The S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. In late trade, the benchmark index is down 0.2% to 7,072 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
Cettire Ltd (ASX: CTT)
The Cettire share price has crashed over 22% to $2.34 following the release of its first half results. Although the global luxury online retailer delivered a 192% jump in gross revenue to $154.1 million, this was underpinned by a huge increase in marketing costs. As a result, Cettire swung from a $2.3 million profit to an $8.3 million loss. Investors appear concerned by the scalability of its platform.
Novonix Ltd (ASX: NVX)
The Novonix share price has tumbled 14% to $6.59. A number of richly valued shares have come under pressure on Thursday. In addition, on Wednesday Morgans suggested that the Novonix share price had peaked for the time being. It retained its neutral rating and cut its price target to $6.97.
Serko Ltd (ASX: SKO)
The Serko share price has fallen 7% to $4.55. This travel technology company’s shares have come under pressure today after it warned of difficult trading conditions due to the Omicron variant. This has led to Serko downgrading its revenue guidance to between NZ$18 million and NZ$20.5 million. Management was previously forecasting revenue of NZ$21 million and NZ$25 million.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 9% to $2.92. This appears to have been driven by broad weakness in the tech sector on Thursday following a very disappointing result from social media giant Meta (Facebook). The Meta share price was down a whopping 23% during after hours trade on Wall Street.
The post Why Cettire, Novonix, Serko, and Zip shares are sinking today appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Is Zip (ASX:Z1P) the Titanic of ASX tech shares? It just keeps sinking
- Is Zip’s (ASX:Z1P) potential acquisition of Sezzle the right strategy?
- Here’s why the Serko (ASX:SKO) share price is sinking 5% today
- Why the Cettire (ASX:CTT) share price is crashing despite 192% revenue growth
- What this broker is saying about the Novonix (ASX:NVX) share price
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cettire Limited, Serko Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has recommended Cettire Limited and Serko Ltd. 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/TMxXRd8zZ
Leave a Reply