November left a lot to be desired for ASX investors. Over the month just gone, the All Ordinaries Index (ASX: XAO) went backwards by roughly 0.7%, meaning most ASX shares had a rough month. But some certainly fared worse than others.

So here are 6 of the worst performing shares on the ASX share market over November.

6 of the worst ASX shares in November

Westpac Banking Corp (ASX: WBC)

ASX big four bank Westpac is our first poor November performer. Westpac had a rough month, going from $25.67 a share at the end of October to $20.52 a share a month later. That’s a drop of roughly 20.1%. This seemed to be catalysed by the bank’s full year earnings report for FY2021 that was released at the start of the month.

Even though Westpac announced a 138% increase in statutory profits, and a final and fully franked dividend of 60 cents a share, investors seem to have been selling out ever since. This steep decline has pushed Westpac’s dividend yield up to 5.74% on today’s pricing at $20.54 a share.

Zip Co Ltd (ASX: Z1P)

Buy now, pay later (BNPL) share Zip Co was another poor performer in November. This company continued the disappointing year it has had in 2021 last month, going from $6.50 a share at the start to end up at $5.17 by the end – a drop of 20.5%. There weren’t any major catalysts for Zip that might easily explain this move. However, BNPL shares like Zip seemed to have a rough time across the board. Its rival Afterpay Ltd (ASX: APT) fell nearly 12% over the month as well.

Clinuvel Pharmaceuticals Limited (ASX: CUV)

ASX pharma share Clinuvel didn’t have a great time of it last month either. This company began November at $38.61 a share, but ended up finishing at $28.77. That’s a fall of 25.5% or so. My Fool colleague James attributed this to a broker note out of Jefferies. Over the month, Jefferies downgraded the company to a ‘hold’, partly over concerns with Clinuvel’s flagship Scenesse product facing rising competition.

Nearmap Ltd (ASX: NEA)

Nearmap was yet another disappointing investment over November. This aerial mapping company went from $2.21 a share on market close 29 October, to finish at $1.60 on Tuesday afternoon. That’s a painful drop of 27.6%. This appears to have been sparked by Nearmap’s guidance for FY2022 that the company released halfway through the month.

Even though Nearmap told investors that it is expecting the value of its contracts to grow between 17% and 24.8% for FY2022 over FY21’s $133.8 million, Neaprmap shares still continued to fall. 

Pushpay Holdings Ltd (ASX: PPH)

Pushpay is next up. This charity and church-focused payments company had a shocker last month, falling from $1.80 a share all the way down to $1.30 by Tuesday. That’s a drop of 27.8%. These woes seem to stem from the company’s update from 10 November. This was Pushpay’s half-year results, which included a 9% rise in revenues to US$93.5 million, alongside a 43% increase in net profits after tax to US$19.1 million.

But unfortunately for the company, it also included an earnings guidance downgrade for FY2022. It previously flagged earnings of between US$66 and US$71 million, but now is only anticipating between US$62 million and US$67 million.

Tyro Payments Ltd (ASX: TYR)

One of the worst ASX performers over November was the paymets company Tyro. Tyro Payments went from $4.04 a share on 29 October to finish up on 30 November at just $2.88. That’s a steep drop of 28.7%. This poor performance seemed to be precipitated by Tyro’s annual general meeting which the company held on 3 November.

It appears Tyro’s gross profit of $28.5 million for the year to 31 October (growth of 14%) wasn’t quite up to what investors were hoping for, considering the company delivered growth of 28% over FY2021. Subsequently, Tyro shares were also subject to some less-than-enthusiastic broker notes afterwards.

All of these factors combined to make Tyro one of the worst performing ASX shares on the entire share market over November.

The post Here are 6 of the worst performing ASX shares of November appeared first on The Motley Fool Australia.

More reading

• The Zip (ASX:Z1P) share price fell 20% in November and now trades at a 52-week low
• The Westpac (ASX:WBC) share price sank 20% in November: Time to buy?
• Morgans names 2 of the best ASX share ideas for December
• ASX shares to buy for the Omicron COVID outbreak
• What’s JP Morgan saying about ASX 200 bank shares?

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. owns shares of and has recommended AFTERPAY T FPO, Nearmap Ltd., PUSHPAY FPO NZX, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Nearmap Ltd., and PUSHPAY FPO NZX. The Motley Fool Australia has recommended Tyro Payments and Westpac Banking Corporation. 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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The leading S&P/ASX 200 Index (ASX: XJO) resource shares trounced the index in November.

While the ASX 200 struggled during the month, losing 0.9%, the 5 best performing ASX 200 resource shares delivered an average gain of 22.7%.

Let’s take a look at those top 5 performers now.

Which ASX 200 resource share was November’s top performer?

Leading the pack by several lengths was Nickel Mines Ltd (ASX: NIC).

The Nickel Mines share price ended November at $1.42, up a whopping 35% for the month. And this isn’t a junior miner we’re talking about here. The nickel producer has a market cap of some $3.6 billion.

Atop continuing strong demand for nickel, the company got a lift when it reported it was expanding its partnership with Shanghai Decent. The company also spurred investor interest when it reported the first production from its Angel Nickel project was coming in months ahead of schedule.

Coming in at No. 2

The second best ASX 200 resource share in November was Fortescue Metals Group Limited (ASX: FMG). The iron ore giant gained 22% for the month, closing at $17.01 per share.

Fortescue shares look to have rallied after months of decline on the back of falling iron ore prices. With both prices and the outlook for iron ore improving in November, Fortescue was a clear beneficiary.

And a very close third

With a share price gain of 21%, Lynas Rare Earths Ltd (ASX: LYC) comes in as the third-best ASX 200 resource share to own in November, ending the month at $8.87 per share.

As the world’s second-largest producer of rare earths, and the only significant producer outside China, Lynas has been attracting plenty of investor attention as the West moves to break China’s near-monopoly of rare earths production.

Lynas’ resource deposit in Mt Weld, Western Australia, is among the highest grade rare earths mines on the planet.

Investors are keeping a close eye on the lithium space

With the world marching rapidly towards electrification, investors are keeping a close eye on the resources required for the shift, with lithium chief among those.

ASX 200 resource share Pilbara Minerals Ltd (ASX: PLS) continued to benefit from that trend in November, with shares closing the month up 18.2% to $2.60 per share.

Pilbara’s Pilgangoora Lithium-Tantalum Project, located in Western Australia, is one of the largest hard-rock lithium-tantalum deposits in the world.

And the fifth best ASX 200 resource share?

Rounding out our list of top ASX 200 resource share performers in November is Mineral Resources Limited (ASX: MIN).

Mineral Resources closed the month up 17.3% at $45.26 per share. The company is also benefiting from the growing global demand and strong outlook for lithium. Mineral Resources is poised to become the largest lithium spodumene producer in Australia once its Wodgina project in Western Australia is restarted and up to full production.

The Mineral Resources share price received a final lift on 29 November when the company announced it’s entered into a port and rail agreement with Hancock Prospecting Ltd and Roy Hill Holdings Ltd.

The post 5 best ASX 200 resource shares to hold in November appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts on Thursday
• These were the 5 best performing ASX shares in November
• The Fortescue (ASX:FMG) share price hit by broker downgrade
• These 3 ASX 200 shares are topping the volume charts this Wednesday
• The Fortescue (ASX:FMG) share price jumped 22% in November

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 Bruce Jackson.

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Strike Energy Ltd (ASX: STX) shares aren’t sparking up on Friday — instead, they’ve been plunged into a trading halt.

The oil and gas explorer and developer has frozen its shares as it prepares to make an announcement regarding its Walyering-5 well.

Right now, the Strike Energy share price is sitting at 15 cents.

Let’s take a closer look at what’s going on with the company on Friday.

Strike Energy share price freezes on Friday

The Strike Energy share price might be in for a wild ride as the company flags its planning to release drilling results from the Walyering-5 well.

The well is part of the Walyering wet-gas discovery, located in the Perth Basin. The discovery is owned by Strike Energy and Talon Energy Ltd (ASX: TPD), with the former holding a 55% interest.

Currently, appraisal drilling operations are underway at the well.

If another update is forthcoming, it will mark the third time in a fortnight that the company has released news on the operations.

On Monday, it announced the drilling had reached a final depth of 3,435 metres.

The operations are designed to test the updip potential of the Walyering wet-gas discovery, and hopefully restart the field’s development.

The company stated it has observed indications of the presence of gas at the well while drilling.

Strike Energy shares will recommence trading when the company releases its next announcement, or when the ASX opens on Tuesday, whichever comes sooner.

Understandably, investors are hoping for good news about the project, particularly as Strike has had a rough trot lately.

The Strike Energy share price has tumbled 16% over the past 30 days. It is also 48% lower than it was at the start of 2021.

The post Here’s why the Strike Energy (ASX:STX) share price isn’t cooking with gas today appeared first on The Motley Fool Australia.

More reading

• Why is the Strike Energy (ASX:STX) share price climbing today?

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 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 Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

The stock market is having a fairly strong day on Thursday after a multiday slump caused by renewed COVID-19 fears. At 10:20 a.m. ET, the S&P 500 index was higher by about 0.6%. However, not all stocks were having a good day. Fintech giant Square (NYSE: SQ) was a major underperformer, its shares having declined by about 3.5%.

So what

There are two likely explanations for Square’s underperformance. First, it’s worth noting that the tech sector is one of the worst performers of the day. The tech-heavy Nasdaq is hovering around the flatline. So some of the underperformance can be attributed to sector weakness.

Second, and most significantly, Square announced on Wednesday afternoon that it is changing the company’s name to Block, effective Dec. 10. Once the change happens, the ticker symbol (SQ) will not change, and the seller business will retain the Square brand name.

Why is Square changing its name? The short answer is that it’s because Square’s offerings today are very different from the small business financial solutions on which the business was founded. Cash App and the TIDAL music platform are two examples. Block is intended to represent Square’s vision for the future — the company represents its different businesses as “building blocks,” and is also making a reference to blockchain, which is a major focus of co-founder and CEO Jack Dorsey.

It’s also worth noting that Square Crypto is changing its name to Spiral at the same time, a move designed to give the business its own unique identity within the company’s ecosystem.

Now what

The name change comes just days after Dorsey decided to step down from Twitter (NYSE: TWTR) and focus exclusively on Square. And based on today’s move, it doesn’t seem investors know quite what to make of it. It remains to be seen how much Square’s business focus will shift toward blockchain and other new efforts, but for now this appears to simply be a name change, like the one Google made when it became Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL). 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Here’s why Square is down today while the stock market is rising appeared first on The Motley Fool Australia.

More reading

• Is Square stock a buy?
• Afterpay (ASX:APT) share price slides amid Square takeover delay
• Is the Afterpay (ASX:APT) Square takeover a done deal?
• What is the difference between buying Square and Afterpay (ASX:APT) shares?
• How Afterpay (ASX:APT) is using AI in its push for BNPL domination

Matthew Frankel, CFP® owns shares of Square. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares) and Square. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.2% to 7,239.9 points.

Here’s what is happening on the ASX 200 on Friday:

BHP shares rise on unification plans

The BHP Group Ltd (ASX: BHP) share price is pushing higher today after revealing that it will proceed with its unification. This will see BHP make its ASX listing the primary listing. The BHP Board believes unification is in the best interests of shareholders. It will result in a corporate structure that is simpler and more efficient, reduces duplication and streamlines BHP’s governance and internal processes.

CSL responds to acquisition speculation

The CSL Limited (ASX: CSL) share price is trading lower today after responding to speculation that is planning to acquire Swiss-based Vifor Pharma for ~$10 billion. The biotherapeutics giant said it regularly assesses strategic opportunities that can improve its business, improve the health of people around the world, and provide value to shareholders. But warned there is no certainty that any transaction will occur.

Transurban distribution declared

The Transurban Group (ASX: TCL) share price is pushing higher after declaring its distribution for the six months ending 31 December 2021. The toll road giant will be paying a distribution of 15 cents per stapled security. This is in line with the distribution it paid during the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the ALS Ltd (ASX: ALQ) share price with a 3% gain on no news. The worst performer has been the TPG Telecom Ltd (ASX: TPG) share price with a 6% decline. This follows news that founder David Teoh is selling down his holding.

The post ASX 200 (ASX:XJO) midday update: BHP higher on unification plans, TPG tumbles appeared first on The Motley Fool Australia.

More reading

• TPG (ASX:TPG) shares down 6% as founder sells $335m stake
• BHP (ASX:BHP) share price lifts as single listing gets green light
• You want an ASX share to hold for 4 years? Here are 2!
• 5 things to watch on the ASX 200 on Friday
• CSL (ASX:CSL) share price dips amid $10b acquisition rumours

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. owns shares of and has recommended CSL Ltd. The Motley Fool Australia has recommended TPG Telecom 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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The TPG Telecom Ltd (ASX: TPG) share price is in freefall on Friday morning as the market reacts to news about the telco’s founder David Teoh.

In the first hour of trade, the stock price had sunk 6% to go for $6.22.

The trigger for the sell-off seems to be founder David Teoh’s cashing in of 20% of his holding.

“Thursday evening saw Macquarie Group Ltd (ASX: MQG)’s equities desk seeking bids for a $335 million stake in TPG Telecom,” said Shaw and Partners portfolio manager James Gerrish in his Market Matters newsletter.

“The auction was offered between a 1.8% and 4.8% discount to Thursday’s close, which implies solid demand.”

‘More R&R’ for Teoh?

The current TPG Telecom was formed after a 2020 merger of the original TPG, founded by Teoh in 1986, and Vodafone Australia.

Earlier this year he stepped down from the board.

“This sale represents about 20% of his holding — perhaps there will be 4 more such sales over the coming years,” said Gerrish.

“The 66-year old billionaire might simply be deciding business is not exciting as it was or it’s time to have more R&R.”

In a statement to the ASX on Friday morning, TPG confirmed the sale had occurred and noted it was the maximum amount Teoh is allowed to sell right now.

“Mr David Teoh and his associates entered into an escrow agreement in June 2020 under which they must not dispose of, subject to certain exceptions, more than 20% of their aggregate shareholding in the company for a period of 24 months following implementation of the Scheme of Arrangement on 13 July 2020.”

Buy, sell or hold TPG shares?

So, if you’re holding TPG shares or are interested in buying, what do you do?

Gerrish believes Teoh’s actions don’t change the outlook on TPG.

“We don’t see it as a reason to abandon the stock or sector, as opposed [to] the sale being a logical progression through time.”

Telco shares have generally not fared well in recent years, and TPG is no exception. The TPG share price has dropped more than 28% since the merger.

“TPG now operates brands such as Vodafone, TPG, iiNet and Internode, making it a definite proxy to the general health of the Australian telco market,” said Gerrish.

“We feel the huge merger in 2020 should eventually see benefits but buying at a higher price after a decent FY22 report makes more sense in our opinion. i.e. Let’s see some runs on the board.”

He added that “synergistic benefits” often arrive later than what corporate boards expect.

“We see long term defensive value closer to the $6 area, with support likely from a fully franked yield which is likely to be in excess of 3%.”

The post TPG (ASX:TPG) shares down 6% as founder sells $335m stake appeared first on The Motley Fool Australia.

More reading

• Tuas (ASX:TUA) share price surges again, up almost 30% this week. Here’s why
• 2 unfashionable ASX shares for rough times: expert
• Is the TPG (ASX:TPG) share price an opportunity calling?
• Why is the Washington H. Soul Pattinson (ASX:SOL) share price struggling in November?

Motley Fool contributor Tony Yoo owns shares of Macquarie Group Limited. 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 Macquarie Group Limited and TPG Telecom 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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The great investing pilgrimage of the annual Sohn Hearts & Minds Investment Conference attracts some of the most renowned investors and stock pickers of our time. This year is no exception with 13 experts offering up their top picks for share portfolios.

This year, attendees of the virtual conference will have the chance to hear one of the investing greats, Charlie Munger. But alongside the vice-chair of Berkshire Hathaway Inc (NYSE: BRK) are an extensive list of highly experienced investors, all pitching their grand stock ideas for the year ahead.

What is the Sohn Hearts & Minds Investment Conference?

Today’s event marks the sixth annual Sohn Hearts & Minds Conference. The congregation kicked off in 2016 with the underlining intention to raise funds for Australian medical research. In addition, the annual conference seeks to produce valuable insights into the investing world, shared by iconic individuals from within the industry.

Over the years, the Sohn conference has included speakers such as Howard Marks, Ray Dalio, Cathie Wood, and Bill Ackman. This year’s event is no exception with the attendance of Charlie Munger, who is well known for his involvement with Warren Buffett, making many successful investments through Berkshire Hathaway for several decades.

#SohnHeartsAndMinds Conference has just commenced. We are thrilled to bring you 5+ hours of actionable insights from an incredible lineup of speakers.

Tickets still available: https://t.co/VgVwT63Egj
All proceeds donated to Australian medical research. pic.twitter.com/YbctueCXVo

— Sohn Hearts & Minds (@SohnHeartsMinds) December 2, 2021

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Onlookers will be treated to a raft of investment ideas, which the speakers consider worthy of a spot in a portfolio of shares. In a series of lightning round-style presentations, speakers will have 10 minutes to pitch their highest conviction stocks.

With the conference already underway, several potential investments have been shared. For instance, Firetrail Investments fund manager Eleanor Swanson has revealed Megaport Ltd (ASX: MP1) to be her pick for 2022. The elastic interconnection services company was described as “the most exciting tech adventure this decade” by Swanson this morning.

High conviction share portfolio

The stock picks being made today are not exclusive to the ASX. However, all of them are considered ‘high conviction’ investments by each of the respective speakers.

What this means is, the companies being selected by each of the speakers are their bets for the highest potential returns in 2022. So far, this year’s stock picks cover a broad range of industries. These include companies involved in cloud-based document signing, power tools, music streaming, and delivery.

Lastly, other speakers that investors will get a chance to hear share portfolio ideas from include:

• Regal Funds Management chief investment officer Philip King
• Cooper Investors portfolio manager Qiao Ma
• Cota Capital managing partner Babak Pouschanchi

The post How many stock pickers does it take to change a share portfolio? appeared first on The Motley Fool Australia.

More reading

• Bear signal? Warren Buffett’s Berkshire Hathaway has been selling shares

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended Berkshire Hathaway (B shares) and MEGAPORT FPO. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

A leader in the development of algorithmic stablecoins, Terra (CRYPTO: LUNA) is a token that’s gotten a lot of attention of late. As of 10:45 a.m. ET, LUNA has surged 4.5% over the past 24 hours to a market capitalization of $24.8 billion. This week, Terra is up 53%, one of the best-performing large-cap tokens in the market.

Meme token Shiba Inu (CRYPTO: SHIB), on the other hand, is down again today. This token’s daily decline of 6.8% as of 10:45 a.m. ET brings Shiba Inu’s market capitalization down to $23.6 billion, one spot lower in the market capitalization rankings than Terra. This decline also wipes out most of this week’s gains for the dog-inspired token.

So what

Terra Luna is a cryptocurrency that’s seen a number of catalysts take hold this week, driving this outperformance.

On Tuesday, we learned that Terra investors had voted for an important proposal that would allow for community funding of an overhaul of the network’s TrackTerra tax and reporting app. This overhaul would enable holders of LUNA to export their transactions to various tax software programs. This appears to be a positive, given the various reporting requirements the U.S. government is looking to impose on the crypto sector.

This proposal is one of many put forward by Terra to improve its status as a robust global stablecoin ecosystem. Other proposals, such as proposal 143, a move to add liquidity and widespread adoption of LUNA across major blockchain networks, are gaining ground.

Now what

Terra is a large and growing stablecoin ecosystem, and investors appear to like the direction in which Terra’s developer team is headed. These tax and liquidity updates provide positive catalysts for investors concerned about an increasingly hawkish regulatory environment in the crypto world.

Additionally, reports that stablecoin trading volumes made up approximately 77% of the crypto market’s 24-hour volume suggests this is a sizable market investors have their eye on right now. Terra’s positioning as a key player in the stablecoin space is a catalyst that appears to suggest this token could continue to rise in value relative to other cryptocurrencies, at least in the near term. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post This cryptocurrency just surged past Shiba Inu today appeared first on The Motley Fool Australia.

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• Here’s why the Weebit Nano (ASX:WBT) share price is climbing today
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• Are AMP (ASX:AMP) shares priced as though ‘the situation is worse than it is’?
• Why Bitcoin, Ethereum, and Dogecoin are slumping today

Chris MacDonald 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 Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Weebit Nano Ltd (ASX: WBT) share price is on the move today following the company’s successful entitlement offer.

At the time of writing, the computer memory technology company’s shares are swapping hands for $2.95, up 2.79%, having hit $3 In early trade.

Weebit completes capital raising efforts

Investors are driving the Weebit Nano share price higher after the company announced the results of its entitlement offer.

According to the release, Weebit raised approximately $4.4 million (before costs) through its oversubscribed offer.

The retail component offered 1 new Weebit Nano share for every 41 existing shares owned. In total, there were applications for around 1.56 million new fully paid ordinary shares, representing 44% of the total entitlements.

Furthermore, an additional $5.5 million had been raised via applications and commitment for shortfall shares from existing shareholders. These shares comprise all of the shortfall under the company’s entitlement offer.

Previously, Weebit completed a placement in mid-November, raising about $25.7 million from four Israel-based institutional investment and pension funds.

In total, the company collected gross funds of $35.6 million via its entitlement offer and shortfall placement.

Weebit Nano will use the proceeds to bring forward the growth initiatives planned within the next two years. This includes supporting the pursuit of business opportunities, research and development in embedded and discrete projects, and general working capital requirements.

Commenting on the news fuelling the Weebit Nano share price, CEO Coby Hanoch said:

Weebit Nano has entered an exciting phase in its corporate journey, transitioning from solely a research and development company into a commercial business. Since our prior raising in November 2020, we have executed on our strategic objectives and achieved several important milestones including signing our first commercial agreement with SkyWater Technologies, and successfully scaling down our ReRAM technology to 28 nanometres.

Weebit Nano is in a very strong position to execute on the significant and exciting growth opportunities we see ahead for our memory technology.

Weebit Nano share price summary

Since this time last year, the Weebit Nano share price has lifted by more than 60%. This year to date it’s up around 23%.

The company’s shares reached a multi-year high of $4.48 in January, before moving in peaks and troughs.

Weebit Nano presides a market capitalisation of roughly $4.39 billion and has approximately 146.67 million shares outstanding.

The post Here’s why the Weebit Nano (ASX:WBT) share price is climbing today appeared first on The Motley Fool Australia.

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• This cryptocurrency just surged past Shiba Inu today
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• Why Bitcoin, Ethereum, and Dogecoin are slumping 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 Bruce Jackson.

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The Nitro Software Ltd (ASX: NTO) share price is on course to end the week deep in the red.

In morning trade, the document productivity and eSigning company’s shares are down 10% to $3.00.

Why is the Nitro share price down 10%?

Investors have been selling down the Nitro share price in response to something across in the United States.

After the market close on Wall Street this morning, Nitro’s larger rival DocuSign Inc (NASDAQ: DOCU) released its quarterly results. While DocuSign reported a 44% increase in subscription revenue to US$528.6 million, its weaker than expected outlook spooked the market.

This led to the DocuSign share price crashing 30% during after hours trade, wiping off US$15 billion from its market capitalisation.

And unfortunately for the Nitro share price, investors appear to believe this could be a sign that Nitro’s outlook may not be as positive as hoped.

Is this a buying opportunity?

While Bell Potter could yet adjust its recommendation for Nitro to reflect DocuSign’s update, it has been very bullish on the company recently.

For example, last month the broker retained its buy rating and $4.50 price target on its shares. This implies potential upside of 50%.

Bell Potter was pleased with the company’s game-changing acquisition of Connective NV.

It commented: “Nitro announced it has entered into a binding agreement to acquire Connective NV for an EV of €70m (~US$81m). Connective is Belgium’s leading eSign SaaS business with fast growing market share in France and customers in 11 other European countries. The rationale for the acquisition is it will accelerate and enhance Nitro’s eSign, eID (electronic identity) and document workflow capabilities. It will also position Nitro to become the third global player in the enterprise eSign market along with DocuSign and Adobe.”

The post Why the Nitro (ASX:NTO) share price is sinking 10% today appeared first on The Motley Fool Australia.

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• The Nitro (ASX:NTO) share price is climbing while tech shares are falling. Here’s why
• Why the Nitro (ASX:NTO) share price is down 9% on Thursday
• Nitro (ASX:NTO) to raise $140m for major acquisition

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 Nitro Software 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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