The Megaport Ltd (ASX: MP1) share price is in the red by 5% right now. It has lost some of the ground it had recovered over the past week.

Megaport isn’t the only one that’s down. The S&P/ASX 200 Index (ASX: XJO) is currently down by 1.1%. Ouch. But, Megaport shares are indeed down harder.

The S&P/ASX All Technology Index (ASX: XTX) is down a lot further than the broad index. It has fallen 3.75%. Examples include the Xero Limited (ASX: XRO) share price being down 5.6% and the REA Group Limited (ASX: REA) share price being down 3.5%.

Internationally, the US tech share sector suffered a bit of a sell-off overnight. ASX tech shares often follow on from any strong movements in the US tech sector.

Is Megaport a takeover target?

After a heavy decline in the Megaport share price, there is speculation that the cloud connections infrastructure business may be a takeover target.

According to reporting by the Australian Financial Review, Megaport has been talking with investment banks about possible takeover “appetite”.

AFR sources said that Megaport could choose one of the investment banks to lead its takeover defence, but this could also lead to generating some takeover interest.

There are reportedly a number of different types of potential buyers including private equity firms, infrastructure funds and global trade players that could be looking at the Australian market for opportunities.

The Megaport share price has been hit particularly hard – it’s down around 70% in 2022. This means it’s now a lot cheaper than it was at the start of the year.

The AFR noted that “analysts reckon Megaport’s likely to be receiving some attention from tyrekickers, attracted to its unique software.”

Brokers are still largely bullish on the company’s prospects.

Current price targets on the Megaport share price

Citi was one of the latest brokers to confirm a bullish price target (from the current level). Citi’s price target – which is where it thinks the share price will be in 12 months – is $12.30, which would be a rise of around 120%.

The UBS price target is $19.70. That implies a whopping potential rise of around 250%. It likes the longer-term outlook, including the tailwind of more businesses going online with their computing infrastructure.

Morgans has a price target of $10.65, which implies a rise of around 90%, though the actual rating was hold.

Ord Minnett thinks the business is close to fair value, with a price target of $5.50. It thinks the business needs to focus on revenue growth and costs.

Latest update

Business updates can have a material impact on the Megaport share price.

In the FY22 third quarter, Megaport saw revenue of $27.9 million, an increase of 5% quarter on quarter. It ended the quarter with 2,541 customers, an increase of 4% quarter on year. Its total port numbers increased by 6% quarter on quarter.

Monthly recurring revenue (MRR) increased by 3% quarter on quarter to $9.5 million.

The post Megaport share price slumps 5% despite takeover speculation appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Wednesday
• Analysts say these ASX growth shares have huge upside potential
• Why are ASX tech shares struggling today?
• 3 high-quality ASX 200 shares trading at 52-week lows right now
• Down 33% in a month, is the Megaport share price in ‘value’ territory?

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 positions in and has recommended MEGAPORT FPO and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended MEGAPORT FPO and 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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It’s been a big week for some of the ASX’s dividend investors. I’m not talking about the S&P/ASX 200 Index (ASX: XJO)’s painful 1.1% drop so far today. But rather, how many ASX shares are going ex-dividend this week.

We’ve already discussed Transurban Group (ASX: TCL)’s upcoming dividend, as well as Rural Funds Group (ASX: RFF)’s ex-dividend gyrations this Wednesday. But here are three more ASX 200 shares that are going ex-div this week.

3 ASX 200 shares trading ex-dividend this week

Magellan Global Fund (ASX: MGF)

Magellan Global Fund is the flagship investment fund of Magellan Financial Group Ltd (ASX: MFG). It aims to achieve a net return of 9% per annum by investing in “20 to 40 of the world’s best global stocks“. Magellan Global Fund pays out a dividend distribution twice a year.

Its latest payment will be worth 3.66 cents per share, unfranked, and will be doled out on 21 July. The fund will trade ex-dividend for this payment on Friday, 1 July. So don’t be surprised if we see a drop in the Magellan Global Fund’s share price at week’s end. At current pricing, Magellan Global units have a dividend yield of 5.55%

Regal Investment Fund (ASX: RF1)

Another ASX investment fund in Regal Investment Fund is next up. Regal focuses on alternative investments with little correlation to the broader markets. It uses techniques such as short selling and hedge fund investing to achieve outperformance. Regal also pays a dividend twice annually.

Its latest payment will be the final and unfranked dividend of 24.5 cents per share that investors will receive on 22 August. Regal shares will trade ex-dividend for this payment tomorrow (30 June). That will give Regal Investment Fund units a yield of 10.61% on current prices.

Liberty Financial Group Ltd (ASX: LFG)

Liberty Financial Group is our final share to check out. This ASX financial share is a provider of home loans, business loans and other financial products. Liberty Financial shares have gone ex-dividend today for the company’s upcoming final dividend payment.

This will be worth 28 cents per share, unfranked, and will be paid out on 31 August. As one would expect with an ex-dividend date, Liberty shares have dropped by a hefty 6.51% today to $4.02 a share at the time of writing. This gives Liberty Finacial shares a dividend yield of 12.19% right now.

The post Here are 3 ASX financial shares going ex-dividend this week appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Wednesday

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 RURALFUNDS STAPLED. 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’s a rough day on the ASX for many listed companies, but these All Ordinaries Index (ASX: XAO) shares are dodging the downturn.

There’re lifting as much as 4% on Wednesday. Let’s take a closer look at what’s buoying them in today’s sea of red.

Right now, the All Ords is down 1.27%.

3 ASX All Ords shares recording decent gains today

Liontown Resources Limited (ASX: LTR)

The share price of ASX All Ords lithium explorer and developer Liontown Resources is taking off on Wednesday. It’s gaining 3.76% at the time of writing to trade at $1.11.

Its gains come as the company announced it has approved the development of the Kathleen Valley lithium project following another major offtake agreement.

The latest offtake agreement has been penned with Ford. It will see the lithium company providing the automaker with up to 150,000 dry metric tonnes of spodumene concentrate annually.

The two companies have also shaken on a $300 million debt facility to go towards the project’s development.

Weebit Nano Ltd (ASX: WBT)

Fellow All Ords share Weebit Nano is also in the green today. It’s trading at $2.24, 4.19% higher than its previous close.

It follows news that the company has taped-out demonstration chips integrating its Resistive Random-Access Memory (ReRAM) module to SkyWater Technology’s foundry.

The company notes the agreement is a major milestone toward commercialisation, marking the first tape-out of Weebit’s ReRAM technology to a production fab.

Star Entertainment Group Ltd (ASX: SGR)

Finally, the share price of ASX All Ords stock Star Entertainment is surging 3.32% higher to reach $2.80. The gain comes on news that the company has found a new CEO.

And it’s none other than the current boss of Tyro Payments Ltd (ASX: TYR), Robbie Cooke.

Cooke previously held the CEO role at wagering business Tatts Group and tourism giant Wotif.com – both of which were previously ASX-listed.

Star Entertainment interim chair Ben Heap commented on Cooke’s suitability for the role, saying:

Given The Star’s significant investments to develop world-class tourism and entertainment destinations in South East Queensland and Sydney, the company will benefit significantly from both [Cooke’s] understanding of the industry’s regulatory environment and extensive insights and experience across the hotel and broader hospitality sector.

The post 3 ASX All Ords shares dodging selling pressure on Wednesday appeared first on The Motley Fool Australia.

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• Why is the Weebit Nano share price charging 5% higher today?
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• ASX 200 midday update: Carsales sinks, Liontown jumps on Ford agreements
• Liontown share price jumps 17% following ‘momentous milestone’
• Tyro share price sinks 20% to new record low, what’s going on?

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 Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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 market may be having a tough day but the same cannot be said for the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price.

In afternoon trade, the banking giant’s shares are up over 1% to $22.66.

This compares favourably to a 1.1% decline by the ASX 200 index.

Why is the ANZ share price outperforming?

Firstly, the ANZ share price isn’t alone in its outperformance on Wednesday.

Fellow big four banks National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC), as well as regionals Bank of Queensland Limited (ASX: BOQ) and Bendigo and Adelaide Bank Ltd (ASX: BEN) are also pushing higher today.

The Commonwealth Bank of Australia (ASX: CBA) share price is the exception with a 1% decline at the time of writing.

What’s going on?

With no announcements out of these banks, today’s gains could be due to news that a neobank is shutting down operations.

This morning Volt Bank revealed that it is closing its deposit taking business and intends to return its banking licence.

There had been fears that neobanks could take market share away from the big banks, so this could be interpreted as a positive for them.

Volt explained that it was unable to secure funding to keep operating. It commented:

With regret, we are announcing that Volt will be closing its deposit-taking business and intends to return its banking licence. Following the pandemic and the current challenging global economic climate we were unable to secure the funding needed to continue. Our priority now is to ensure account holder funds are returned to account holders as soon as possible.

The post Why is the ANZ share price outperforming the ASX 200 today? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Westpac Banking Corporation. 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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In a sea of red across the ASX, the Weebit Nano Ltd (ASX: WBT) share price is powering ahead today.

This comes after the semiconductor company announced an exciting development.

At the time of writing, Weebit Nano shares are up 5.12% to $2.26.

In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 1.23% to 6,680.6 points following heavy falls on Wall Street overnight.

Let’s take a look at why shares in the next generation computer memory technology are defying the ASX sell-off today.

What’s driving Weebit Nano shares higher?

Following the company’s latest announcement, investors are fighting to get a hold of Weebit Nano shares.

According to the update, the company advised it has released its demonstration chips to the SkyWater’s production fab.

Based in the United States, SkyWater is a pure-play silicon foundry that specialises in advanced engineering and manufacturing services.

The demonstration chips are embedded with Weebit Nano’s Resistive Random-Access Memory (ReRAM) technology.

ReRAM is over 1000 times faster and uses 1000 times less power than traditional storage options like flash.

Notably, this is the first time the company transferred its ReRAM technology to an outside party for testing and prototyping.

Weebit Nano stated that this marks a significant milestone towards commercialisation into the semiconductor market.

Due to the technology’s ultra-low power consumption and ability to integrate easily, this has sparked interest among SkyWater’s customers.

In particular, this would be well suited for analogue, power management, automotive, Internet of Things (IoT), and medical applications.

Weebit Nano CEO, Coby Hanoch commented:

We’ve developed a close and efficient partnership with SkyWater, enabling us to meet our milestones, and bringing us ever closer to volume production. This successful tape- out concludes the technology transfer to SkyWater’s US production fab, and once the chips are back from the fab, we will proceed with technology qualification.

We’re in discussions with early-adopter customers looking to leverage our faster, more efficient memory technology to increase their competitiveness in the market.

Weebit Nano share price snapshot

A volatile 2022 has led the Weebit Nano share price to sink 20% for the period.

However, when looking at the past 12 months, its shares are up 30%.

Based on today’s price, Weebit Nano presides a market capitalisation of approximately $380.79 million.

The post Why is the Weebit Nano share price charging 5% higher today? appeared first on The Motley Fool Australia.

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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 Vulcan Energy Resources Ltd (ASX: VUL) share price has taken a tumble on Wednesday.

In afternoon trade, the lithium developer’s shares are down 8% to $5.43.

Why is the Vulcan share price tumbling?

Investors have been selling Vulcan shares on Wednesday amid broad market weakness following a poor night of trade on Wall Street.

For example, at the time of writing, the ASX 200 index is down a disappointing 1.1%.

Higher risk shares, such as lithium shares, have been hit harder than most today. This appears to have been driven by investors lowering their risk appetite following a resurgence in recession fears after weaker than expected consumer confidence data in the US.

It isn’t just Vulcan that is taking a tumble today in the lithium industry. Here’s a summary of how some of its peers are performing:

• The Core Lithium Ltd (ASX: CXO) share price is down 5%
• The Lake Resources N.L. (ASX: LKE) share price is down 3.5%
• The Piedmont Lithium Inc (ASX: PLL) share price is down 6%
• The Sayona Mining Ltd (ASX: SYA) share price is down 8%

Following today’s decline, the Vulcan share price has now lost 50% of its value since the start of the year.

The post Down 8%, why is the Vulcan Energy share price burning away today? appeared first on The Motley Fool Australia.

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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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S&P/ASX 200 Index (ASX: XJO) retail shares are broadly sliding today, despite some upbeat sales figures just released by the Australian Bureau of Statistics (ABS).

In its monthly estimate of turnover and volumes for retail businesses – including in-store and online sales – the ABS said that May’s figures were up 0.9% from April. That’s as year-on-year retail turnover and volumes increased 10.4%.

This marks the fifth consecutive month of growth across the retail industry.

Yet, as we look at below, ASX 200 retail shares aren’t enjoying the tailwinds today.

ASX 200 retail shares in the red

To put today’s selling pressure into some context, the ASX 200 is also in the red, down 1.08% in early afternoon trading. That follows some big losses in US markets yesterday (overnight Aussie time), with the S&P 500 closing down 2%.

And that selling is hitting ASX 200 retail shares today, despite the sector’s strong sales numbers.

The Wesfarmers Ltd (ASX: WES) share price, for example, is down 1.76% at the time of writing. Wesfarmers owns Bunnings Warehouse, Kmart Australia, and Officeworks, among others. The company has a market cap of around $48 billion.

Harvey Norman Holdings Ltd (ASX: HVN) isn’t being spared today either. The electronics, appliances, furniture, and homeware retailer is down 3%, with a current market cap of $4.65 billion.

The electronics segment is also feeling the pressure today, as witnessed by the 1.46% decline in ASX 200 retail share JB Hi Fi Ltd (ASX: JBH). JB Hi Fi has a market cap of $4.1 billion.

We’ll leave off with specialty fashion retailer Premier Investments Ltd (ASX: PMV), which owns chains including Smiggle, Just Jeans, Jacqui E, and Dotti, with a footprint in Australia, New Zealand, Asia, and Europe. The Premier share price is down 3.19%, giving it a current market cap of just over $3 billion.

The post ASX 200 retail shares in the doldrums today despite improving sales data appeared first on The Motley Fool Australia.

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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 positions in and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and Wesfarmers Limited. The Motley Fool Australia has recommended Premier Investments 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 Zip Co Ltd (ASX: ZIP) share price is almost 6% in the red today amid weakness in the Buy Now Pay Later (BNPL) sector.

Zip shares are currently swapping hands at 44.7 cents apiece, a 5.89% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 1.04% at the time of writing.

So what is going on with the Zip share price today?

Zip share price falls

Zip shares are falling despite a report on ABC’s 7.30 revealing Australians have doubled spending on BNPL companies.

However, news also emerged federal Finance Minister Stephen Jones has plans to introduce legislation to regulate the industry within a year. He told the ABC:

Whatever you do in the financial services space, there’s big voices with deep pockets.

I don’t want to have an argument about whether this is credit or not, it clearly is.

The publication released figures showing Australians spent $11.9 billion on BNPL services in the 2020-2021 financial year. Out of 1,746 people surveyed, 38% have used a BNPL company.

The Zip share price may be falling today, but it is not alone. Sezzle Inc (ASX: SZL) shares are down 3.7%, while Block Inc (ASX: SQ2) shares are descending nearly 7%. Meantime, the S&P ASX All Technology Index (ASX: XTX) is 3.79% in the red today.

US BNPL shares also had a tough time in markets overnight, with Affirm Holdings Inc (NASDAQ: AFRM) plummeting 9.52% and Block Inc (NYSE: SQ) shares tumbling 5.5%.

The Nasdaq-100 Index fell 3.09%, while the S&P 500 Index slid 2.01% and the Dow Jones Industrial Average dropped 1.56%. Investors in the United States reacted to poor consumer confidence data and recession fears, Reuters reported.

Zip share price snapshot

The Zip share price has plunged more than 94% in the past year, diving almost 90% year to date.

For perspective, the benchmark ASX 200 Index has shed nearly 9% in a year.

Zip has a market capitalisation of about $311 million based on the current share price.

The post Zip shares sink 6% despite BNPL spend doubling this financial year appeared first on The Motley Fool Australia.

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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 Affirm Holdings, Inc., Block, Inc., and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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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:

Accent Group Ltd (ASX: AX1)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating but slashed their price target on this footwear retailer’s shares to $1.65. Morgan Stanley has been looking at a number of companies and the impact that rising interest rates and inflation will have on them. While the broker believes Accent will be vulnerable to softening consumer spending, it remains positive enough to keep its overweight rating. This is due to Accent’s store rollout plans and exposure to structural growth markets. The Accent share price is trading at $1.21 this afternoon.

Collins Foods Ltd (ASX: CKF)

A note out of Morgans reveals that its analysts have upgraded this quick service restaurant operator’s shares to an add rating with a reduced price target of $11.50. This follows a full year result the broker described as a “zinger.” While the broker expects inflationary pressures to weigh on its near term margins, it remains positive on Collins Foods’ outlook. This is due to its belief that consumer demand for its KFC restaurants will remain resilient. It also notes that the company has a degree of pricing power that could help mitigate inflation. The Collins Foods share price is fetching $9.98 on Wednesday.

Evolution Mining Ltd (ASX: EVN)

Another note out of Morgans reveals that its analysts have upgraded this gold miner’s shares to an add rating with a $3.23 price target. Although the broker was disappointed with Evolution’s FY 2022 guidance downgrade, it feels the market has overreacted. In light of this, it believes a buying opportunity has opened up for investors that are looking for exposure to the gold industry. The Evolution share price is trading at $2.41 today.

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

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Motley Fool contributor James Mickleboro has positions in Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Collins Foods Limited. The Motley Fool Australia has recommended Accent Group and Collins Foods 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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It’s a rough day on the market, and these All Ordinaries Index (ASX: XAO) shares are suffering more than most.

They’ve each slumped to new 52-week lows on Wednesday. Let’s take a look at what’s dragging them downwards.

The All Ordinaries Index is down 1.23% at the time of writing.

3 ASX All Ords shares slipping to 12-month lows

Tyro Payments Ltd (ASX: TYR)

The Tyro Payments share price tumbled 20% on Wednesday from its previous close, sliding to an all-time low of 62 cents.

The downturn came after the financial technology company announced its CEO and managing director Robbie Cooke is stepping down. Cooke has provided the company with six months’ notice.  

Meanwhile, Star Entertainment Group Ltd (ASX: SGR) announced Cooke will be stepping up to the top job at the casino operator in the near future, subject to regulatory approvals.

Piedmont Lithium Inc (ASX: PLL)

Another ASX All Ords share sliding to a new 52-week low today is Piedmont Lithium.  

The lithium developer’s share price fell 7.9% to trade at 58 cents late morning on Wednesday. That’s despite news that production at the North American Lithium project is set to restart in the first half of 2023.

Piedmont has a 25% stake in the project. The other 75% is owned by Sayona Mining Ltd (ASX: SYA).

Sayona announced the news yesterday afternoon, while Piedmont released its announcement on the restart this morning.

BWX Ltd (ASX: BWX)

Finally, ASX All Ords share BWX tumbled another 5% at its intraday low to trade at 66 cents. That marks a new all-time low for the company behind skincare and haircare brands like Sukin.   

The BWX share price plummeted 40.6% yesterday on news of a capital raise offering new shares at a 48.7% discount to the stock’s previous closing price. Today’s fall appears to be a continuation of yesterday’s sell-off.

The post These 3 ASX All Ordinaries shares are hitting new 52-week lows today appeared first on The Motley Fool Australia.

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More reading

• Tyro share price sinks 20% to new record low, what’s going on?
• Why Appen, BWX, Imugene, and Wesfarmers shares are dropping
• BWX share price sinks 38% following capital raising at dizzying discount
• Why is the BWX share price halted on Friday?
• Amid today’s sell-off, guess which ASX All Ordinaries share just hit an all-time high

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 Tyro Payments. The Motley Fool Australia has recommended BWX Limited and Tyro Payments. 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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