When ASX shares hit record high after record high, it's great news for owners of that stock.
However for those on the outside looking in, it can be difficult to know where the peak is.
Yesterday, three ASX shares rocketed to new record highs:
- GenusPlus Group Ltd (ASX: GNP)
- Smartgroup Corporation Ltd (ASX: SIQ)
- Anteris Technologies Ltd (ASX: AVR).
Here is what pushed them to new highs, and what experts are anticipating in the near term.
GenPlus completes $200 million placement
Investors were gobbling up GenPlus shares yesterday after the company announced it has raised $200 million by issuing around 21.6 million new shares at $9.25 each.
The share price offered was slightly below the recent market price, which is common in capital raisings to attract investors.
The funds will mainly be used to help finance Genus' acquisition of MPC Kinetic Holdings Pty Ltd, an infrastructure services business announced earlier this week.
For investors, the announcement signals that Genus is pursuing growth through acquisition and that there was strong demand from professional investors for the raising.
This sent GenPlus shares 2% higher to a new 52-week high of $9.95.
Its share price has now risen 60% year to date.
Recent targets from brokers indicate these ASX shares could continue to climb higher.
Bell Potter recently placed a buy rating on the ASX industrials stock with a $10.50 price target.
This indicates a further 5% upside. It has also generated a positive outlook from Wilson Asset Management (WAM).
SmartGroup rises on buyback news
SmartGroup shares hit a fresh yearly high of $11.54 yesterday after the company announced it was launching a $20 million share buyback.
The company provides specialist employee management services to organisations throughout Australia. The company's services include salary packaging, novated leasing, vehicle fleet management, payroll, employee share plan administration, and workforce optimisation.
The ASX 300 stock is engaging in the buyback after agreeing to sell the majority of its self‑funded fleet portfolio. That decision followed Smartgroup's fleet-funding partnership with Volkswagen Financial Services Australia in 2025.
Following yesterday's gain, it is now up 27% year to date.
Unfortunately for prospective investors, these ASX shares now look close to fully valued.
Bell Potter recently placed an $11.50 price target on SmartGroup shares, right around current levels.
Anteris jumps 6%
Anteris Technologies shares hit new record highs of $11.05 per share yesterday.
This was despite no price sensitive news out of the healthcare stock.
Yesterday's 6% rise takes its year to date gain to 48%.
Much of this has come following the company's quarterly results released on 13 May.
Experts are tipping this rise can continue.
Five analyst forecasts via TradingView have an average one year price target of $20.41, indicating a further 85% upside from current levels.
The post Which of these ASX shares hitting record highs is the best buy right now? appeared first on The Motley Fool Australia.
Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended GenusPlus Group. The Motley Fool Australia has positions in and has recommended Smartgroup. The Motley Fool Australia has recommended GenusPlus Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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