Why Appen, Bigtincan, Humm, & Nanosonics are tumbling lower

Appen Ltd (ASX:APX) and Nanosonics Ltd (ASX:NAN) are two of four ASX shares tumbling notably lower on Wednesday. Here’s why…
The post Why Appen, Bigtincan, Humm, & Nanosonics are tumbling lower appeared first on The Motley Fool Australia. –

shares lower

The S&P/ASX 200 Index (ASX: XJO) is on course to give back all of yesterday’s gain and more. In afternoon trade, the benchmark index is down 0.9% to 6,778.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Appen Ltd (ASX: APX)

The Appen share price has crashed 11% lower to $18.06.  The artificial intelligence services company’s shares have come under pressure following the release of its full year results. For the 12 months ended 31 December, Appen posted a 12% increase in revenue to $599.9 million and an 8% lift in EBITDA to $108.6 million. Looking ahead, Appen is forecasting EBITDA growth of 18% to 28% in FY 2021. Investors may have been expecting stronger growth to justify the multiples its shares trade on.

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is down 10% to 88.5 cents. This follows the release of the sales enablement platform provider’s half year results this morning. At the end of the first half, Bigtincan reported Annualised Recurring Revenue of $48.4 million. This was up 50% on the prior corresponding period. However, investors appear disappointed with its guidance. Management expects to achieve the top end of its FY 2021 ARR guidance range of $49 million to $53 million. This implies only limited second half ARR growth.

Humm Group Ltd (ASX: HUM)

The Humm share price is down 16% to $1.11. Investors have been selling the financial services company’s shares following the release of its half year results. Humm reported a 6.4% decrease in gross income to $225.2 million. This was driven by lower interest income and reduced income from its discontinued consumer leasing portfolio. For the same reasons, its gross profit was down 4.1% to $173.4 million.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price has fallen 7.5% to $5.60. This infection control specialist’s shares have come under pressure today following the release of an underwhelming half year result. Nanosonics reported an 11% decline in revenue to $43.1 million due to a reduction in purchases by GE Healthcare because of COVID-19 impacts. Things were even worse for its earnings, with operating profit coming in at just $0.2 million.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd and Nanosonics Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends BIGTINCAN FPO. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO. The Motley Fool Australia has recommended Humm Group Limited and Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Appen, Bigtincan, Humm, & Nanosonics are tumbling lower appeared first on The Motley Fool Australia.

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