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Highlights
The ASX 200 has traded on a muted note so far this week.
The domestic stocks are trading on a volatile note.
Investors await a positive trigger, which could provide a much-needed cushion to their portfolios.
The Australian share market is under pressure this week amid tech sell-off on Wall Street, slowdown in global economy and concerns over US interest rate hike. The domestic stocks are trading on a volatile note. In addition, the Australian Bureau of Statistics (ABS) on Wednesday confirmed the biggest inflation spike in two decades, which weighed on the benchmark. As a result, several ASX-listed securities tumbled, and some even hit their 52-week lows. In such a scenario, investors await a positive trigger, which could provide a much-needed cushion to their portfolios.
On this note, let’s discuss why these two ASX shares hit their 52-week lows on Wednesday:
Bigtincan Holdings Ltd (ASX:BTH)
Bigtincan Holdings is an enterprise mobility software provider. The company provides software solutions as a service (SaaS) to global organizations across life sciences, telecommunications, financial, technology, retail, manufacturing, energy, and government sector.
Bigtincan shares hit a new 52-week low of 61 cents on Wednesday. The share price closed at 62 cents, down over 8%. There was no price-sensitive news from the company recently after it released strong half-year financial results for FY22. The company’s revenue hit a record AU$45.9 million, up 142% on the prior corresponding period (pcp). The annualised recurring revenue (ARR) rose 132% to AU$112 million during the period.
However, the company described the first half of FY22 as a “transformational period”, especially due to the Brainshark acquisition.
Megaport Ltd (ASX:MP1)
Megaport is an information technology and was founded in 2015.
Megaport shares hit a new 52-week low of AU$8.55 on Wednesday. The share price closed at AU$8.88, down 0.11%. The stock price fell 18% in the early trade on 21 April despite the company releasing strong third quarter results for FY22.
The company reported a monthly recurring revenue (MRR) for the month of March of AU$9.5 million, a rise of 3% quarter-on-quarter (QoQ). The company’s revenue for the quarter was AU$27.9 million, an increase of 5% QoQ.
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