The Nuix Ltd (ASX: NXL) share price is having yet another poor day’s trade on the ASX, despite a quiet day on the news front for the beleaguered company.
Right now, the Nuix share price has bounced back from a tumultuous morning to trade at $2.60 – 0.76% lower than its previous close.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is up 0.73%. The S&P/ASX All Technology Index (ASX: XTX) is also up 0.36%.
Let’s take a look at what’s been going on with the ASX’s notorious software company lately.
The month that’s been for Nuix
The Nuix share price seems to be flattening out after its huge day on Thursday which saw it grow a massive 8.6%.
Prior to that, Nuix was hit by a cacophony of bad news over the course of a single month.
The most recent mud to splatter on Nuix’s reputation flew on 30 June when its former chief financial officer (CFO) Stephen Doyle faced allegations of insider trading.
The allegations came from the Australian Securities and Investments Commission (ASIC). ASIC is investigating Doyle, his brother, and his father over similar offences.
The Nuix share price fell a massive 12.9% on the first day of trading after the news broke.
Prior to that, Nuix’s Sydney offices were raided by law enforcement officers. The Australian Federal Police reportedly issued the warrant as they assisted ASIC in its criminal investigation into Nuix’s prospectus.
Only days before the warrant was issued, Nuix (and ASIC) was named and shamed in Parliament by ALP Senator for New South Wales Deborah O’Neill.
The two events respectively shocked 1.9% and 2.5% from Nuix’s share price.
Finally, let’s not forget it’s been less than a month since Nuix’s CFO and CEO both bid farewell to the company. The Nuix share price fell 5.98% that day.
All this drama and some still say the stock market is boring…
Nuix share price snapshot
After all that, the Nuix share price has fallen a total 1.89% over the last 30 days.
It has also dropped 67% since its Initial Public Offering (IPO) in December 2020.
The company has a market capitalisation of around $825 million, with approximately 317 million shares outstanding.
The post What’s with the Nuix (ASX:NXL) share price today? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Nuix right now?
Before you consider Nuix, 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 Nuix 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 May 24th 2021
More reading
- Top broker tells investors to stand ready to take profit on ASX bank shares
- Why the Nine Entertainment (ASX:NEC) share price is climbing on Monday
- Chalice Mining (ASX:CHN) share price flops on demerger of gold assets
- Why the Commonwealth Bank (ASX:CBA) share price is beating the ASX 200
- ASX 200 Weekly Wrap: COVID wobbles ASX as shares retreat
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3e5S0u4
Leave a Reply