Blastoff! Guess which ASX tech share has rocketed 200% in 2 days

Investors have been boarding the Spacetalk rocket ship this week…

| More on:
A man flies into the sky over a city building-scape with a rocket jet pack sketched onto his back representing the Imugene share price skyrocketing today

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

The Spacetalk Ltd (ASX: SPA) share price had a disastrous time in 2022.

During the 12 months, the technology company's shares lost over 80% of their value.

The good news is that things are looking up for shareholders in 2023.

In fact, with the tech share up 55% to 8.2 cents this afternoon, it is now up 200% from 2.7 cents in the space of two days.

Why is this ASX tech share blasting off?

Investors have been fighting to get hold of Spacetalk shares this week after the company announced the appointment of its new CEO.

According to the release, Simon Crowther will take on the role from the start of next week.

Mr Crowther was previously the CEO of patent troll company Ipernica, which eventually morphed into aerial imagery technology company Nearmap under his watch. Nearmap left the ASX boards late last year after being acquired by Thoma Bravo.

Since leaving Nearmap, Crowther has served as the CEO of Airmap and the managing director of Yamaha Motor Ventures in Silicon Valley with a focus on Aerotech & Sustainability.

Why join this struggling company?

Crowther described Spacetalk as an exciting business with a lot of potential. He said:

As soon as I met with the board and learnt more about Spacetalk I saw the opportunity to build an exciting business, target valuable sectors and execute in a focused and disciplined way. Spacetalk has an opportunity to make an impact for good as we help give children, parents, guardians, people aging in place, care recipients and their carers freedom to live their lives. I am focused on building on the progress that has been made to date and realising the full potential of the business and the team.

Spacetalk's Chairman, Georg Chmiel, was pleased with the appointment. He added:

Following an extensive global search, we are pleased to announce the appointment of Simon Crowther as Spacetalk's new CEO. Simon's track record at Nearmap is outstanding and we are excited to see what he will achieve at Spacetalk. I'd also like to thank Saurabh Jain. As the interim CEO he has done a fantastic job of the first phase of the turnaround. Saurabh will continue as a director of the Company.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Broker Notes

5 top ASX stocks to buy in May

These stocks could be quality picks for investors this month according to analysts.

Read more »

Man waiting for his flight and looking at his phone.
Travel Shares

Corporate Travel shares crash 11% as Trump tariffs bite

Trump’s tariffs are roiling Corporate Travel shares on Friday.

Read more »

A corporate team or board stands together and looks out the window.
Technology Shares

WiseTech shares charge higher on $3.5b acquisition news

This tech stock is ending the week positively. But why?

Read more »

Two brokers pointing and analysing a share price.
Share Market News

Fortescue shares: Buy, hold, or sell?

How are analysts feeling about this popular stock? Let's find out.

Read more »

A young woman in a red polka-dot dress holds an old-fashioned green telephone set in one hand and raises the phone to her ear representing the Telstra share price and the opportunity for investors in FY23
Opinions

The Telstra share price hit a 52-week high this week, is it still a buy?

Is buying Telstra still a good call after its rise?

Read more »

gaming asx share price rise represented by slot machine paying jackpot
Share Market News

Based on recent US casino trends, does Macquarie prefer Light & Wonder or Aristocrat shares?

The metrics of one of these ASX gaming shares look far more appealing, according to the top broker.

Read more »

Contented looking man leans back in his chair at his desk and smiles.
Share Market News

5 things to watch on the ASX 200 on Friday

Will the market finish the week on a high? Let's find out.

Read more »

Person pressing the sell button on a smartphone.
Broker Notes

Sell alert! 3 ASX shares the brokers are calling time on

Brokers say it's time to hit the sell button on these ASX shares.

Read more »