These 3 small cap ASX shares are surging higher today

The Bubs Australia Ltd (ASX:BUB) share price is one of three on the rise at the small end of the market on Friday…

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The market appears to have moved on from yesterday's sell off and is performing a lot better on Friday. At the time of writing the local market is trading flat.

Three small cap shares that haven't let that hold them back are listed below. Here's why they are on the rise:

The Bubs Australia Ltd (ASX: BUB) share price has stormed 14.5% higher to 51.5 cents despite there being no news out of the goats milk infant formula company. However, prior to today its shares had lost 40% of their value in just three months. This may mean that some investors think they have fallen into the bargain bin. Bubs' shares have fallen on the back of weak sales growth and concerns over a crackdown on the daigou industry. The company is due to release its first quarter update in the next couple of weeks, so I would suggest investors wait for that before considering it as an investment.

The Eden Innovations Ltd (ASX: EDE) share price has continued its remarkable run and is up a further 19% to 9.9 cents. The strong share price rise has now added around $80 million to the clean energy company's market capitalisation over the last couple of weeks following the announcement of a contract worth US$525,000 in revenue. That contract will see its EdenCrete admixture product used to replace numerous sections of concrete pavement along 11 miles of the Interstate Highway I-16 in the United States. I think this share price rise is utter madness, especially considering management's response to its ASX price query. It stated that "in excess of 50% of the daily trading volume during the past week has been by day traders (who are buying and selling shares on the same day), and which transactions do not even appear on the net daily changes on the Company's share register." This doesn't fill me with confidence that its shares are going to hold onto these gains.

The LiveTiles Ltd (ASX: LVT) share price is up almost 4.5% to 47.5 cents after the software company released its quarterly update. According to the release, LiveTiles saw its annualised recurring revenues reach $18.6 million by the end of the quarter, representing annual growth of 272% and quarter-on-quarter growth of 24%. Management advised that the appointment of N3 as its sales and marketing force has been a key driver of growth. The N3 team has been generating high and consistent volumes of leads and sales opportunities across the United States, leading to several new customers being secured from the channel during the quarter.

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