The Megaport Ltd (ASX: MP1) share price has been a thing of beauty to witness on the ASX over the past six months.
Back in mid-March, Megaport shares were going for just $4.71 each. But today, this ASX tech share and now market darling is asking $10.81 a share. That means that Megaport has given investors a whopping gain of around 130% in just six months.
Year to date, the company is up by a little more tame 77.8%, and up 25.35% over the past 12 months. Check that all out below:
A large part of Megaport's recent share price success has come from the company's most recent earnings report Back in August, Megaport gave investors a look at its books for the entire 2023 financial year.
As we covered at the time, these earnings contained some impressive numbers. Megaport revealed that its FY23 revenues surged by 40% to $153.1 million. For the first time ever, Megport also reported a positive earnings before interest, taxes, depreciation and amortisation (EBITDA) figure of $20.2 million, up substantially from the loss of $10.2 million last year.
This earning report delighted investors, who promptly sent the Megaport share price to a new 52-week high of $12.72 a share within days of its release.
Even though Megaport shares have come down a bit since then, investors don't have too much to complain about with that six-month gain of 130%.
But we should probably start asking ourselves whether the Megaport share price has further to run today after these breathtaking rises over recent months. So is this ASX tech share still a buy after this extraordinary runup?
Image source: Getty Images
Is the Megaport share price still a buy after its 130% run?
Well, at least one ASX broker reckons it is. Last month, my Fool colleague Bronwyn discussed broker Macquarie's views on Megaport following those well-received earnings.
Following that earnings report release, Macquarie raised its rating on Megaport shares to outperform, alongside a new (and jaw-dropping) 12-month share price target of $18. If Megaport shares indeed climbed that high over the coming 12 months, it would see investors enjoy another 66.5% upside from where the shares are today.
However, Macquarie's views weren't universally held. We also covered the views of another broker in Morgans last month. Morgans wasn't nearly as bullish on the Megaport share price as the brokers at Macquarie.
Morgans gave Megaport shares a downgrade to 'hold'. But even so, the $13 share price target this broker came up with still represents a potential upside of more than 20% from where the shares are today.
So it seems that some of the ASX's top brokers are relatively united on their views that Megaport shares are heading higher from here. But we'll just have to wait and see what happens over the coming 12 months.
At the current Megaport share price, this ASX tech share has a market capitalisation of $1.73 billion.
