It hasn’t been a great day so far this Thursday for ASX shares and the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 is down a nasty 1.2%. But some ASX tech shares have fared far worse, perhaps due to some hawkish comments from the US Federal Reserve overnight.
Here are 3 such shares that have just hit new 52-week lows today.
3 ASX tech shares sinking to new lows today
Afterpay Ltd (ASX: APT)
Buy now, pay later (BNPL) leader Afterpay has copped a beating today. This payments pioneer has sold off heavily so far this Thursday. It was down almost 11% earlier this morning when it hit its new 52-week low of $71.65 a share. But investors have since pared back those losses slightly and Afterpay is, at the time of writing, down 9.87% at $72.56 a share.
It appears a steep overnight sell-off in Block Inc (NYSE: SQ), the US payments tech share that is close to acquiring Afterpay, could be playing a big role in this sell-off. Block lost more than 8% last night (our time), and it seems ASX investors are giving Afterpay the same treatment.
Zip Co Ltd (ASX: Z1P)
Afterpay’s fellow BNPL share Zip Co has not escaped the malaise that is pulling down its larger rival. While today’s sell-off isn’t quite as nasty as Afterpay’s, Zip is still down 4.39% at $3.92 a share so far. But earlier this morning, Zip dipped as low as $3.80 a share (a loss of more than 7%), a new 52-week low.
At that pricing, Zip was a depressing 74% from the company’s 52-week high of $14.53 a share that we saw early last year. It’s possible the woes of Afterpay and Block are spilling into the Zip share price so far this Thursday.
Airtasker Ltd (ASX: ART)
Keen followers of ASX initial public offerings (IPOs) might remember Airtasker’s explosive debut on the ASX boards last year. After investors were treated to a 55% pop when this company listed, many might have taken a liking to Airtasker shares.
Unfortunately, it has been a one-way street since then. Airtasker is today down 4.82% at the time of writing at 79 cents a share. But it dipped down to 78 cents just before lunchtime today. That’s a new all-time low for this ASX tech share. It also represents a depressing 60% decline from the company’s 52-week high of $1.96 a share that it achieved just after IPO.
The post These 3 ASX tech shares just hit 52-week lows. What’s going on? appeared first on The Motley Fool Australia.
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More reading
- Why Afterpay, Altium, Aristocrat Leisure, and Pro Medicus shares are sinking
- ASX 200 (ASX:XJO) midday update: Afterpay sinks again, BHP and Rio rise
- Afterpay (ASX:APT) share price tumbles 11% in massive one-day loss
- Is the party over for ASX BNPL shares?
- ASX 200 tech shares on watch after Nasdaq selloff
Motley Fool contributor Sebastian Bowen owns Block, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited, Block, Inc., and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia owns and has recommended Afterpay Limited. 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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