investors are also on the lookout for opportunities where the price action has separated from fundamentals.
Running Hot
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, November 19:
| Code | Company | Price | RSI | MktCap$ |
|---|---|---|---|---|
| LVE | Love Group Global | 0.15 | 84 | $ 6,080,125.35 |
| IDZ | Indoor Skydive Aust | 0.047 | 83 | $ 15,151,504.46 |
| ICI | Icandy Interactive | 0.15 | 83 | $ 79,396,668.59 |
| LCY | Legacy Iron Ore | 0.025 | 79 | $ 179,332,678.48 |
| KWR | Kingwest Resources | 0.19 | 78 | $ 45,905,999.75 |
| PLY | Playside Studios | 0.97 | 78 | $ 102,162,009.23 |
| IXR | Ionic Rare Earths | 0.05 | 77 | $ 162,835,176.67 |
| MOZ | Mosaic Brands Ltd | 0.78 | 76 | $ 69,597,309.60 |
| HNG | HGL Limited | 0.42 | 76 | $ 73,352,193.49 |
| JGH | Jade Gas Holdings | 0.084 | 76 | $ 39,841,127.25 |
| MEM | Memphasys Ltd | 0.1 | 75 | $ 78,425,655.36 |
| ELE | Elmore Ltd | 0.025 | 75 | $ 15,366,613.77 |
| CWN | Crown Resorts Ltd | 11.525 | 75 | $ 6,703,866,882.90 |
| HMD | Heramed Limited | 0.305 | 74 | $ 55,814,433.57 |
| TLM | Talisman Mining | 0.185 | 74 | $ 35,670,504.43 |
| TRT | Todd River Res Ltd | 0.099 | 74 | $ 50,846,101.40 |
| HAW | Hawthorn Resources | 0.09 | 73 | $ 33,351,561.30 |
| STM | Sunstone Metals Ltd | 0.0995 | 73 | $ 234,876,702.80 |
| PNR | Pantoro Limited | 0.325 | 73 | $ 464,969,570.34 |
| CLT | Cellnet Group | 0.075 | 73 | $ 17,782,408.28 |
| JAN | Janison Edu Group | 1.4 | 73 | $ 325,649,298.80 |
| MI6 | Minerals260Limited | 0.685 | 72 | $ 149,600,000.00 |
| PGO | Pacgold | 0.57 | 72 | $ 20,530,080.00 |
| RAN | Range International | 0.023 | 71 | $ 18,957,600.65 |
| SMI | Santana Minerals Ltd | 0.3 | 71 | $ 38,464,813.52 |
| CXL | Calix Limited | 7.78 | 71 | $ 1,230,285,572.52 |
| AR3 | Austrare | 1.075 | 71 | $ 41,872,410.75 |
| ECT | Env Clean Tech Ltd. | 0.059 | 70 | $ 70,972,154.93 |
| ENX | Enegex Limited | 0.1 | 70 | $ 14,700,026.75 |
After trading in a range between 6-10c between July and October, shares in Love Group Global have jumped from 8c to 15c in November on relatively little news flow.
The company owns the Lovestruck dating platform, which was founded in the UK and has operations there along with Hong Kong, Singapore and Bangkok.
It also owns the Noonswoon dating app, which it describes as a more tailored matchmaking platform compared to other mass-market apps.
While operational updates have been light-on, director Michael Ye acquired LVE shares on-market in four trades totalling slightly north of $120k between November 3 and November 11, which increased his stake in the company from 22.2% to 24.42%.
Elsewhere, ASX game developers took centre stage with two marquee share placements which also drove a big increase in their stock prices.
Playside started the week by confirming sophisticated and institutional investors were on board for a $25m placement, to fund an expansion of its Australian operations after booking a new +$10m work-for-hire deal with global studio 2K Games.
Asia-based development studio iCandy then followed up with a $40m raise backed by (formerly ASX-listed, now $2.2bn unicorn) Animoca Brands.
ICI’s raise will be used to fund its $44.5m acquisition of AAA game developer Lemon Sky Studios.
Rounding out a big week for tech stocks, VR-adjacent Indoor Skydive Australia (ASX:IDZ) also found demand after announcing the appointment of military veteran Mark Smethurst to the board as a non-executive director.
His appointment follows IDZ’s expansion into virtual reality-based military training, via an acquisition in August.
“Mark’s experience dealing with Australian and International Defence and supply chains will be invaluable to ISA Group over the next few years as we execute our go-to-market strategy for our military and law enforcement simulation products,” IDZ CEO Wayne Jones said.
In resources, Legacy Iron Ore (ASX:LCY) ran hottest this week. And for Hot Money news flow, it doesn’t get much better than a farm-in deal with multi-billionaire mining magnate Gina Rinehart.
Along with LCY’s hematite iron ore exploration, Gina is also interested in the indicated and inferred magnetite resource at its Mt Bevan project. Read more here.
Running Cold
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, November 19:
| Code | Company | Price | RSI | Market Cap |
|---|---|---|---|---|
| GLA | Gladiator Resources | 0.028 | 30 | $ 12,586,587.41 |
| SGC | Sacgasco Ltd | 0.031 | 30 | $ 16,841,368.74 |
| DTC | Damstra Holdings | 0.58 | 30 | $ 111,335,352.80 |
| PCH | Property Connect | 0.0015 | 29 | $ 1,028,795.21 |
| VEE | Veem Ltd | 0.96 | 29 | $ 125,540,493.10 |
| HTG | Harvest Tech Grp Ltd | 0.26 | 29 | $ 145,734,778.75 |
| MTC | Metalstech Ltd | 0.275 | 29 | $ 48,332,731.10 |
| MHK | Metalhawk | 0.305 | 27 | $ 14,431,195.17 |
| TNG | TNG Limited | 0.075 | 27 | $ 109,684,213.04 |
| TTB | Total Brain Ltd | 0.11 | 27 | $ 14,006,068.76 |
| GGG | Greenland Minerals | 0.076 | 26 | $ 104,838,032.99 |
| 3DA | Amaero International | 0.32 | 26 | $ 40,459,943.66 |
| EVZ | EVZ Limited | 0.135 | 25 | $ 13,456,342.76 |
| GPR | Geopacific Resources | 0.21 | 25 | $ 106,445,562.43 |
| ERG | Eneco Refresh Ltd | 0.03 | 24 | $ 8,170,750.41 |
| PX1 | Plexure Group | 0.4 | 23 | $ 148,086,629.46 |
| AJJ | Asian Amer Medical | 0.038 | 23 | $ 14,536,065.10 |
| ONE | Oneview Healthcare | 0.275 | 22 | $ 125,704,923.37 |
| AR9 | Archtis Limited | 0.22 | 20 | $ 51,407,478.98 |