The Australian share market is having another pleasing day of gains as it currently stands this Wednesday. At the time of writing, the All Ordinaries Index (ASX: XAO) is up a healthy 0.51% at just over 7,650 points. But that's nothing compared to the Kogan.com Ltd (ASX: KGN) share price.
Kogan shares are shooting the lights out today. This ASX e-commerce company has put on an impressive 7.7% so far today and is now trading at $5.75 a share. Not only that, but Kogan is now up a staggering 14.7% over the past 5 trading days alone.
So what's causing Kogan to rocket today? Well, it's not entirely clear. There has been no news out of Kogan itself today. Or indeed since last month.
Image source: Getty Images
Kogan share price rockets alongside ASX tech shares
But we can speculate that Kogan's rocketing share price is just part of the general love of ASX tech shares that investors seem to be rediscovering today. This sector is going off. We've seen massive moves like Kogan's across many other ASX tech shares. Take Zip Co Ltd (ASX: Z1P). It's up more than 6.5% right now. EML Payments Ltd (ASX: EML) has surged 7%. And Block Inc CDI (ASX: SQ2) is up more than 7.3% after touching a new all-time high earlier this morning.
It's possible that Kogan is just following the herd today. The company had had its fair share of recent woes too, so that could also be playing a role. Although we have seen the Kogan share price surge today, it still remains down a painful 33.4% year to date in 2022. It's also down a sobering 57% or so over the past 12 months. Perhaps with these rather massive falls in valuation, investors have finally decided that Kogan is too cheap to ignore. Its most recent 52-week low ($4.50) only came earlier this month, after all.
Whatever the reason for Kogan's share price rise today, it has no doubt come as a relief for investors.
At the current Kogan share price, this ASX e-commerce share has a market capitalisation of $571 million.
