The S&P/ASX 200 Index (ASX: XJO) managed to climb higher on Wednesday thanks in part to a strong showing by ASX tech shares. Yet, there were still a handful of tech companies that tumbled to new 52-week lows.
At times, it can be telling when certain ASX shares underperform on days of broad strength. Such situations usually indicate investors are paying attention to more prevalent issues at the company level than the positivity demonstrated at a sector-wide level.
Having said this, let’s take a look at three ASX tech shares that reached new lows today.
These ASX tech shares are not catching a break
Siteminder Ltd (ASX: SDR)
While the global hotel e-commerce platform technically reached a new 52-week low today, the company has only been listed since 8 November 2021.
Following its initial share price pop on debut, this ASX tech share has failed to impress shareholders. In February, the Siteminder share price suffered a blow after reporting a net loss of $87 million for the December ending half year.
However, today’s negative move occurred without any substantial information. The company is slated to enter the S&P/ASX 300 Index (ASX: XKO) on 22 March. Shares in Siteminder finished the day at $4.52, down 5.8% from their previous close.
Damstra Holdings Ltd (ASX: DTC)
Another ASX tech share hitting a new 52-week low today was the workplace management solutions company, Damstra Holdings.
Investors have gone cold on Damstra after a guidance downgrade in November last year. Since then, the picture hasn’t gotten prettier, as the company reported a net loss of $56 million compared to $5.49 million in the previous corresponding period.
In a similar fashion, Damstra did not release any announcements today. However, the company is expected to be removed from the All Ordinaries Index (ASX: XAO) this month. Shares in Damstra finished the day at 20 cents, up 2.6% — rebounding from their new 18 cent low.
Dug Technology Ltd (ASX: DUG)
Lastly, Dug Technology is the third and final ASX tech share that cemented a new 52-week low on Wednesday.
Unfortunately for shareholders, it has been a slow and steady grind lower for the high-performance computing company over the past 12 months. Today, Dug Technology announced the appointment of a new CEO after its previous chief executive resigned yesterday.
Shares in Dug Technology finished the day at 55 cents, down 1% from their previous close.
The post 3 ASX tech shares at 52-week lows despite tech rally appeared first on The Motley Fool Australia.
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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Damstra Holdings Ltd and SiteMinder Limited. The Motley Fool Australia owns and has recommended Damstra Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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