HUB24 (ASX:HUB) shares rose as much as 15% by midday, after the Australian investment platform provider announced its latest net inflow figures.
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HUB24 offers an array of financial and investment products targeting individual clients and corporate customers. The company’s platforms delivered net inflows of AU$3 billion for the first quarter FY23. Although that’s down 1.6% from a year earlier, it’s considered strong given the changed market environment. HUB24 now has a total of AU$68.4 billion funds under administration (FUA).
HUB24 has also announced the pilot launch of its HUB24 SMSF Access, which targets financial advisors that are seeking cost-effective solutions for their clients.
HUB24 share price forecast
According to TipRanks’ analyst rating consensus, HUB stock is a Strong Buy based on six Buys and two Holds. The average HUB24 share price forecast of AU$28.78 indicates over 14% upside potential.
HUB24 scores an eight out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.