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Why these 3 ASX shares are trading at record highs

Momentum investors will often follow stocks that are making new record or 52-week highs in the hope that their positive ‘momentum’ continues on and new highs can be made.

Value investors, on the other hand, are often more weary when it comes to investing in stocks that have recently made new highs and would, more often than not, be more interested in the companies making 52-week lows.

In any case, looking at shares that are moving in the right direction can be a valuable source of information for all investors and can often provide some of the best buying opportunities when prices do eventually pull-back.

Over the last week, a number of interesting shares have surged to new all time highs including:

Corporate Travel Management Ltd (ASX: CTD)

Corporate Travel shares continue to power ahead and are now trading at an all time high of $15.27 – a gain of 663% over the past five years! The shares’ recent strength comes off the back of another strategic acquisition that will see the company’s footprint in the lucrative US market expand even further. Corporate Travel is one of the few Australian listed companies that has been truly successful using an acquisition strategy to expand overseas. With that said, the shares look quite expensive at the moment, trading at around 40x this year’s estimated earnings.