Stocks of the Hour: Webjet, PointsBet, Pinnacle Investments

Company News

by Lauren Evans

Travel booking company Webjet (ASX:WEB) has taken off after delivering a cash surplus of $3.5 million per month in the first half of the 2022 financial year as high booking volumes return. The company said it expects to be back at pre-Covid booking volumes by the second half of FY23. Shares in Webjet (ASX:WEB) are trading 0.9 per cent higher at $5.64.

PointsBet (ASX:PBH) has been awarded a temporary supplier licence by the Virginia Lottery to offer online sports wagering in Virginia. The licence was awarded through a partnership with Colonial Downs. Shares in PointsBet (ASX:PBH) are trading flat at $7.48.

Pinnacle Investment Management (ASX:PNI) has completed its $105 million institutional placement to investors. The funding will be used to acquire a 25 per cent stake in private equity firm Five V Capital. Shares in Pinnacle (ASX:PNI) are trading 6.2 per cent lower at $16.41.

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