The Adore Beauty Group Ltd (ASX: ABY) share price has shot upwards. It is currently up around 16%.
The All Ordinaries (ASX: XAO) share is currently the top performer in the index. However, while it's up strongly today, it is still down by around 70% in 2022. But, the current gain has reversed a bit of the decline.
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What's happening with the Adore Beauty share price?
It is a positive day for the All Ordinaries Index, which is currently up around 0.5%, but Adore Beauty shares are currently vastly outperforming. Though, one day's movement is not necessarily a trend.
There hasn't been any news released by the business today. Adore Beauty hasn't told investors about any announcements for over a month.
The last business update investors heard from the business was the quarter for the three months to 31 March 2022 – revenue rose 9% year on year to $42.7 million, active customers grew 7% year on year to 880,000 and returning customers grew 47% year on year.
Brokers are still positive on the Adore Beauty share price. For example, Morgan Stanley has a price target of $1.90 (that's over 70% potential upside if the broker is right). The broker suggests that Adore Beauty has a lot of growth ahead as more consumers shop digitally and the company is growing its number of returning customers (which can also help margins).
Adore Beauty share price snapshot
Despite today's rise, the Adore Beauty share price is only up by 3.5% over the past month.
