Why these 3 exciting ASX tech shares are surging higher today

ASX tech shares Bigtincan Holdings Ltd (ASX: BTH), Audinate Group Limited (ASX: AD8) and Wisr Ltd (ASX: WZR) are performing strongly today.

| More on:
Circuit board altium share price

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It is another positive trading day for the S&P/ASX 200 Index (ASX: XJO), up by 1.8% at the time of writing. This follows yesterday's strong share price gains across the board.

Australia's technology sector performed particularly strongly with few tech shares in the red today. This is likely driven by hopes the Australian economy can return to normal quicker than anticipated.

Here we examine three ASX tech shares which have performed particularly strongly so far today: Bigtincan Holdings Ltd (ASX: BTH), Audinate Group Limited (ASX: AD8) and Wisr Ltd (ASX: WZR).

Bigtincan

Bigtincan operates in the fast-growing sales enablement niche within the IT software market. Bigtincan provides organisations and their sales teams with a platform to access and collaborate on content and improve customer engagement.

It also leverages artificial intelligence through features which enable users to personalise and recommend content. Its core offering is accessible to users on a range of desktop and mobile platforms through devices like iPads.

Bigtincan's was caught up in the wider market selloff on the ASX over the past few months, triggered by the coronavirus crisis. Its share price declined from $1.02 in mid – February to $0.265 in mid – March, a massive 73% decline. Since then, its share price has recovered a large part of that loss and is up another 6% today to currently trade at $0.795.

Audinate

Audinate's uses its audio networking solutions in the production of a range of professional audio equipment. Its core networking solutions improve audio quality using ethernet or fibre optic cables. This ultimately reduces the need for extra cabling and installation.

A recent market update showed that Audinate believes it is in a relatively strong position to navigate through current economic challenges. This is supported by a very healthy $30.9 million cash on hand and is underpinned by a strong balance sheet. This shows the ability to deliver solid revenue growth in the March quarter.

Like Bigtincan, Audinate has seen a strong bounce back in its share price since mid-March. This rally in its share price continued further today with a strong 10.6% gain at the time of writing.

Wisr

Online fintech lender, Wisr has also seen a rally in its share price since mid-March. Wisr is up another 8% today, although its market rally is not as strong as either Bigtincan's or Audinate's. Its current share price of $0.162 is still 49% below its February high of $0.315.

Wisr's loans are used for a range of purposes such as debt consolidation, buying a vehicle, home renovations, wedding and travel. With discretionary spending dramatically reduced during the coronavirus, it's not surprising its share price has been hit hard in recent months. However, renewed optimism in the Australian economy has helped to drive its share price higher today.

Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO and BIGTINCAN FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Doctor doing a telemedicine using laptop at a medical clinic
Healthcare Shares

3 small-cap ASX healthcare shares 'with strong prospects'

Fund manager IML discusses why these 3 ASX healthcare shares are likely to rise in value.

Read more »

Magnifying glass on a rising interest rate graph.
Share Market News

Will the RBA finally cut interest rates next week?

Let's see what economists are saying about the central bank's meeting.

Read more »

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors endured a rough Friday to close the trading week today.

Read more »

a man wearing old fashioned aviator cap and goggles emerges from the top of a cannon pointed towards the sky. He is holding a phone and taking a selfie.
Broker Notes

7 ASX All Ords shares elevated to 'strong buy' status in October

The brokers turned bullish on these ASX companies last month.

Read more »

A businessman compares the growth trajectory of property versus shares.
Share Market News

How ASX shares vs. property performed in October

The national home value rose for the 21st consecutive month while the ASX 200 dipped.

Read more »

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

The worst 3 ASX 200 stocks to buy and hold in October unmasked

You would have done well to avoid these three ASX 200 stocks in October.

Read more »

A female Woolworths customer leans on her shopping trolley as she rests her chin in her hand thinking about what to buy for dinner while also wondering why the Woolworths share price isn't doing as well as Coles recently
52-Week Lows

Why is the Woolworths share price at its lowest point since 2020?

We haven't seen Woolies shares this low since COVID.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why AFT, Amcor, Corporate Travel, and Macquarie shares are falling today

These shares are ending the week in the red. But why?

Read more »