• A cracking year so far for Super, and where to for Bitcoin? Motley Fool CIO Scott Phillips on Sunrise

    Scott Phillips on Weekend Sunrise 23 May 2021

    Motley Fool Australia Chief Investment Officer Scott Phillips joined Weekend Sunrise on Sunday to discuss the remarkable returns for Superannuation so far this financial year, and to check in on the rollercoaster ride that is Bitcoin.

     

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  • Here are the US shares ASX investors were buying last week

    A businesman's hands surround a circular graphic with a United States flag and dollar signs, indicating buying and selling US shares

    Most weeks, Commonwealth Bank of Australia (ASX: CBA)’s CommSec share brokerage and trading platform tells us the most popular international shares (which are usually US shares) that its Australian users were trading the previous week.

    CommSec is one of the most popular ASX brokers in Australia. Because of this, its data provides an interesting insight into the foreign shares that ASX investors have been chasing (or running away from) of late.

    My Fool colleague James Mickleboro has already covered some of the ASX’s most popular shares today. So here are the top 10 international shares that CommSec users were buying and selling last week. This week’s data covers 17-21 May.

    Tesla, GameStop and Coinbase dominate most popular ASX US shares

    1. Tesla Inc (NASDAQ: TSLA) – representing 7.8% of total trades with a 79%/21% buy-to-sell ratio.
    2. GameStop Corp. (NYSE: GME) – representing 3% of total trades with an 83%/17% buy-to-sell ratio.
    3. AMC Entertainment Holdings Inc (NYSE: AMC) – representing 2.3% of total trades with an 83%/17% buy-to-sell ratio.
    4. Apple Inc (NASDAQ: AAPL) – representing 2.3% of total trades with a 71%/29% buy-to-sell ratio.
    5. Coinbase Global Inc (NASDAQ: COIN) – representing 1.6% of total trades with a 74%/26% buy-to-sell ratio.
    6. Microsoft Corporation (NASDAQ: MSFT)
    7. Palantir Technologies Inc (NYSE: PLTR) 
    8. Nio Inc – ADR (NYSE: NIO) 
    9. Alibaba Group Holding Ltd (NYSE: BABA)
    10. Amazon.com Inc. (NASDAQ: AMZN)

    What can we learn from these trades?

    Some interesting data to look through this week, as always. Well, first things first, Tesla and GameStop once again get the gold and silver medals for the US shares that AS investors can’t seem to leave alone. Tesla’s buy-to-sell ratio was remarkably similar to our last report.

    However, ASX investors seem to be cooling on GameStop. Last week, we were looking at a 94%/6% buy-to-sell ratio for GME shares. This week’s 83%/17% ratio indicates some investors are cashing out. That was despite the GameStop share price (uncharacteristically) not doing too much moving.

    A surprising promotion though went to cinema chain AMC holdings. AMC shares were our sixth most popular share in last week’s report, but AMC cracks the top 3 this week. That can probably be explained by the 13% share price slide the company made over the analysed period. Clearly, the ASX has more than a few bargain hunters. 

    Coinbase also makes something of a comeback this week. In last week’s report, Coinbase had slid to a position outside the top 10. But it came roaring back at No. 5 this week. Again, we can probably explain this by looking at the Coinbase share price over the past week or two. Between 17-21 May, this cryptocurrency broker fell around 10%. It has also fallen more than 30% since its April IPO. 

    The US blue-chip tech stocks in Apple and Microsoft remain popular as ever. As do the Chinese companies Alibaba and Nio.

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  • Why the BARD1 (ASX:BD1) share price plummeted 9% today

    A businessman holds his glasses in concern, indicating uncertainly in the ASX share price

    The BARD1 Life Sciences Ltd (ASX: BD1) share price had a woeful day on the ASX today. This comes despite the company releasing positive results for its novel pan-cancer probe, SubB2M-based immunohistochemistry (IHC) test.

    At market close, BARD1 shares finished the day at $2.19, down 9.5%.

    SubB2M is an engineered protein that binds to a unique sugar molecule called Neu5Gc. This protein is only present in human cancers. Additionally, it can detect the disease using liquid biopsies, immunoassays, circulating tumour cell assays, and PET imaging.

    What did BARD1 announce?

    Investors are selling BARD1 shares despite receiving promising results from a preliminary study demonstrating the feasibility of its SubB2M technology.

    In its announcement, BARD1 advised that SubB2M has successfully been used to demonstrate staining of cancer in specific tissue sections. The preliminary study compared cancer tissue from an invasive ductal breast cancer tumour biopsy against a non-cancer breast tissue biopsy.

    The study also found that the SubB2M IHC test could be performed on automated staining equipment. This equipment is used in pathology laboratories worldwide. BARD1 noted that once the staining has been optimised for breast cancer tissue. It will extend its studies to other cancer applications.

    The company noted that its SubB2M-based IHC applications represent a potential fast-to-market product opportunity.

    BARD1 CSO, Dr Peter French welcomed the results, saying:

    Whilst this data is from a single patient sample, and the assay conditions have not been optimised, we are pleased that we were able to utilise SubB2M to achieve a positive staining outcome in breast cancer FFPE sections. This is the first time SubB2M has been used in a histopathology application, and it demonstrated both initial feasibility in an IHC application for breast cancer and compatibility with an automated staining instrument.

    BARD1 CEO, Dr Leearne Hinch added:

    This initial feasibility data indicates that our SubB2M technology may be expanded to IHC applications for tissue-based cancer diagnosis. This represents a potential fast- to-market product opportunity for BARD1’s expanding cancer diagnostic pipeline. The global immunohistochemical market was valued at US$1.8 billion in 2019 and SubB2M-based IHCs could be developed for cancers such as melanoma where it can be difficult to distinguish malignant from benign tissues.

    About the BARD1 share price

    In the past 12 months, BARD1 shares have accelerated to more than 180%. However, year-to-date performance has further jumped to post a gain above 220%.

    Based on valuation metrics, BARD1 presides a market capitalisation of roughly $175 million, with approximately 80 million shares outstanding.

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  • Why the Anteris (ASX:AVR) share price backtracked 6% today

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    The Anteris Technologies Ltd (ASX: AVR) share price took a hit today. This follows the company’s latest announcement of a proposed capital raise.

    The company’s shares closed today’s trade at $7.45, down 6.88%.

    Anteris initiates capital raising

    Anteris, a healthcare company specialising in the design and production of heart valve products, saw its share price fall after it announced a capital raise that will dilute existing shareholder value.

    According to its release, Anteris advised it is placing 310,386 new ordinary shares mainly to its top 10 institutional shareholders.

    The newly created shares will be offered at an issue price of $7.50 apiece, raising a total of $2.3 million.

    The placement price represents a 9% discount to the 5-day volume weighted average price.

    The shares will be issued using the company’s existing placement capacity. Under listing rule 7.1, this allows up to 15% of its shares to be issued without shareholder approval.

    In addition, participating investors will receive 1 unlisted option for every 2 shares, exercisable at $11.50 a pop.

    The options will have a 2-year expiry period, and are subject to shareholder approval if they exceed listing rule 7.1.

    Should shareholders vote against the issue of the options, the company will instead hand out a cash payment equivalent to $1.25 per option.

    The vote will be held at Anteris’ Annual General Meeting (AGM) in July.

    The managers of the placement, Evolution Capital Advisors, will receive $81,739 for facilitating the capital raise.

    Furthermore, there will be 50,000 options with the same terms available, pending shareholder approval. Again, should shareholders vote against, Anteris will pay a cash payment of $62,500 ($1.25 per option) to Evolution Capital Advisors.

    About the Anteris share price

    The Anteris share price is up just over 5% since this time last year.

    Anteris shares reached a 52-week high of $13.75 in March, before treading lower due to profit taking and a broader market slump.

    Based on today’s price, Anteris has a market capitalisation of roughly $49 million, with only 6.6 million shares on issue.

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  • ASX 200 rises, TechnologyOne up, Airtasker jumps

    The S&P/ASX 200 Index (ASX: XJO) went up today by 1% to 7,115 points

    Here are some of the highlights from the ASX today:

    TechnologyOne Ltd (ASX: TNE)

    The TechnologyOne share price rose more than 1% today after releasing its FY21 half-year result.

    TechnologyOne reported that net profit after tax jumped 48% to $28.2 million. This was driven by total revenue increasing 5% to $144.3 million, whilst total expenses declined by 5% to $107.4 million.

    Revenue from the ASX 200 share’s software as a service (SaaS) and continuing business increased by 7% to $140.6 million. The SaaS annual recurring revenue (ARR) figure rose by 41% to $155.8 million.

    It ended the half-year period to 31 March 2021 with $100.2 million of cash on the balance sheet, an increase of 20%. The board decided to increase the interim dividend by 10% to 3.82 cents per share.

    TechnologyOne CEO Edward Chung said:

    Our global SaaS enterprise resource planning (ERP) is the future of enterprise software. It provides our enterprise customers a mission critical solution to run their entire business on any device, anywhere at anytime. It also allows them to innovate and meet the challenges ahead with greater agility and speed, without having to worry about underlying technologies.

    We had many significant wins in the first half. Momentum in the Federal Government sector continues with our global SaaS ERP, chosen by the Australian Department of Agriculture, Water and the Environment to streamline and modernise their business. This was a significant win against SAP.

    The ASX 200 share sees its total ARR increasing to more than $500 million by FY26, from the current base of $233 million.  

    Airtasker Ltd (ASX: ART)

    The Airtasker share price rose around 12% after it came back to trade following its capital raising.

    The business said that it has successfully completed its $20.7 million raising from investors.

    The issue price of $1 per share represented a discount of 7.4% to the previous closing price.

    Proceeds from the placement will be used to fund the acquisition of the assets of Zaarly, a US-based local services marketplace, expansion into key city markets in the US and UK, and the costs of the offer.

    Airtasker revealed that the placement was strongly supported by existing and new domestic institutional, sophisticated and professional investors. Allocations were heavily weighted in favour of existing investors.

    Doctor Care Anywhere Group PLC (ASX: DOC)

    The Doctor Care Anywhere share price rose by around 15% today.

    The ASX share said that it has signed a head of terms with Nuffield Health, one of the UK’s largest private healthcare organisations, to develop a digitally integrated virtual and in-person primary care service. Pre-marketing to Nuffield Health’s network of 1,600 corporate clients will commence immediately.

    Launching in the fourth quarter of 2021, this partnership will allow patients to access Doctor Care Anywhere’s virtual GP service and Nuffield Health’s nationwide network of face to face GPs, through one digital platform and represents the first nationally integrated primary care proposition in the UK.

    Medical director at Nuffield Health, Dr Davina Deniszczyc said:

    We are delighted to be strengthening our partnership with Doctor Care Anywhere to offer customers access to a national network of virtual and face to face GPs. The pandemic has demonstrated the need for accessible health services and through this partnership we are now able to offer everyone the choice of how they access their GP, whenever they need to.

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  • Why the Airtasker (ASX:ART) share price jumped 21% today

    rising asx share price represented by woman jumping in the air happily

    The Airtasker Ltd (ASX: ART) share price was a particularly positive performer on Tuesday.

    The online marketplace for local services returned from its trading halt and jumped as much as 21% to $1.31 at one stage.

    The Airtasker share price eased back as the day went on, ultimately ending the session with a 12% gain to $1.21.

    Why did the Airtasker share price jump 21%?

    Investors were bidding the Airtasker share price higher today after it announced the successful completion of a private placement.

    According to the release, Airtasker was able to raise $20.7 million via a fully underwritten share placement to institutional, sophisticated, and professional investors at $1.00 per share. This was a 7.4% discount to its last close price.

    Why is the company raising funds?

    The placement proceeds will be used to fund its acquisition of US-based local services marketplace Zaarly and expand into key city markets in the US and UK.

    Last week Airtasker announced an agreement to acquire Zaarly for ~$3.4 million. This acquisition provides the company with more than 597,000 registered users and 900+ verified service providers. It believes this will help to jump start expansion in the lucrative market.

    The company will also bring Zaarly’s highly experienced team of marketplace product, engineering and operations executives on board. They will be led by CEO Bo Fishback, who joins Airtasker to lead its US market expansion.

    What are its market opportunities?

    Given that the company estimates that it has a $52 billion opportunity in the Australian market, it will come as no surprise to learn that the UK and US markets offer significant greater potential.

    For example, management estimates that the US market is worth half a trillion dollars. This gives the Zaarly business a huge runway for growth in the future.

    This may go some way to explaining why the Airtasker share price was in such fine form on Tuesday.

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  • There’s now extra pressure on the Kogan (ASX:KGN) share price to perform

    ecommerce asx shares represented by woman shopping online

    The Kogan.com Ltd (ASX: KGN) share price was one of those ASX shares that seemed to be a decisive ‘pandemic winner’. As lockdowns forced us all inside last year, Kogan’s e-commerce marketplace boomed. This resulted in Kogan shares rising from around $4 each in March 2020 to a new all-time high of $25.57 by August. 

    However, the more recent months haven’t been so kind. On today’s share price, Kogan is now down around 60% from those highs. And that’s despite Kogan being up a healthy 3.11% today to $10.29 a share at the time of writing. Even so, Kogan has been resurgent this week.

    The company dropped to a new 52-week low of $8.70 just yesterday. That means that Kogan is now up more than 20% since market open yesterday. Talk about volatility! Clearly, there are large numbers of investors who saw these share price lows as a bargain opportunity.

    But perhaps there is now more pressure on Kogan to perform than ever before. Well, for Kogan co-founders David Shafer and Ruslan Kogan, that is. According to a report in the Australian Financial Review (AFR) yesterday, Mr Shafer and Mr Kogan were issued 6 million options for Kogan last year, as part of their shareholder-approved remuneration packages.

    At the time, these options were worth a collective $100 million. Their only condition was that Messrs Kogan and Shafer couldn’t resign before their redemption. These options are exercisable in 2023 at a price of $5.29. But due to the falling value of Kogan shares over the past 10 months, they are now estimated to be worth almost half that amount. Perhaps a little more with today’s share price moves.

    The Kogan share price and optionality

    These options give Kogan’s co-founders the right to acquire more shares at the strike price on the expiration date. As such, if the Kogan share price rises above the option strike price, the options grow in value.

    This gives the co-founders a powerful incentive to grow the Kogan share price over the next 2 years – part of the reason why options are a popular component of executive pay packets these days.

    The AFR quoted Ron Shamgar, head of Australian Equities at TAMIM Asset Management, on this matter. He said the following:

    You’d argue that management is now more than ever incentivised to make money on these options in a couple of years from now… They have to now work for it to make money on it, whereas last year it looked like they didn’t need to do anything for it… Ironically I think it’s going to work for the benefit of shareholders, considering the current issues… We still think they have to deliver to get value out of their options.

    On the current Kogan share price, the company has a market capitalisation of $1.11 billion, a price-to-earnings (P/E) ratio of 25.6 and a trailing dividend yield of 2.83%.

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  • Crown Resorts (ASX:CWN) share price slips on doubts over its licences

    crown casino, casino shares

    A Victorian royal commission into Crown Resorts Ltd (ASX: CWN) is said to have heard the company’s issues with money laundering are likely worse than previously thought.

    The Crown Resorts share price was gaining earlier today but has since slipped into the red, trading at $12.87, down 0.23% at the time of writing.

    A report published today by The Australian said the royal commission may have hinted that Victoria will potentially follow NSW’s example by placing the future of Crown Melbourne in the hands of regulators.

    Further, it reported counsel assisting the commission Meg O’Sullivan suggested to the commission that Crown “misled” the NSW Bergin inquiry about the “depth of an external review of company bank accounts”.

    Royal commission recap

    The Bergin inquiry was released in February of this year. It found Crown was unsuitable to run Crown Sydney due to its casino turning a blind eye to money laundering and company links to criminal syndicates. Many of the Bergin inquiry’s findings related to happenings at Crown Melbourne.

    The Victorian royal commission, headed by Ray Finkelstein QC, will now decide if Crown is suitable to run its Melbourne casino. Finkelstein gave his opening statement to the commission yesterday.

    Doubt over Crown licences

    Today, The Australian reported that O’Sullivan told the commission money laundering at Crown’s casinos was likely to have been more common than previously thought, casting doubts on the entertainment company’s future suitability to hold a Victorian casino license.

    In his opening statement to the royal commission, Finkelstein said Crown Melbourne believed it was suitable to run the Southbank casino as the company had committed to a “substantial reform program”.

    Finkelstein told the commission the reform program seemed to be an overhaul of its risk management and the governance of Crown companies. He said:

    The outcome of this inquiry may well depend on the effectiveness of that program. This is not to suggest, however, that other areas will not be looked at carefully. They will.

    O’Sullivan was quoted by The Australian as having later told the commission:

    It’s open to conclude that Crown’s first steps on its reform pathway are simply a knee-jerk reaction to the revelations of the Bergin inquiry.

    According to The Australian, O’Sullivan told the commission it was unlikely Crown had removed money laundering from its business yet, particularly as some of Crown’s bank accounts appeared still to be engaged in money laundering ­as of February this year.

    Royal commission’s focus

    Finkelstein’s opening statement clarified that the royal commission won’t dig into the findings of the Bergin inquiry. Instead, the commission will focus on 4 new subjects:

    • Whether money laundering is still happening at Melbourne Casino.
    • If Crown Melbourne has gone against any other legislation or regulations restricting its casino operations.
    • If Crown Melbourne has broken any of its obligations under agreements with the state.
    • And finally, the process by which the company deals with gambling addictions.

    Speaking to the commission, Finkelstein said:

    I believe that avoiding a second inquiry into the same subject matter but instead, adopting where appropriate, the views of Commissioner Bergin is not unfair, either to the Crown companies or to Mr Packer.

    According to Finkelstein, he has written two letters to Crown Melbourne. The first asking if the company accepts the findings of the Bergin inquiry ­– including the finding the company was unsuitable to run Crown Sydney. The second asked if has breached any of its statute, regulation, or contractual obligations.  

    Finkelstein told the commission he has only received a response to his first letter. He said Crown’s response was “equivocal”, stating the company didn’t deliberately engage in the conduct publicised in the Bergin inquiry but accepted it was reasonable the company was found unfit to run Crown Sydney.

    Crown Resorts share price snapshot

    Despite spending much of this year in the news headlines, the Crown Resorts share price is performing well on the ASX.

    Currently, the Crown Resorts share price is up 31% year to date. It’s also gained 34% over the last 12 months.

    The entertainment company has a market capitalisation of around $8 billion, with approximately 677 million shares outstanding.

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  • Here’s why the Venturex (ASX:VXR) share price is up 8% today

    mining related professional happy and approving of high share price

    Shares in Venturex Resources Ltd (ASX:VXR) are flying out the door today on news of increased mineral resources at the Whim Creek Copper-Zinc joint venture project. At the time of writing, the Venturex share price is up 8.16%, with shares in the mining company swapping hands for 80 cents.

    The resource update comes from the project’s Whim Creek deposit, which has been found to house 37% more copper than previously estimated.

    Whim Creek is a joint venture between Anax Metals Ltd (ASX: ANX) and Venturex. Anax holds 80% of the project, while Venturex has a 20% holding.

    As part of the joint venture agreement, Anax will pay for Venturex’s interest in the project through to when a decision is made to start mining.

    Anax’s share price is falling on the news. It’s currently down by 9% and its shares are trading for 10 cents.

    Let’s take a closer look at the news driving the Venturex share price today.

    New mineral resources

    According to a statement from Venturex, the new mineral resource was discovered through an audit of historical data and a single diamond drill hole.

    Both the recording of the data and the drilling were completed by Anax in 2020.

    The drill hole’s results included 5 metres at 2.43% copper and 1.02% zinc from 52 meters, and 7 metres at 1.19% copper from 60 metres.

    Anax now plans to complete field reconnaissance and a review of historical data to find future drilling targets. It states there’s an area west of the pit that’s a prospect for strike extensions.

    Anax is working on feasibility workstreams and hopes to submit a mining proposal for Whim Creek in the third quarter of this year.

    Venturex share price snapshot

    2021 has been bumper year on the ASX for the Venturex share price.

    Currently, the Venturex share price is up 627% year to date. It’s also gained a whopping 1,233% since this time last year.

    The miner has a market capitalisation of around $331 million, with approximately 425 million shares outstanding.

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  • Why Carbon Revolution, Fisher & Paykel, Nuix, & Paradigm are tumbling lower

    An ASX investor looks devastated as he watches his computer screen, indicating bad news

    In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.7% to 7,095.9 points.

    Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling:

    Carbon Revolution Ltd (ASX: CBR)

    The Carbon Revolution share price is down 13% to $1.34. Investors have been selling the carbon fibre wheels manufacturer’s shares after it revealed that one of its major customers has suspended vehicle production due to the shortage of computer chips. As a result, Carbon Revolution believes it will sell around 1,800 fewer wheels in FY 2021 compared to FY 2020.

    Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

    The Fisher & Paykel Healthcare share price is down 4% to $30.45. This is despite there being no news out of the medical device company. However, with its full year results due to be released in a couple of days, some investors may be nervous. Especially given the high multiples that its shares trade on and the market’s high expectations.

    Nuix Ltd (ASX: NXL)

    The Nuix share price has fallen 6% to $3.42. Investors may be selling the investigative analytics company’s shares amid reports that a class action could be filed against it. According to the AFR, a number of class action firms have confirmed their interest in taking the company to court.

    Paradigm Biopharmaceuticals Ltd (ASX: PAR)

    The Paradigm share price has sunk 8% to $2.14. This morning the biopharmaceutical company provided the market with an update on its dealings with the US FDA. The release advised that Paradigm has received written feedback regarding the investigational new drug submission for its pivotal study evaluating PPS in knee osteoarthritis. The agency provided its suggested mitigation strategies to address its positions and questions, which include further detailed clinical monitoring.

     

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