The Weebit Nano Ltd (ASX: WBT) share price is rocketing today.
Shares in the ASX tech stock, which develops advanced memory technologies for the global semiconductor industry, closed on Friday trading for $3.92 apiece.
In earlier trade, shares were changing hands for $4.52, up 15.3%.
After some likely profit-taking, the stock is currently up 8.7% in intraday trading, at $4.26 a share.
Here's what's spurring investor interest in the ASX tech share.
Image source: Getty Images
What's lifting the ASX tech share today?
With no price-sensitive news out today, the Weebit Nano share price looks to be benefiting from the company's upcoming inclusion in the S&P/ASX 200 Index (ASX: XJO).
This comes as part of the S&P Dow Jones Indices regular rebalance, following its September quarterly review.
Weebit Nano will be added to the ASX 200 index in two weeks, at market open on 18 September.
This can offer some ongoing tailwinds for the Weebit Nano share price for a number of reasons.
First, many fund managers are limited to investing in ASX 200 shares. Inclusion in the index will potentially see more institutional funds adding the tech stock to their holdings.
Second, there are a number of index-tracking exchange-traded funds (ETFs) that are intended to mimic the performance of the ASX 200. These ETFs will also likely be adding Weebit shares in a bid to track the benchmark index.
And inclusion in the ASX 200 will offer the tech stock broader media coverage, putting the company name out there for more retail investors to consider. If you're reading this article, you can already see what I'm talking about on this front.
Weebit Nano share price snapshot
The Weebit Nano share price has been a stellar performer over the past 12 months, up 65%.
The ASX tech share has gained 22% since the opening bell on 3 January.
