Why these 3 ASX shares all hit 52-week lows today

These three ASX shares have lagged the benchmark indices lately and are each swimming in a sea of red this morning. Read on for more details.
The post Why these 3 ASX shares all hit 52-week lows today appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) has hit the midpoint of this week in the red and is down 1.13% to 7,193.5 points.

These 3 ASX shares are also struggling today, with each reaching their 52-week lows in early trading.

Read on for more details about each company and what’s behind the falls.

Polynovo Ltd (ASX: PNV)

Shares in Polynovo hit a single-year low of $1.85 this morning, as the medical devices company’s share price continues to swim in a sea of red this year.

Polynovo shares have trended down since January 1 and found themselves 52% in the red this year to date.

This is despite the company posting a 32% year on year increase in revenue for FY21 and management giving strong guidance in all of its markets for FY22.

In addition, the company announced first enrolments in its upcoming funded burn study in the US, known as the BARDA pivotal trial.

Despite these drivers, investors don’t want a bar of Polynovo shares. This ASX share is down ~2% from the open today.

Deterra Royalties Ltd (ASX: DRR)

Another ASX share that hit its 52-week low in early trade today was Dettera Royalties.

This company, which was spun out from Iluka Resources Limited (ASX: ILU) in 2020, focuses on building its portfolio of commodity assets that pay royalties.

Deterra then flows these annuities through to investors via its ~14 cents per share dividend payment.

It had previously been a good year for the company due to its exposure to iron ore, the price of which had jumped to 10-year highs of US$220/tonne in May.

Deterra shares followed suit, reaching the podium in late July for their previous high.

However, iron ore has been on a one-way ticket south since the midpoint of July and now trades at US$117/tonne.

Deterra Royalties share price has been on the same route, albeit departing a week later, having come off a high of $4.86 on 26 July to now trade at $3.36 apiece.

Appen Ltd (ASX: APX)

Appen provides technology data and services in over 180 languages and dialects in 130 countries. However, its share price has been swimming in a sea of red this year.

Appen shares have been on the move down rapidly since the company released its FY21 earnings last month.

Investors immediately punished the company after it recorded a 2% down-step in revenue and a 55% slice out of net profit after tax (NPAT) from FY20.

Yet, the company also announced it completed the acquisition of location data provider Quadrant for US$25 million at around the same time. Perhaps investors were seeking more from Appen.

Appen’s share price has tanked 35% since these updates.

As such its share price has hit a 52-week low this morning and is now changing hands at $8.92 apiece. That’s a 2% dip from the open.

These 3 ASX shares have all underperformed the benchmark lately and have reached new single-year lows today.

The post Why these 3 ASX shares all hit 52-week lows today appeared first on The Motley Fool Australia.

Should you invest $1,000 in ASX shares right now?

Before you consider ASX shares, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and ASX shares wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

The Appen (ASX:APX) share price just hit a 3-year low. Here’s why
Why has the Polynovo (ASX:PNV) share price tanked 15% in 3 weeks?
Here’s why the Appen (ASX:APX) share price is down 12% in a month
3 ASX shares with bags of potential

Analysts name 3 stellar ASX growth shares to buy right now

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Appen 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!