Two ASX 300 betting shares suffered massive falls today following the release of their quarterly results.

The share prices of Pointsbet Holdings Ltd (ASX: PBH) and Betmakers Technology Group Ltd (ASX: BET) both tumbled more than 10% today.

Let’s take a look at what these ASX 300 betting shares reported to the market.

Pointsbet

The Pointsbet share price tanked 17.4% today with investors seemingly dumping their shares after the release of the company’s quarterly results.

Pointsbet reported a net cash outflow of $75.7 million, compared to $60.7 million in the previous quarter. The gross win margin fell 2.7% on the prior corresponding quarter from 10.1% to 7.3%.

However, the company reported a record total net win of $103.4 million, a 34% gain on the prior corresponding period. The company’s turnover also lifted 56% to $2,068.8 million.

In other company news, Pointsbet launched online sports betting in the US states of Maryland and Ohio earlier this month.

Betmakers Technology Group

Meantime, the Betmakers Technology Group share price shed 11.76% today.

The company reported a net cash outflow of $5.918 million from its operating activities during the quarter. However, it received $26.9 million in cash receipts in the second quarter, up 13% compared to the first quarter of this financial year. At the end of the quarter, the company had a cash balance of $61 million.

Betmakers also noted the investment made in growth opportunities during H1FY23 is “expected to result in negative earnings in FY23”. However, it added:

The company believes that the investment made over the last six months puts it in a stronger position to deliver the next phase of growth, both in revenue and earnings.

Betmakers also announced a board and management restructure. Matt Davey will take on the role of President and executive chairman. Jack Henson has been appointed to the CEO role.

The post ASX 300 betting shares tumble on disappointing quarterlies appeared first on The Motley Fool Australia.

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More reading

• Why Bubs, Core Lithium, Megaport, and Pointsbet shares are crashing today
• These are the 10 most shorted ASX shares
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• Here are the 10 most shorted ASX shares

Motley Fool contributor Monica O’Shea 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 Betmakers Technology Group and PointsBet. The Motley Fool Australia has recommended Betmakers Technology Group and PointsBet. 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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Are you looking for growth shares to buy? If you are, then you may want to check out the two listed below that Goldman Sachs rates as buys.

Here’s what its analysts are saying about these explosive ASX growth shares right now:

Temple & Webster Group Ltd (ASX: TPW)

The first ASX growth share that Goldman Sachs says investors should buy is Temple & Webster. It is Australia’s leading pure-play online retailer of furniture and homewares.

Goldman is tipping the company to grow at a rapid rate long into the future. It said:

TPW is early in its maturity cycle supporting long-term, sustainable growth. We forecast a +22% 10-yr EBITDA CAGR driven by consolidation of market share and growing online penetration. We do not think the market is pricing in upside from long term market share gains: If TPW can scale at a similar rate to JBH’s early growth this could see >100% upside to our current valuation.

The broker is so positive on the company that it has just added its shares to its conviction list. Goldman has a conviction buy rating and $7.60 price target.

Webjet Limited (ASX: WEB)

Another ASX growth share that Goldman rates as a buy is online travel booking company Webjet.

It believes the company has comes out of the pandemic in a significantly stronger position. So much so, it is expecting Webjet to grow its earnings at a six-year compound annual growth rate of 15.3%. It commented:

Our near term earnings changes remain modest given that we already price in a strong recovery for WEB in FY24/25. What these results have given us greater confidence is in the group’s longer term outlook for both the Bedbanks and OTA businesses. WEB also continues to report strong cash generation.

Goldman has a conviction buy rating and $7.20 price target on its shares.

The post 2 explosive ASX growth shares to buy now: Goldman Sachs appeared first on The Motley Fool Australia.

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More reading

• Leading brokers name 3 ASX shares to buy today
• 3 of the very best ASX 200 travel shares to buy according to Goldman Sachs
• How I’d invest $20,000 in ASX shares in 2023
• Bargains or traps? Fundie reveals if these 3 ASX shares are worth buying cheap
• Here are the top 10 ASX 200 shares today

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. has positions in and has recommended Temple & Webster Group. The Motley Fool Australia has recommended Temple & Webster Group. 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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This week is shaping up to be one to forget for the S&P/ASX 200 Index (ASX: XJO). It posted its second loss of the week today, falling 0.07% to close at 7,476.7 points.

It follows a similarly poor session on Wall Street overnight. The Dow Jones Industrial Average Index (DJX: .DJI) slumped 0.77% on Monday’s session overseas, while the S&P 500 Index (SP: .INX) dropped 1.3% and the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) slid 2%.

It makes sense, then, that the S&P/ASX 200 Information Technology Index (ASX: XIJ) posted the day’s worst performance. It fell 1.3% on Tuesday, weighed down by the Megaport Ltd (ASX: MP1) share price’s 25% tumble on the back of the company’s quarterly earnings.

Mining shares also broadly suffered today, with the S&P/ASX 200 Materials Index (ASX: XMJ) falling 0.8%.

But not all was dire. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) posted the biggest gain, rising 2.3%.

So, with all that in mind, let’s dive into the 10 shares outperforming all others on Tuesday.

Top 10 ASX 200 shares countdown

Today’s top-performing ASX 200 share was none other than supermarket giant Woolworths Group Ltd (ASX: WOW).

It rose 3.77% to close at $36.08 amid news Credit Suisse upgraded the stock to outperform, slapping it with a $36.51 price target.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Woolworths Group Ltd (ASX: WOW)	$36.08	3.77%
Corporate Travel Management Ltd (ASX: CTD)	$18.35	2.69%
EVT Ltd (ASX: EVT)	$14.07	2.55%
Coles Group Ltd (ASX: COL)	$17.76	2.36%
ResMed Inc (ASX: RMD)	$32.10	2.36%
Adbri Ltd (ASX: ABC)	$1.85	2.21%
Graincorp Ltd (ASX: GNC)	$7.56	2.02%
Coronado Global Resources Inc (ASX: CRN)	$2.04	2%
Cochlear Limited (ASX: COH)	$212.45	1.76%
Kelsian Group Ltd (ASX: KLS)	$5.83	1.73%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Leading brokers name 3 ASX shares to buy today
• Why is the AMP share price smashing the ASX 200 on Tuesday?
• Why Beach, Coles, Cronos Australia, and Woolworths shares are pushing higher
• Coles share price surges, brokers say more gains to come

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 Cochlear, Megaport, and ResMed. The Motley Fool Australia has positions in and has recommended Coles Group and ResMed. The Motley Fool Australia has recommended Cochlear, Corporate Travel Management, and Megaport. 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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It was a very bumpy ride for the S&P/ASX 200 Index (ASX: XJO) this Tuesday. After a strong start this morning, the ASX 200 closed 0.07% lower. But the Lynas Rare Earths Ltd (ASX: LYC) share price must be wishing it was so lucky.

Lynas shares had a Tuesday shocker. The rare earths producer finished down 3.3%, putting the company’s share price at $9.39. It was even worse for Lynas earlier this morning though, with the company descending as low as $9.31 a share.

So why did Lynas cop such a nasty sell-off this session?

Why is the Lynas share price getting dumped today?

Well, the first thing to note is that most ASX 200 materials shares had a pretty nasty day, so it wasn’t just Lynas getting a belting.

Take the Pilbara Minerals Ltd (ASX: PLS) share price. It closed 5% lower. Core Lithium Ltd (ASX: CXO) was a little worse at 5.69%. And Sayona Mining Ltd (ASX: SYA) was smashed, shedding 11.86%.

So it was always going to be hard for Lynas shares to do well when investors seemingly didn’t want a bar of its entire sector.

But we also have another factor to consider.

According to reporting in The Australian today, broker JP Morgan has cut its rating on Lynas shares to ‘underweight’. The broker now has a 12-month share price target of $8.60 on the company’s shares.

If JP Morgan is on the money, this would represent a downside of just over 9% from the current price over the next year.

So that might also have been playing on investors’ minds today.

But we do have to take today’s share price drop with a pinch of salt. It was only yesterday that Lynas released its latest quarterly production results. The company impressed investors with a 42% quarter-on-quarter revenue rise to $232.7 million, with production of rare earth oxide up 27%.

This saw the Lynas share price rise a healthy 6.94% yesterday. So even after today’s fall, Lynas is still well ahead of where it ended last week. That’s something for investors to keep in mind today.

The post Why was the Lynas share price hit so hard on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why Bubs, Core Lithium, Megaport, and Pointsbet shares are crashing today
• Is this why investors are selling down the Core Lithium share price today?
• Forget lithium! I’m using the Warren Buffett method to help find winning ASX shares in 2023
• Core Lithium shares led the charge on this trading platform in 2022. Can you guess the other top stocks?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Scott Phillips.

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