Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Corporate Travel Management Ltd (ASX: CTD)

According to a note out of UBS, its analysts have retained their buy rating but trimmed their price target on this corporate travel specialist’s shares to $26.35. Although the broker notes that industry feedback is pointing to strong demand for corporate travel, its analysts have reduced their earnings estimates slightly to reflect inflationary and labour pressures. Nevertheless, it still sees plenty of value in its shares at the current level even after doing so. The Corporate Travel Management share price is trading at $17.80 today.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

A note out of Ord Minnett reveals that its analysts have retained their buy rating but cut their price target on this pizza chain operator’s shares to $88.00. Ord Minnett acknowledges that Domino’s is facing a number of headwinds such as a weak Japanese yen and inflation. However, it believes these are understood by the market and factored into its share price. In light of this, the broker continues to see a lot of value in its shares, particularly in comparison to peers. The Domino’s share price is fetching $68.46 this afternoon.

Nitro Software Ltd (ASX: NTO)

Analysts at Goldman Sachs have retained their buy rating with a reduced price target of $2.05 on this document productivity software company’s shares. While disappointed with the company’s quarterly update and guidance reduction, Goldman is keeping the faith. It continues to see Nitro as an undervalued global growth opportunity for investors. The Nitro share price is trading at $1.16 on Wednesday.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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• Why Block, Iluka, Nitro, and Novonix shares are dropping today
• Down 28% in two days: Is the Nitro share price crash a buying opportunity?
• Why Flight Centre, Iress, Nitro, and Perseus shares are dropping today
• Why is the Nitro share price crashing 29% on Tuesday?
• 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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Corporate Travel Management Limited, Dominos Pizza Enterprises Limited, and Nitro Software Limited. 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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Invested in Wesfarmers Ltd (ASX: WES) shares? Two of the S&P/ASX 200 Index (ASX: XJO) conglomerate’s cornerstone retailers have reportedly switched off part of their security systems amid an investigation by Australia’s information watchdog.

The Office of the Australian Information Commissioner (OAIC) has launched investigations into the retailers’ information-handling practices following their implementation of facial recognition technology.

Let’s take a closer look at what’s going on with Bunnings and Kmart.

Bunnings and Kmart under investigation

Wesfarmers shares have traded relatively flat over the last two months. Meanwhile, two of the company’s hallmark retail brands have found themselves in the headlines.

Wesfarmers fans might remember last month’s report by Choice questioning the use of facial recognition technology by multiple retailers, including some Kmart and Bunnings stores.

The consumer advocacy group said most customers weren’t aware the retailers were using technology capable of capturing and storing unique biometric information such as facial features.

Choice’s Kate Bower also noted their collecting of biometric data could constitute a breach of The Privacy Act. Well, the consumer group may not have been the only one concerned about such a breach.

Its findings sparked an investigation by Australia’s information watchdog earlier this month.

The investigation has, in turn, pushed Wesfarmers’ hallmark retailers to halt their use of the controversial security system, The Guardian reported this week.

Bunnings CEO Simon McDowell has previously said the retailers’ use of the facial recognition technology was “consistent with The Privacy Act”.

However, managing director Mike Schneider confirmed Bunnings has stopped using the technology in the face of the investigation, adding:

When we have customers berate our team, pull weapons, spit, or throw punches – we ban them from our stores. But a ban isn’t effective if it’s hard to enforce. Facial recognition gives us a chance to identify when a banned person enters a store so we can support our team to handle the situation before it escalates.

[A]n individual’s image is only retained by the system if they are already … banned or associated with crime in our stores. We don’t use it for marketing or customer behaviour tracking, and we certainly don’t use it identify regular customers who enter our stores.

Wesfarmers share price snapshot

The Wesfarmers share price has struggled to gain traction this year.

It has fallen 22% since the start of 2022 and 26% over the last 12 months.

Meanwhile, the ASX 200 has dumped 10% year to date and 8% since this time last year.

Wesfarmers had not responded to The Motley Fool Australia’s requests for comment at the time of publication.

The post Own Wesfarmers shares? Here’s why Bunnings and Kmart are under investigation by the information watchdog appeared first on The Motley Fool Australia.

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More reading

• Broker names 2 blue chip ASX shares to buy now
• Should investors buy Wesfarmers shares for dividends?
• Can ASX dividend shares deliver during earnings season?
• Could ASX earnings season be ‘a lot better than what the market is positioned for’?
• ASX 200 retail shares rise as consumer confidence improves

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. 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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The price of gold has been sliding into the red since peaking at US$2,052 per troy ounce on 8 March 2022 to now trade at US$1,716/t.oz.

Pressure from a strong USD and rising interest rates has seen demand for bullion drop to new lows, reports say.

“[G]old prices remained about 16% off the year to date high as higher interest rates and a relatively strong dollar continued to pressure bullion demand,” Trading Economics wrote.

The opportunity cost of holding gold increases with rising yields as the yellow metal pays no interest/yield.

Meanwhile, shares of key ASX gold player Northern Star Resources Ltd (ASX: NST) have settled higher this week after drifting to 52-week lows of $6.76 on 19 July.

The gold price and Northern Star share a tight relationship in directional movement, as seen on the chart below, displaying both instruments since November 2020.

What’s in store for Northern Star shares?

The gold mining giant recently posted its Q4 FY22 earnings and results came in line with expectations.

It sold a total of 1,561 thousand ounces (koz) of gold at an all-in sustaining cost (ASIC) of $1,633/oz, within guided ranges.

Northern Star also provided FY23 guidance in its report. It forecasts gold sales of 1,560-1,680koz gold to be sold on an ASIC of A$1,630-1,690/oz.

Meanwhile, the downward slide in gold doesn’t appear to have impacted the outlook from brokers.

Exactly 100% of analysts covering the company rate it either a buy or strong buy right now, according to Refinitiv Eikon data.

The consensus price target from this extensive list is $10.94, suggesting there is more upside to come if the analysts are correct.

Northern Star has a debt to asset ratio of 5.5% and is expected to increase its capital expenditures in FY23.

It also generated an above-average return on invested capital (ROIC) last half of 19.7% and printed $152 million in company-reported free cash flow. Investors realise a 1.8% yield on this.

Aside from that, Northern Star shares trade at 6.4 times trailing price-to-earnings ratio (P/E) and a 15.7% earnings yield, whilst leaving shareholders a 2.7% trailing dividend yield.

Even still, the market has punished Northern Star these past 12 months. It is now down 25% in that time, or 22% this year to date.

The post Gold is at multi-year lows. What does this mean for Northern Star shares? appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares today
• What’s the dividend yield on Northern Star shares in July?
• 5 things to watch on the ASX 200 on Monday
• Northern Star share price edges higher following ‘strong’ quarterly performance

Motley Fool contributor Zach Bristow 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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Both headline and core inflation continue to push higher in Q1 FY23, the latest economic data shows.

Over the 12 months to June 30, the consumer price index (CPI) rose 6.1%, according to data released today by the Australian Bureau of Statistics (ABS).

That’s a full 100 basis points up from 5.1% year on year in the previous quarter.

The most significant price increases last quarter were new home purchases by owner-occupiers, automotive fuel, and furniture, the data shows.

However, year on year, the highest price increases are in transport (up 13%) and housing (up 9%), with food costs also 6% higher over the year.

Australia’s inflation rate is now at its highest mark in more than 20 years and, before that, its highest level since 1997, as seen below.

What does this mean for ASX retail shares?

As inflation continues to erode company margins downstream, the ability to pass through costs on to the end consumer is paramount.

Hence, companies with this ability will shine due to their earnings and margin resilience.

Further, with price increases in areas such as retail and furniture, there’s also the prospect of higher earnings for companies exposed to these industries.

As such, it’s unsurprising to see analysts at Macquarie rate Nick Scali Limited (ASX: NCK) highly on the radar. The furniture company recently acquired the Plush-Think Sofa business.

The broker rates Nick Scali a buy and values the company at $12.70 per share. It currently trades at $9.18 apiece after its share price gained 10% this past month.

Meanwhile, retail players are getting rewarded on the back of the inflation data as well.

The Temple & Webster Group Ltd (ASX: TPW) share price is currently 5.4% higher at $3.71. Investors are bidding the share up on a volume more than 50% of its four-week trading average.

Both of these shares have been heavily punished in 2022 so far with Temple & Webster, in particular, incurring a 70% loss over the last 12 months.

But it will take sustained gains for both to recover to their previous highs, as shown on the chart below.

The post Take a seat: What inflation data might mean for ASX retail shares appeared first on The Motley Fool Australia.

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• Why I think these 2 ASX growth shares could keep marching upwards
• 3 ASX All Ordinaries shares going great guns on Thursday
• Why is the Temple and Webster share price up 7% today?
• Temple & Webster share price jumps 11% after hitting recent lows
• Does the FY23 outlook make ASX retail shares look like bargains?

Motley Fool contributor Zach Bristow 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 Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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The REA Group Limited (ASX: REA) share price has fallen heavily in 2022. After its big drop, I think it could be a good opportunity.

This business is one of the ASX’s big success stories. It has gone from being a small company to a business worth more than $15 billion, according to the ASX.

I believe a portfolio full of quality businesses can do well over time. Big declines could prove to be opportunistic times to invest.

Despite a recent recovery since mid-June, the REA Group share price is down by around 30% from the beginning of 2022.

Of course, it still has a higher price-to-earnings (p/e) ratio than many ASX shares. Profit estimates on CMC Markets put the REA Group share price at 38x FY22’s estimated earnings.

Things may not be as bad as they appear

For starters, I think it’s important to acknowledge that a fall in house prices doesn’t necessarily mean that REA Group earnings will fall.

The company owns the key asset realestate.com.au. It earns money from the number of property listings on the property portal and the advertising price of those listings. The fall in house prices isn’t necessarily a bad thing for REA Group.

It’s hard to say what’s going to happen next. But property sellers may well need to choose the more premium advertising packages to attract more potential buyers in this difficult market. The advertising cost is typically a relatively small amount compared to the selling agent fee and indeed compared to the sale price of the property itself.

How many listings will there be? That’s anyone’s guess. A falling market is a pretty rare occurrence for the Australian property market.

On listings, the latest we’ve heard from REA Group is from its quarterly update’s outlook comments. It said that April national residential listings were down 8% year on year, with Sydney listings declining 19% and Melbourne down 18%. It was impacted by the timing of the Easter and ANZAC Day holiday period.

REA Group said national listings are “likely to be down” year on year in the fourth quarter, reflecting “very strong prior period listings and potential impacts from the federal election”.

According to estimates on CMC, REA Group is expected to grow earnings per share (EPS) by 13% in FY23 and then by a further 16.9%. In FY24, it could generate $4.13 of EPS.

Other reasons why I think the REA Group share price is a buy

Aside from the profit growth and lower share price, I believe there are many attractive features of REA Group.

It has strong network effects. REA Group has the most potential buyers looking at its portal, which then attracts the most sellers, which attracts more buyers and so on. This allows REA Group to increase its prices with little detrimental effect.

The ASX share also has a good balance sheet, as well as a number of investments in property sites that have strong market positions in other countries including the United States, India and South-East Asian countries. Considering the large populations of these places, I think those investments have good long-term potential.

The post Why I think the REA share price is a bargain buy right now appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX shares today
• 3 blue chip ASX 200 shares experts say are buys
• Why cheap hamburgers could give beginner ASX share investors food for thought
• How much have REA shares paid in dividends in the last 5 years
• Why experts are tipping these ASX 200 shares as buys

Motley Fool contributor Tristan Harrison 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 recommended REA Group Limited. 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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Leading the way as the worst performer on the Australian share market on Wednesday has been the Prospect Resources Ltd (ASX: PSC) share price.

In afternoon trade, the ASX mining share is down a massive 92% to 7.7 cents.

Why is the Prospect Resources share price crashing?

The good news for shareholders is that the Prospect Resources share price crash is for a good reason and not because of a bad update.

Earlier this month, shareholders were asked to vote on a capital return following the completion of the sale of the company’s 87% interest in the Arcadia Project for net proceeds of US$342.9 million.

Shareholders unsurprisingly overwhelmingly approved the plan to distribute most of these proceeds by way of a 96 cents per share distribution.

This distribution comprises an unfranked dividend component of 79 cents per share and a capital reduction component of 17 cents per share.

This morning Prospect Resources shares traded ex-capital return. This means that the rights to the impending capital return will remain with owners of its shares at yesterday’s market close and not transfer to anyone buying shares from today onwards. As a result, its shares have fallen to reflect this.

When is payday?

Eligible shareholders can now look forward to a big pay day early in August.

According to the mining company’s timetable, it is intending to pay both components of the capital return to shareholders next week on Thursday 4 August.

What’s next?

This isn’t the end of Prospect Resources. It recently laid out its future plans following the Arcadia Project sale. It said:

The Company’s future strategy is to be a battery and electrification minerals focused explorer and developer. With the Arcadia transaction now complete, business development and new project generation are our top priorities. The Board believes that, with approximately A$34 million of available cash and continuation of the current management team, that the Company is appropriately resourced to deliver on this strategy.

The post Did ASX mining share Prospect Resources really just crash 90%? appeared first on The Motley Fool Australia.

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• Why I think Coles shares are a compelling buy today
• Dogecoin price could more than double by the end of 2022: expert panel
• Perpetual shares climb amid response to media speculation
• Why Block, Iluka, Nitro, and Novonix shares are dropping today
• What’s happening to the Qantas share price 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 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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It hasn’t been a scintillating day so far for ASX shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up by 0.01% and is just over 6,800 points. It hasn’t been a great day for Coles Group Ltd (ASX: COL) shares either.

The Coles share price is slightly underperforming the index today. The supermarket operator is currently trading at $18.755 a share, down 0.13% for the day so far.

But today’s moves hide what has been a relatively successful year for Coles shares. The company has gained a healthy 4.5% over 2022 so far. That contrasts well against the ASX 200, which is still down more than 10.3% year to date.

But I think the Coles share price remains at a compelling pricing point for a long-term investor today for two reasons.

Inflation is here

The first is Coles’ inherent nature. This company is, in my opinion, one of the most inflation-proof companies on the entire ASX. On a day when Australians have found out that inflation has hit a 20-year high of 6.1% on an annualised basis, inflation is certainly a concern all investors should be considering.

But Coles is one of the most inflation-proof businesses out there. It only really sells products that we all have to buy – food, drinks, and household essentials. Already, Coles is one of the cheapest places to shop for these everyday essentials since it faces perpetual and fierce pricing competition from its rivals, like Woolworths Group Ltd (ASX: WOW) and Aldi.

Since Coles has this reputation, most customers will likely continue to shop at Coles, even if the grocer passes on its rising costs to its prices. After all, Coles is facing the same inflationary pressures as Woolies or Aldi. So it’s very likely that Coles’ competition will be passing on these increased costs as well. 

We all need to eat. And even though prices are rising, Coles is still going to be one of the cheapest places to buy those life essentials. Thus, I think Coles’ earnings will be shielded from the worst of inflation.

Coles shares offer dividend income

The second reason I think the Coles share price is a buy for a long-term investor today is the company’s dividend. In these uncertain times, dividends are a welcome boost to an investor’s portfolio. There’s nothing quite like cold hard cash to give one’s portfolio a shot in the arm, especially amid volatile share prices.

And the Coles dividend is certainly one to consider. It’s currently at a trailing yield of 3.25% on current pricing, well above that of the Woolworths share price.

Further, Coles’ dividends come with full franking, which means this yield grosses-up to 4.64% when including the value of those franking credits.

The company also has a strong history of raising its dividend. Coles paid out 57.5 cents per share in dividends over 2020 but boosted this to 61 cents per share over 2021.

As my Fool colleague James covered yesterday, ASX broker Morgans is expecting the company to jack up its dividends again over the next 12 months to a total of 64 cents per share.

Thus, all signs point to Coles shares being able to provide a steady and meaningful stream of dividend income for investors going into the future.

So those are the two reasons why I think the Coles share price is a compelling option for investors to consider today in our new high-inflation world.

At the current Coles share price, this ASX 200 blue chip share has a market capitalisation of $25.1 billion, with a price-to-earnings (P/E) ratio of 25.2.

The post Why I think Coles shares are a compelling buy today appeared first on The Motley Fool Australia.

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• ASX 200 shares lift as inflation hits highest level in 20 years
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• ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend

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 positions in and has recommended COLESGROUP DEF SET. 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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The Dogecoin (CRYPTO: DOGE) price has reversed the past week’s selling trend to post a slender 0.5% 24-hour gain.

At time of writing the meme token, which profiles a Shiba Inu as its virtual mascot, is trading for 6.2 US cents.

That leaves the world’s number 10 crypto, with a market cap of US$8.3 billion, down 64% year-to-date and down 92% from its 8 May 2021 all-time high of 73.8 US cents.

But if the experts are right, the Dogecoin price could more than double from here by the end of the year.

What’s likely to impact the Dogecoin price?

According to 15 fintech specialists, asked for their long-term price forecasts by financial product comparison service Finder earlier this year, the Dogecoin price will end 2022 trading for 16 US cents.

That number, an average of the 15 forecasts, is 158% higher than the current value. Though it’s a good bit lower than the 39 US cents the fintech expert panel forecast last July for the end of 2021. The meme token ended last year trading for 17 US cents.

Fred Schebesta, Finder’s founder, was among the most bullish on the outlook for the Dogecoin price. He forecasts it will close out 2022 trading between 25 and 30 US cents.

According to Schebesta:

While it’s a meme coin, Doge is the original meme coin. This shouldn’t be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished pastime. Investors can likely sit tight knowing that while there will be more, and others will come and go, Doge will forever be the original.

John Hawkins, senior lecturer at the University of Canberra, was chief among the bears when it came to the meme token’s future. Hawkins forecast Dogecoin will end the year trading for 5 US cents, some 20% below the current price.

According to Hawkins, “Dogecoin moves with altcoins, but its price is also affected by Elon Musk tweets. These are impossible to predict, but their impact in boosting the Dogecoin price seems to be weakening over time.”

The post Dogecoin price could more than double by the end of 2022: expert panel appeared first on The Motley Fool Australia.

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• Why top cryptocurrencies Bitcoin, Ethereum, and Dogecoin are slumping today
• 3 cryptos to avoid no matter what
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• Does this crypto rally have legs?

Motley Fool contributor Bernd Struben 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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The Perpetual Limited (ASX: PPT) share price is edging higher on Wednesday following a mixed trading session on the ASX.

At the time of writing, the fund manager’s shares are up 1.59% to $29.43.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is heading the other way, down 0.1% to 6,801 points.

Perpetual confirms unsolicited offers

Investors are welcoming the response from Perpetual regarding “inbound interest” for its business, Perpetual Corporate Trust (PCT).

In its statement, Perpetual confirmed recent media speculation that it has received two unsolicited, non-binding, indicative offers for PCT.

Both offers are considered highly conditional, including being subject to due diligence and regulatory approvals.

Perpetual said:

PCT is a high-quality business that consistently delivers strong, non-market linked revenue growth…

In addition, Perpetual noted that it receives unsolicited, non-binding indicative proposals for PCT from time to time.

However, the company hosed down any assumptions about a potential sale revealing that it’s not currently pursuing divestment.

Perpetual added:

The unique combination of businesses within Perpetual provides earnings stability and optionality to invest through cycles, which creates significant value for our shareholders.

Last week, Perpetual made a $2.4 billion bid to acquire Pendal Group Ltd (ASX: PDL) by a scheme of arrangement.

According to the details, the indicative proposal valued each Pendal share at $6.23.

The consideration is for 1 Perpetual share for every 7.5 Pendal share, along with a $1.67 cash offer for each Pendal share owned.

Perpetual share price snapshot

It’s been a disappointing 12 months for Perpetual shareholders with the company’s shares gradually treading lower.

Over the period, Perpetual shares have fallen 22% – trading just above their 52-week low of $27.32.

Perpetual has a price-to-earnings (P/E) ratio of 15.95 and commands a market capitalisation of approximately $1.64 billion.

The post Perpetual shares climb amid response to media speculation appeared first on The Motley Fool Australia.

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More reading

• Looking for value: The ASX shares this fundie is holding amid rising inflation
• Perpetual share price slides following $7.5 billion of quarterly outflows
• Pendal share price slides amid ‘potential transaction’
• Here are the top 10 ASX shares today

Motley Fool contributor Aaron Teboneras 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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The S&P/ASX 200 Index (ASX: XJO) is having a subdued day on Wednesday. In afternoon trade, the benchmark index is down slightly to 6,805.2 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down 4% to $98.72. This follows a very poor night of trade on Wall Street for the payments company’s NYSE listed shares. They fell 7% during the session amid broad weakness in the tech sector. This saw the tech focused Nasdaq index lose 1.9% of its value on Tuesday night.

Iluka Resources Limited (ASX: ILU)

The Iluka share price is down 3% to $9.41. This has been driven by the mineral sands company completing the demerger of its rutile business into a separate listed entity – Sierra Rutile Holdings Limited (ASX: SRX). The Iluka board believed the demerger was the optimal pathway for the business to achieve its growth objectives, reach its potential, and maximise value for Iluka shareholders. Sie

Nitro Software Ltd (ASX: NTO)

The Nitro share price is down a further 6% to $1.18. Investors have been selling this document productivity software company’s shares this week following the release of its quarterly update. Although Nitro delivered strong growth during the first half, it has cut its guidance for the full year. Management has decided to balance its pursuit of annual recurring revenue growth while accelerating its cash flow breakeven goals.

Novonix Ltd (ASX: NVX)

The Novonix share price is down almost 4% to $2.38. This follows the release of the battery technology company’s quarterly update this morning. Investors appear a touch underwhelmed with the company’s cash receipts of just $2.5 million and operating cash outflow of $7.9 million.

The post Why Block, Iluka, Nitro, and Novonix shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Down 28% in two days: Is the Nitro share price crash a buying opportunity?
• Why is the Iluka share price sinking today?
• How are ASX 200 tech shares performing on Wednesday?
• Powering down: Novonix share price slumps following quarterly results
• 5 things to watch on the ASX 200 on Wednesday

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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Nitro Software Limited. 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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