2 buy-rated mid cap ASX shares

Jumbo Interactive (ASX:JIN) and this mid cap ASX share could be well worth getting better acquainted with. Here's what you need to know…

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One area of the market which is home to a number of quality options for investors is the mid cap space.

But with so many to choose from, which ones should you consider buying? Two to consider are as follows:

Jumbo Interactive (ASX: JIN)

Jumbo Interactive is an online lottery ticket seller. Although it is best-known as the operator of the Oz Lotteries website, there's a lot more to it.

The company also has its software as a service (SaaS) business – Powered by Jumbo.

This part of the business allows lottery operators to take their lotteries online without having to invest in a development team and build a website.

Management estimates that the business has a US$303 billion global total addressable market. And pleasingly, with just ~7% of this market online at the moment, it is well-placed to benefit from the ongoing shift to online lottery playing.

Last week analysts at Morgan Stanley put an overweight rating and $15.20 price target on its shares.

Life360 Inc (ASX: 360)

Another mid cap share to look at is Life360.

It is a Silicon Valley based technology company that operates a platform for busy families.

Life360's popular app allows families to communicate and protect their loved ones. This is achieved through features such as messaging, driver safety, and location sharing.

At the end of December, it had more than 26 million monthly active users located in 195 countries.

And while usage fell during COVID because of lockdowns, demand is expected to increase materially once people are on the move again.

Though, it is worth noting that these headwinds haven't impeded its growth. It is targeting Annualised Monthly Revenue in the range of US$110 million to US$120 million this year. This will be a 23% to 34% increase year on year.

Bell Potter is a fan of the company. The broker currently has a buy rating and $6.00 price target on its shares.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Life360, Inc. The Motley Fool Australia has recommended Jumbo Interactive Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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