Reboot: Music-tech is looking the most groovy this fortnight
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Each fortnight, Stockhead checks who’s leading the tech sector and this time we’ve found a music tech stock leading the charge.
Jaxsta (ASX:JXT) is up 59 per cent this fortnight. This company says it’s on a mission to create the world’s most comprehensive database of official music credits. It collects these from sources such as record labels, publishers and distributors.
It has had nothing new to announce in the last fortnight but it launched the beta version of its software in June and will release a business to business product by the end of the year.
Another solid performer in the last fortnight is Splitit (ASX:SPT). Since its ten fold rise in the first 6 weeks of its listing life it retreated as low as 38 cents. But it has surged in recent days and now sits at 85.5 cents.
On Monday it announced it has signed on several new partners. The most notable of these was eCommerce platform Shopify which has 800,000 merchants. Non-binding MOUs are one thing but all of its new merchants are either live or are currently integrating the software.
However, unlike Afterpay (ASX:APT) and Zip (ASX:Z1P) (although similar to Sezzle (ASX:SZL)) it is yet to extend to Australia despite being listed here.
Curiously, two thirds of the top nine gainers are stocks that are down in the last 12 months. TZ (ASX:TZL) and Nuheara (ASX:NUH) both climbed 50 per cent and 47 per cent respectively; despite having no news.
But the two biggest gainers in 2019 remain IODM (ASX:IOD), up 1293 per cent and Netlinkz (ASX:NET) up 500 per cent. In the last fortnight these stocks are up 34 per cent and 20 per cent respectively.
Here’s how ASX small cap tech stocks have performed in the past fortnight and year:
Swipe or scroll to reveal the full table. Click headings to sort
Two weeks time is Halloween; and the deadline for quarterly reports. If you needed evidence it matters, look at some of the companies that released earnings early.
Tech security platform AVA Risk Group (ASX:AVA) gained 22 per cent this morning from its trading update which it declared to be a record.
Engineering tech company Hydrix (ASX:HYD) gained on Wednesday not only announcing record revenue but it forecasts it will hit its maiden full year profit
The ad-tech company run by the same people who founded MySpace, Engage:BDR (ASX:EN1) has already exceeded its 2018 revenue.
Tracking-tech stock Bluechiip (ASX:BCT) has still more than doubled in 12 months but retreated from its all time highs after its quarterly as revenues and deliveries dropped. However, sales volumes rose and a hefty tax credit looms.
But it isn’t only quarterly season when your financials are scrutinised. Yesterday WiseTech (ASX:WTC) was accused of manipulative accounting and fell 10 per cent before trading was halted until the company responds.