Weebit Nano Ltd (ASX: WBT) shares have had an extraordinary run lately.
The stock has risen by an astounding 94.5% in the year to date. But that incredible tear may have come to an end this week.
Over the past two days, the ASX tech share has fallen by 17.14%. Weebit Nano shares closed the week at $6.77, down 6.1% for the day on Friday.
Let’s see what’s happened over the past two days.
What’s put the brakes on Weebit Nano shares?
There has been no news from the semiconductor technology company since Monday, when it released its US roadshow presentation.
In the week before, the company released its half-year results. It reported no revenue and a $22.3 million loss due to ongoing research and development costs, up 3.5% on the prior corresponding period.
Weebit management said the company had “achieved several key technical and commercial milestones” during the half, and it expected to bring in its first revenue later this year.
Looking at the broader tech sector’s performance over the past two days for insights, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has fallen slightly by 0.93%.
The S&P/ASX All Ordinaries Index (ASX: XAO) has gone up by 0.22%.
So, in all likelihood, the pullback in Weebit Nano shares is likely due to some investors taking profits.
The post Down 17% in 2 days, has the dream run for Weebit Nano shares finally ended? appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Bronwyn Allen 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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