Insights

Nuix (ASX:NXL) share price wobble after company upheaval

It’s another crazy day for the embattled software company’s shares.
The post Nuix (ASX:NXL) share price wobble after company upheaval appeared first on The Motley Fool Australia. –

Shares in Nuix Ltd (ASX: NXL) spent this morning on the up, despite the company facing another major shakeup yesterday. Then, over the course of half an hour, the Nuix share price plummeted around 4% for no immediately obvious reason.

At the time of writing, the Nuix share price is 3.99% lower than yesterday’s close ­– shares in the company are swapping hands for $2.65 apiece.

Yesterday, the embattled software company announced two executives were leaving the company following nearly a month of media criticism.

Quick refresher

In mid-May, Nine Entertainment Co Holdings Ltd (ASX: NEC) media outlets including Australian Financial ReviewThe Age, and The Sydney Morning Herald published a joint investigation series into Nuix. The series involved 5 daily articles that ran over the course of a week.

The articles included claims that Nuix had been poorly governed and had a history of bad financial disclosures.

They also reported on 2 class actions the company is purportedly facing, questioned its former chair’s ethics, and foreshadowed an Australian Federal Police investigation into a questionable Nuix options package.

The latest news on Nuix

Yesterday morning, Nuix announced its chief financial officer (CFO) Stephen Doyle had been “terminated by mutual agreement”. He will leave the company on 21 June.

Just half an hour later, Nuix chief executive officer (CEO) Rod Vawney notified the market of his retirement from the company. Vawney will continue as CEO until a replacement is found.

On the back of the news yesterday, the Nuix share price rallied 6% higher before falling 2.5% in the final hour of trade.

Former Star Entertainment Group Ltd (ASX: SGR) CFO Chad Barton will step into the role of Nuix’s interim CFO next week.

Nuix share price snapshot

The Nuix share price has been battling through its first year on the ASX.

Currently, the Nuix share price is 66% lower than the day of its initial public offering (IPO) in December.

It’s also 77% lower than its 52-week high of $11.86.

The post Nuix (ASX:NXL) share price wobble after company upheaval appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

ASX 200 rises, Nuix jumps, REA buys stake of Simpology

Nuix (ASX:NXL) share price charges higher after announcing CEO and CFO exits
3 unloved ASX shares set to take off: analysts

BetMakers and Zip were among the most traded ASX shares last week

Macquarie and Nuix face ASIC investigation: report

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!