Sizzling Cash Monday: Within the temper for love (Group World) as ASX sport builders make their transfer

We’d hate to speculate about any post-COVID trends with lovesickness, but listed dating platform Love Group Global (ASX: LVE) topped this week’s hot money rankings with a 14-day RSI of 94.

ASX game developers made their move as both iCandy Interactive (ASX: ICI) and Playside Studios (ASX: PLY) landed large stock placements of $ 40 million and $ 25 million, respectively.

Each week Stockhead recaps ASX stocks, which are “hot” according to the Relative Strength Index (RSI).

The RSI is a technical measure that measures how trading dynamics affect price movement.

A score of 70 is considered to be the level at which a company may have been overbought. If a stock is worth 30 or less, it could be undervalued.

For a more detailed look at what the RSI does and how it’s used, click here.

While there’s usually a pretty good reason when a particular stock is going hot (or cold), investors also look for opportunities when price action has separated from fundamentals.

Running hot

Here’s a round-up of the stocks that went hot in the two weeks ending Friday, November 19:

After trading in a range of 6-10c between July and October, Love Group Global stocks rose from 8c to 15c in November with relatively little news flow.

The company owns the UK-based dating platform Lovestruck, which operates there alongside Hong Kong, Singapore and Bangkok.

It also owns the Noonswoon dating app, which it describes as a bespoke matchmaking platform when compared to other mass market apps.

While the operational updates were known at first glance, Director Michael Ye acquired

Elsewhere, ASX game developers took center stage with two fixed placements of stocks that also drove their stock prices up sharply.

Playside started the week by confirming that discerning and institutional investors were on board for a $ 25 million placement to fund an expansion of their Australian operations after they signed a new work-for-hire deal for US $ 10 million Dollars with global studio 2K Games.

Asia-based development studio iCandy then followed with a $ 40 million raise backed by (formerly ASX-listed, now $ 2.2 billion unicorn) Animoca Brands.

ICI’s proceeds will be used to fund the $ 44.5 million acquisition of AAA game developer Lemon Sky Studios.

To wrap up a big week for tech stocks, VR-adjoining Indoor Skydive Australia (ASX: IDZ) also found demand after announcing the appointment of military veteran Mark Smethurst as non-executive director to its board of directors.

His appointment follows IDZ’s expansion into virtual reality-based military training through an acquisition in August.

“Mark’s experience working with Australian and international defense and supply chains will be invaluable to ISA Group over the next few years as we execute our go-to-market strategy for our military and law enforcement simulation products,” said Wayne Jones, IDZ CEO.

In terms of resources, Legacy Iron Ore (ASX: LCY) was the hottest this week. And for the flow of hot money messages, there’s nothing much better than a farm-in-deal with multibillionaire mining tycoon Gina Rinehart.

In addition to LCY’s hematite iron ore exploration, Gina is also interested in the Indicated and Inferred Magnetite Resource on its Mt Bevan project. Read more here.

Run cold

Here’s a round-up of the stocks that went hot in the two weeks ending Friday, November 19:

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