2 quality ASX shares trading at multi-year lows this week

Man with his head on his head with a red declining arrow and A worried man holds his head and look at his computer as the Megaport share price crashes todayMan with his head on his head with a red declining arrow and A worried man holds his head and look at his computer as the Megaport share price crashes today

There are two truths that most long-term investors come to learn: Not all ASX shares are created equal and not all shares live their glory days at all times.

In fact, some quality ASX shares have tumultuous moments – as evidenced by these stocks that hit their lowest point in years this week.

2 quality ASX shares hitting long-forgotten lows

Spirit Technology Solutions Ltd (ASX: ST1)

For those unacquainted with Spirit Technology Solutions, the company provides business-focused technology and telecommunication services.

The quality company officially hit the ASX in 2016 with its shares trading at around 12 cents for their first few weeks on deck. From there it garnered enthusiasm, reaching a high of around 43 cents in January 2021.

But the past 17 months have been rough on the telco small cap. Its share price has tumbled around 85% since then to trade at 5.8 cents on Tuesday.

In fact, it closed at a new 52-week low of 5.1 cents yesterday. Today, it’s recording a 13.75% gain.

The telco has a market capitalisation of approximately $34 million according to the ASX.

Freelancer Ltd (ASX: FLN)

Freelancer is another quality ASX share reaching a new multi-year low this week.

The crowdsourcing marketplace floated on the ASX in 2013 after offering new shares for 50 cents apiece under its initial public offering (IPO).

It peaked at around $1.80 in 2016 and, in 2021, it hit a multi-year high of around $1.25.

Today, the stock reached an intraday low of 33 cents, marking its lowest point since March 2020.

Sadly, the quality ASX share has been on a downwards slope for nearly 12 months now. Its tumble was exacerbated by a quarterly update last month.

The Freelancer share price slipped 2.4% when the company announced that, over the three months ended 31 March, its cash receipts had dropped 6.1% on those of the prior comparable period.

That was made worse by the Australian Dollar depreciating against the US Dollar. The depreciation brought the company a 6.3% tailwind last quarter.

According to the ASX, Freelancer has a market capitalisation of $147 million.

The post 2 quality ASX shares trading at multi-year lows this week appeared first on The Motley Fool Australia.

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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 positions in and has recommended SPIRIT TC FPO. The Motley Fool Australia has recommended Freelancer Limited and SPIRIT TC FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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