The Airtasker (ASX:ART) share price has fallen 11% in a month

Shares in the ASX newby have been falling lately despite the release of positive news
The post The Airtasker (ASX:ART) share price has fallen 11% in a month appeared first on The Motley Fool Australia. –

Despite announcing what appears to be only good news over the last 30 days, the Airtasker Ltd (ASX: ART) share price has slipped 11.24%.

A month ago, shares in Airtasker would have set an investor back $1.29. Now, the Airtasker share price is trading lower at $1.15. So, what may have been driving the online outsourcing company’s share price lately?

The month that’s been for the Airtasker share price

The Airtasker share price fell 16% between the first trading session of May and its first announcement of the month.

Then, beginning in mid-May, Airtasker released 2 pieces of price-sensitive news to the market, both of which received positive reactions from ASX investors.

Let’s take a look at the recent news out of Airtasker.

Overseas expansion

On 21 May, Airtasker announced it was to acquire Zaarly.

Zaarly is a San Francisco-based local services marketplace. It has more than 597,000 users and more than 900 service providers.

Airtasker agreed to pay around $3.4 million for Zaarly.

The acquisition of Zaarly is Airtasker’s first overseas expansion effort. It plans to continue its expansion into the United Kingdom in due course. Airtasker’s shares went into a trading halt on announcing the acquisition

Capital raise

To fund the acquisition and its international growth plans, Airtasker completed a $20.7 million capital raising.

The capital raise involved 20.7 million new shares priced at $1 a piece offered to institutional, professional, and sophisticated investors.

The $1 price tag represented a 7.4% discount to the Airtasker share prices’ previous closing price.

The company announced the successful completion of the placement and unfroze its shares on 25 May.

That day, the Airtasker share price closed 12% higher than it did in its previous trading session.

Airtasker share price snapshot

Despite its recent fall, the Airtasker share price is still in the ASX green.

Currently, it’s 9.05% higher than it was when it debuted on the ASX in late March. Its opening share price was just $1.05.

The company has a market capitalisation of around $479 million, with approximately 413 million shares outstanding.

The post The Airtasker (ASX:ART) share price has fallen 11% in a month appeared first on The Motley Fool Australia.

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!