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The reason why the stock price of HUB24 (ASX: HUB) rose 11% to the highest today

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NS HUB24 Ltd (ASX: HUB) Stock prices were very strong on Thursday.

The share of investment platform providers has risen by as much as 11%, reaching a record $ 31.83 at some point.

HUB24’s share price eventually rose almost 9% to $ 31.25 to end the day.

Why did the stock price of HUB24 soar?

Investors were bidding high on HUB24’s share price today after its release. Very strong first quarter update..

According to the release, the company achieved a record first-quarter first-quarter net inflow of $ 3 billion in controlled funds (FUA). This brings FUA to a total of $ 63.2 billion. This is a 229.1% increase over the previous corresponding period.

This was due to a 139% increase in Platform FUA to $ 45.4 billion and an increase in Portfolio, Management and Reporting Services (PARS) FUA to $ 17.8 billion. The latter business was acquired from Ord Minnett in December 2020, so it was not part of the company during the previous corresponding period.

Netwealth is also impressive

HUB24 wasn’t the only one to achieve strong growth in the first quarter. NS Netwealth Group Ltd (ASX: NWL) Stock prices have also skyrocketed higher than today, following the release of their own quarterly update. This seems to have really boosted investor sentiment in today’s industry.

According to its release, Netwealth Net inflows for the quarter were recorded at $ 4 billion. This brings Netwealth’s FUA to $ 52 billion. This is a 52.7% increase over the previous corresponding period, which corresponds to a 10.2% increase every quarter.

Are you buying the stock price of HUB24?

Earlier this week Credit suisse Set an outperform valuation and a $ 34.00 price target on your company’s stock.

Based on the current HUB24 share price of $ 31.25, this still represents a potential increase of nearly 9% for investors.

And it’s worth noting that the broker hasn’t responded yet and may modify the price target higher (or lower) in the next few days after implementing the rules for this update.

This makes it worth watching the HUB24 strain carefully.

The reason why the stock price of HUB24 (ASX: HUB) rose 11% to the highest today

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