Here's why BrainChip (ASX:BRN) share price is in focus today

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Here's why BrainChip (ASX:BRN) share price is in focus today

BrainChip (ASX:BRN) share price
Image source: © Wrightstudio | Megapixl.com

Highlights

  • BrainChip shares closed 4% lower on the ASX today.
  • It is likely that the negative sectoral trend has influenced BRN's share price movement on the ASX today.
  • BrainChip is also on investors' radar as it will be soon added to the ASX200 index.

The shares of BrainChip Holdings Ltd (ASX:BRN) closed 4% lower at AU$0.840 per share on the ASX today (14 June).

The share price of BrainChip has gained by 50% on the ASX over the past 12 months. On the other hand, BrainChip's year-to-date share price also gained over 6% on the ASX today (14 June).

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Why did Brainchip shares garner investors' attention today? 

The ASX-listed tech firm did not come up with any significant announcement today. However, it is likely that BrainChip's share price movement was highly influenced by the ASX200 Information Technology sector.

The S&P/ASX200 Information Technology sector was one of the worst performing sectors on the ASX today after the Energy sector.

The S&P/ASX200 Information Technology (ASX:XIJ) closed 4.446% lower at 1343.1 on the ASX today. (14 June).

As a result, the other companies from the ASX200 Information Technology sector, such as WiseTech Global Limited (ASX:WTC), also closed over 6% lower today.

Meanwhile, the shares of Xero Limited (ASX:XRO) also closed around 1.242% lower on the ASX today.

Apart from the sector influence, another factor that might have drawn investors' attention today could be the S&P Dow Jones Index rebalancing.

Read more: BRN, CXO, LKE, NHC: These stocks to be included in ASX 200 index from 20 June

On 3 June 2022, the S&P Dow Jones Indices announced that it had conducted the quarterly review process for the rebalancing of indices in the month of June. As a part of that announcement, the S&P Dow Jones Indices intimated that BrainChip would be added to the ASX 200 index, effective from 20 June 2022.

It signifies that BrainChip had been performing substantially well on the ASX, which resulted in such an outcome. Investors, on the other hand, are expecting profitable returns from the company.

About BrainChip:

BrainChip Holdings Ltd is an ASX-listed software and service provider with a market capitalisation of AU$1.5 billion. The company is known for operating through the technological development of the design segment. Brainchip also emphasises the SNAP technology or the spiking neuron adaptive processor. The company is also known for being a leading software and hardware-accelerated solutions company for advanced AI and machine learning. The headquarter of BrainChip is located in New South Wales, Australia.

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