The S&P/ASX 200 Index (ASX: XJO) has rebounded from yesterday’s decline and is pushing higher on Thursday. At the time of writing, the benchmark index is up 0.4% to 7,026.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Megaport Ltd (ASX: MP1)

The Megaport share price has jumped 7% to $12.55. Investors have been buying the elastic interconnection services provider’s shares following the release of its third quarter update. Megaport reported monthly recurring revenue (MRR) of $6.8 million for the three months ended 31 March. This represents a lift of $0.5 million or 8% quarter-on-quarter. This was driven by an increase in its footprint, ports, and customer numbers.

Pointerra Ltd (ASX: 3DP)

The Pointerra share price is surging 23% higher to 64 cents. This follows the release of the 3D geospatial data technology company’s latest quarter update. During the third quarter, the company achieved record quarterly cash receipts from customers of $1.37 million. This was more than double the cash receipts it recorded during the second quarter of FY 2021.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has climbed 3.5% to $2.84. This morning AngloGold Ashanti Australia Limited (ASX: AGG) gave the greenlight to IGO Limited (ASX: IGO) for its $903 million purchase of a 30% stake in the Tropicana Gold Mine from Regis.

Zip Co Ltd (ASX: Z1P)

The Zip share price has risen almost 3% to $9.00. This gain may have been driven by news that the buy now pay later provider has signed an agreement with Adobe (NASDAQ: ADBE) to become an Accelerate partner in the Adobe Exchange Partner Program. This will make the company the buy now pay later provider of choice for Adobe’s popular e-commerce software, Magento. Zip says the agreement will see its services marketed to thousands of new retail customers across the world.

More reading

• Here’s why the Pointerra (ASX:3DP) share price is rocketing 26% higher
• ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps
• ASX 200 shares thrown in the bargain bin: Here’s 3 ideas
• Zip Pay (ASX:Z1P) share price rising after ‘global leader’ agreement
• Why the Regis Resources (ASX:RRL) share price is climbing

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 recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Pointerra Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Pointerra 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 Spacetalk Ltd (ASX: SPA) share price is shooting higher today following the release of its quarterly business update.

At the time of writing, the technology company’s shares are fetching 17 cents apiece, up 6.25%.

How did Spacetalk perform in Q3?

Spacetalk shares are lifting off today after the company provided investors with a robust trading update.

For the quarter ending 31 March (Q3), Spacetalk delivered record revenue of $3.9 million, reflecting year-on-year (YoY) growth of 110%. The result was also underpinned by a particularly strong Christmas sales period as COVID-19 restrictions eased.

Spacetalk’s channel partners placed a record number of orders to ensure enough stock was available for customers. Most notably, Spacetalk’s Australian wearable devices segment saw a jump from $0.3 million in Q3 FY20 to $2.4 million in the recent March quarter. Furthermore, this represents an increase of 768% between the 12 months.

Across the Atlantic, the United Kingdom market suffered a setback in revenue. Attaining just $0.2 million, down 36%. The country’s extreme lockdown measures heavily impacted consumer discretionary spend. However, Spacetalk revealed it is currently in discussions with a large mobile network operator and retailers to have a physical presence instore. The company also remains on track for its United States launch this year.

Furthermore, Spacetalk went on to mention about its recent updates such as its partnership with Telstra Corporation Ltd (ASX: TLS), and its LIFE B2B2C model launch.

Additionally, the company declared $4.9 million in cash, with $3 million in drawn debt at the end of the March quarter. This follows Spacetalks’s recent $5 million loan facility to fund inventory purchases, expand geographically, and invest in its brand.

Management commentary

Spacetalk CEO Mark Fortunatow hailed the strong result, saying:

I could not be more excited about the tremendous progress and growth we are seeing in our business; with the Adventurer and original Kids devices benefiting from their strong leadership in a category now gaining mass market appeal, and the growing recognition by aged care, home care and disability industry participants, of the important contribution our LIFE device makes for enabling their residents and customers live life to the fullest.

About the Spacetalk share price

Spacetalk shares have accelerated to almost 90% in the past 12 months, and are up over 50% year-to-date. The company’s share price reached a 52-week high of 22.5 cents in August last year, before moving in circles.

On valuation grounds, Spacetalk presides a market capitalisation of around $28.1 million.

More reading

• Why is the Spacetalk (ASX:SPA) share price jumping 6% today?

Motley Fool contributor Aaron Teboneras 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 MGC Pharmaceuticals Ltd (ASX: MXC) share price is soaring today after news the company will acquire clinical research company, MediCaNL Inc.

MediCaNL will design, manage and run the biopharma company’s future clinical trials.

The MGC Pharmaceuticals share price is up 5% on the back of the news. At the time of writing, it’s trading for 6.3 cents. Let’s take a closer look at the announcement MGC made this morning.

MGC’s new acquisition

MGC Pharmaceuticals advised it will acquire MediCaNL, which it has employed for the last 2 years to run clinical trials.

The company said the acquisition would provide immediate savings for the company, cutting MCG’s forecasted clinical trial expenses and streamlining its future preclinical and clinical processes.

MGC said MediCaNL also had 11 other clients and was working on 40 projects and clinical trials. In 2020, it generated nearly $1 million in revenue, with a profit margin of 25%.

The acquisition will cost MGC $6 million worth of its own shares, based on the volume-weighted average price per share 10 days from settlement. MGC will issue 30% of the shares to MediCaNL on acquisition. The other 70% will be issued in 4 instalments over 13 months.

MGC Pharmaceuticals said MediCaNL has worked on 7 investigational new products with the US Federal Drug Administration (FDA). Of these, 2 have been approved and 4 are ongoing. MGC says this shows the company has experience with global pharmaceutical regulators.

MediCaNL is to operate MGC’s clinical trials in accordance with the European Medicines Agency, FDA, ICH Good Clinical Practice, and Israeli health regulations.

MediCaNL’s CEO Nadya Lisodover will work for MGC as chief research officer after the acquisition.

Commentary from management

MGC Pharmaceuticals co-founder and managing director Roby Zomer said:

MediCaNL is led by some of the world’s most renowned doctors and scientists who will be a great asset to the MGC Pharma team.

They operate at the highest levels of quality and integrity, enabling MGC Pharma to establish and nurture stronger relationships with regulators in the years to come as we expand our suite of products and undergo more clinical trials.

MGC Pharmaceuticals share price snapshot

The MGC Pharmaceuticals share price is having a great year so far on the ASX, with today’s news bringing its latest boost.

Currently, the MGC Pharmaceuticals share price is up 220% year-to-date and has lifted 113% over the last 12 months.

The company has a market capitalisation of around $136 million, with approximately 2.2 billion shares outstanding.

More reading

• Why the MGC Pharma (ASX:MXC) share price is zooming 13% higher today
• Why the MGC Pharmaceuticals (ASX:MXC) share price is jumping 8%

Motley Fool contributor Brooke Cooper 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 Rumble Resources Ltd (ASX: RTR) share price continues to climb today. At the time of writing, Rumble Resources shares are up another 12.64% to 49 cents a share. It has been an extraordinary week for this ASX miner, on top of an extraordinary month.

On Monday, just 3 days ago, this company was trading at 28 cents a share. That means Rumble is up 75% in 3 days. At the start of the month, Rumble Resources shares were priced at just 11 cents, which means that, on today’s gains, this company is up 345% in just over 3 weeks.

If an investor was lucky enough to buy this company at its lows of 1 cent per share back in 2016, they would be sitting on a 4,800% gain today.

So what is going on with this millionaire-making miner?

Rumble Resources share price shakes the ground

Today’s performance of the Rumble Resources share price appears to be a continuation of the momentum we have seen in this company since its big announcement on Monday. As we covered at the time, Rumble announced that, as a result of drill testing, it had discovered a major zinc and lead depository at its Chinook Prospect.

According to the company, its findings mean that Chinook’s mineral deposits have the potential to be at the upper end of its exploration targets. That’s despite the testing only evaluating depths of 2km at Chinook, which goes as deep as 45km. Rumble noted this means that large (and cheap) open-cut mining is possible.

There have been no major announcements since Monday, but investors are evidently extremely excited, judging by the continuing performance of the Rumble Resources share price.

Background

Rumble Resources is an ASX miner that is (or at least was) focused on exploration. It was founded in 2011 and listed on the ASX in the same year. Chinook is just one of the company’s 7 prospective sites in Western Australia. These sites cover a range of prospective metals, both base and precious. These include lead and zinc, as well as copper, gold and silver.

At the company’s current share price, Rumble Resources has a market capitalisation of $258.1 million.

More reading

• Why the Zenith (ASX:ZNC) share price shot up 66% today
• Why the Rumble Resources (ASX:RTR) share price is rocketing 90% today
• Why the Rumble Resources (ASX:RTR) share price is surging 28% today

Motley Fool contributor Sebastian Bowen 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 NUIX Ltd (ASX:NXL) share price is rebounding slightly today. This comes after the company’s shares fell a whopping 15% yesterday on news that it wouldn’t reach its initial IPO financial guidance.

NUIX shares are trading at $4.39 at the time of writing, 2.21% higher than yesterday’s close.

For those who aren’t aware and may have only begun following the Aussie tech company recently, Nuix is engaged in providing software-related services to large corporations, government, law enforcement, law firms, and service providers.

The kicker is the nature of its clients. It’s widely speculated that Nuix provides its software services to some of the largest Western government law enforcement and national security organisations, like the CIA and FBI. This is also why Nuix became the highest value technology IPO in Australia in 2020.

Its products include Nuix Discovery, Nuix Investigate, and Nuix Workstation among others. Most of the firm’s revenue gets derived from this software. However, that makes the company very vulnerable to changes in subscription models. This is where the dramatic falls eventuated from yesterday.

What’s been happening to NUIX?

There were obviously some rumblings that NUIX wouldn’t meet its initial financial guidance from its IPO.

However, as The Motley Fool reported yesterday, the news yesterday was further accentuated by the fact that NUIX was downgrading its guidance just over six weeks after reaffirming its following media criticism.

One of its major investors, Macquarie Group Ltd (ASX: MQG) promptly cashed out on its initial $150 million investment in December last year. This was when NUIX shares were over $1 more expensive than they are today. For the record, Macquarie pocketed a cool $450 million for its foresight.

However, the NUIX rebound today shows there is still a lot of investor faith in the company.

Yesterday’s NUIX financial report said that the changes to the company’s bottom line were due to the aforementioned subscription changes. NUIX had shifted its offerings towards a more “flexible” consumption-based model. In this model, companies could pay based on the amount of NUIX’s software they used.

This hit NUIX’s revenue as many of the smaller users were no longer charged a flat fee. However, NUIX insists that it also led to more customers and will continue to do so. This may well lead to a more sustainable, competitive business over time.

While its shares crashed, its report stated that the change could be seen as an overall positive:

For the nine months ended 31 March 2021, the Company acquired more customers than in the same period for the previous year. The total order value and average order value from these new customers were significantly higher than the prior year period. An accelerating trend in customer preference is evidenced by more than 25 per cent of the total order value being derived from consumption licenses

Share price snapshot

Despite today’s gains, the NUIX share price has been falling dramatically over recent months. As of today, it’s down 13% this week, 17% this month and 46% in 2021 so far.

Considering it outstripped many other S&P/ASX All Technology Index companies last year, NUIX investors will also be disappointed to learn that it’s down 130% against its broader technology sector over the past 12 months.

More reading

• ASX 200 dips, Corporate Travel flies, Nuix sinks
• Why Challenger, Nuix, Splitit, & Temple & Webster are sinking
• Why the Nuix (ASX:NXL) share price is crashing 16% lower today
• 2 of the best mid cap ASX shares to buy
• These were the worst performing ASX 200 shares in the Q1 of 2021

Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. 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 Pointerra Ltd (ASX: 3DP) share price has been an exceptionally strong performer on Thursday.

In afternoon trade, the 3D geospatial data technology company’s shares are up 26% to 67 cents.

This latest gain means that its 12-month return now stretches to a staggering ~1,500%.

Why is the Pointerra share price rocketing higher?

Investors have been fighting to get hold of the company’s shares on Thursday following the release of its third quarter update.

According to the release, for the three months ended 31 March, Pointerra achieved record quarterly cash receipts from customers of $1.37 million. This was more than double the cash receipts it recorded during the second quarter of FY 2021.

This ultimately led to the company achieving a net cash inflow from operating activities of $0.21 million for the quarter.

As a result, at the end of the quarter, Pointerra was left with a cash balance of approximately $5.1 million.

What is driving its growth?

Management advised that its strong growth was driven by continued platform rollout and enterprise deployment activities in the US with Pacific Gas and Electric and Eversource Energy.

Also supporting its growth was work with existing utility customers both directly and via their mapping partners across the US. These include Florida Power & Light, Southern California Edison, San Diego Gas & Electric, Seattle City Light, American Transmission Company and Tennessee Valley Authority.

In addition, management revealed that the company experienced growth in demand for Pointerra’s platform from large regional and global engineering firms. It notes that these are actively engaged in early works for local, state and federal government COVID-19 recovery infrastructure investment initiatives.

This activity is also driving the acceleration of innovation adoption by the Architecture, Engineering & Construction sector, which management expects to contribute to further growth in customer acquisition in the coming quarters and into calendar 2022.

This could bode well for the Pointerra share price over the next 12 months.

More reading

• 3 exciting small cap ASX shares to watch
• 3 exciting small cap ASX shares to watch closely
• 3 exciting small cap ASX shares that could be destined for big things

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 Pointerra Limited. The Motley Fool Australia has recommended Pointerra 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 AGL Energy Limited (ASX: AGL) share price is having an absolute shocker today.

AGL shares are today down a nasty 1.88% to $8.89 a share at the time of writing. And that’s not even the lowest AGL went today. Soon after the market opened, this ASX energy company hit $8.65 a share. That price is the lowest AGL shares have been since, wait for it, December 2004. Back then, George W. Bush had just been re-elected president of the United States, for some context.

As you might expect, today’s move is just the latest for this beleaguered ASX blue chip. Since topping out at roughly $27.70 a share back in 2017, AGL has now fallen close to 70% from those highs.

So why is this company at a 17-year low today?

AGL share price hits 17-year low

Well, as my Fool colleague Brooke covered earlier today, AGL shares have been hit hard by the news of the company’s CEO and managing director, Brett Redman, suddenly resigning with immediate effect. Judging by the share price performance today, that was exactly what investors didn’t need to hear at this difficult time for this ASX stalwart.

It was only on 30 March that AGL (and Redman) announced a bold plan to structurally separate AGL into two separate businesses. The ‘new AGL’ will house the company’s energy retailing business, while ‘PrimeCo’ will be the home of AGL’s generation assets.

The market didn’t take too kindly to this proposal, considering that before today, AGL shares had fallen more than 7% since it was announced.

But the more bargain hunt-inclined investors might be looking at AGL today with an eye on its dividend.

A 9.2% dividend yield?

AGLs share price collapse has further increased the company’s trailing dividend yield. At the current share price, this yield has exploded north of 9%. It has settled on 9.23% at the time of writing. That’s objectively a pretty juicy proposition for any ASX investor in this era of near-zero interest rates.

AGL hasn’t made a peep on its dividend policy since August last year. Back then, the company announced that it would effectively be paying out 100% of its earnings as dividends over FY2021 and FY2022. That’s up from its old policy of 75% of earnings. The extra 25% of earnings will be paid as special dividends.

We saw this in action last month. On 26 March, AGL paid out an interim dividend of 31 cents per share, and a special dividend of 10 cents. Even adding these two payouts together, we still only get 41 cents a share. That’s below 2020’s interim dividend of 47 cents.

So unless AGL completely reverses its course under the new CEO, at least long-suffering investors look set to continue to receive hefty dividends from AGL for at least the next year or 2. 

More reading

• The AGL Energy (ASX:AGL) share price falls as CEO steps down
• ASX 200 Weekly Wrap: ASX 200 hits new post-COVID high
• 2 ASX dividend shares with massive yields over 8% today
• Why the Tilt Renewables (ASX:TLT) share price is in focus
• Top brokers name 3 ASX shares to sell today

Motley Fool contributor Sebastian Bowen 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 Woodside Petroleum Ltd (ASX: WPL) share price is moving lower today after the oil and gas producer released its FY21 first-quarter report.

At the time of writing, the Woodside share price is trading 1.30% lower to $22.70 per share.

Quarterly result details

Woodside delivered its financial and operational information for the quarter ended 31 March 2021. The oil and gas producer prefaced its results with impacts from heavy weather conditions. Although, this was offset by an increase in oil prices over the quarter.

Woodside produced 23.7 million barrels of oil equivalent (mmboe) during the quarter, 2% lower than its production in Q1 2020. Despite the impact on production, Woodside achieved a 22% increase in revenue quarter-over-quarter to $1.166 billion. An increase in the price of oil as economies continue to bounce back from COVID-19. This is to thanks to strong sales.

The company’s dampened production sticks out like a sore thumb with Santos Ltd (ASX: STO) releasing its quarterly report as well this morning. Woodside’s smaller competitor managed to increase its production by 39% from Q1 2020. Actually exceeding Woodside’s production with 24.9 million barrels.

Funnily enough, the Woodside share price is down slightly more than Santos at midday.

The oil and gas giant also reported ramping up the development of further projects. Key contractors on the Scarborough offshore gas resource accelerated engineering and procurement activity. This is in preparation for the final investment decision in the second half of 2021.

CEO commentary

Today’s result also marks the first for Ms. Meg O’Neill as Acting CEO. The change came with former CEO, Peter Coleman announcing his retirement. Ms. O’Neill provided some commentary on Woodside’s update:

Woodside achieved record spot LNG prices and its highest price premium for an oil cargo during the period. More importantly, the sustained increase in oil and gas prices reflects the rebound in demand as economic conditions improved across Asia. The swift rebalancing of markets after the disruptions of 2020 further underpins our positive outlook for LNG in the medium term.

During the quarter, Woodside also entered a memorandum of understanding with the State of Tasmania. This partnership was in support of the company’s proposed hydrogen production facility at Bell Bay. O’Neill added, “H2TAS is the subject of an application under the Australian Renewable Energy Agency funding round expected to be finalised in coming weeks.”

Woodside share price recap

The Woodside share price has navigated the last unprecedented 18 months carefully. As travel begins to return, such as the trans-tasman bubble, demand for oil is picking back up. The glimmer of a brighter future has helped the company’s share price rebound 15.7% over the last year. 

Despite this, the Woodside share price has dropped 17% since 20 January. The near-term concerns circulate as US supply adds to demand concerns. 

More reading

• ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps
• Why the Santos (ASX:STO) share price is in focus
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Mitchell Lawler 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.

The post Woodside (ASX:WPL) share price slides despite 22% revenue increase appeared first on The Motley Fool Australia.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday’s decline. The benchmark index is currently up 0.4% to 7,027.4 points.

Four ASX shares that have not been able to follow the market higher today are listed below. Here’s why they are tumbling lower:

AMP Ltd (ASX: AMP)

The AMP share price is down 4.5% to $1.11. Investors have been selling the financial services company’s shares following the release of its first quarter update. For the three months ended 31 March, AMP posted a $1.6 billion increase in Australian wealth management assets under management to $125.7 billion. However, this was driven entirely by improved investment markets, which offset net cash outflows of $1.5 billion.

Challenger Ltd (ASX: CGF)

The Challenger share price has continued its slide and is down 2.5% to $5.12. The annuities company’s shares have come under significant pressure since the release of its third quarter update. That update revealed that its margins have come under pressure due to a sharp decline in credit spreads over the year that were not fully reflected in customer pricing. And while the company intends to lift prices significantly, there are concerns this could weigh on sales.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price has fallen 9% to $1.13. This decline appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the lithium producer’s shares to a sell rating with a $1.10 price target. Citi made the move largely on valuation grounds following a strong gain over the last couple of months.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has crashed over 21% lower to $4.33. Investors have been selling the ecommerce company’s shares following the release of its third quarter update. For the three months ended 31 March, Redbubble reported a 54% increase in gross transaction value to $134 million. However, from this, it only generated EBITDA of $2.2 million. This compares to its first half EBITDA of $48.8 million.

More reading

• Top brokers name 3 ASX shares to sell today
• ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps
• Redbubble (ASX:RBL) share price crashes 12% on Q3 update
• Down 20% this week: Is the Challenger (ASX:CGF) share price cheap?
• AMP (ASX:AMP) share price on watch after Q1 update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger 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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On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Citi, its analysts have retained their sell rating and $7.15 price target on this infant formula and fresh milk company’s shares. The broker has been researching the China market and believes that consumers now have a preference for domestic brands. It fears this could impact demand in the key market. In addition to this, it suspects that excess inventory will have to be sold at a discount. This could put further pressure on daigou margins. The a2 Milk share price is currently fetching $7.68.

Afterpay Ltd (ASX: APT)

A note out of UBS reveals that its analysts have retained their sell rating and lowly $36.00 price target on this payments company’s shares. This follows the release of Afterpay’s third quarter update this week. While the company’s growth in the US and UK has impressed the broker, it notes that growth in the ANZ market is slowing. The broker also points out that the company’s North American operations are unprofitable with structurally lower margins. The Afterpay share price is trading at $122.52 on Thursday.

Pilbara Minerals Ltd (ASX: PLS)

Another note out of Citi reveals that its analysts have downgraded this lithium producer’s shares to a sell rating with a $1.10 price target. The broker made the move largely on valuation grounds after a strong rally over the last couple of months. In addition to this, it notes that the company fell short of shipment expectations during the March quarter and its costs were higher than expected. The Pilbara Minerals share price is down 9% to $1.13 on Thursday afternoon.

More reading

• Why the A2 Milk (ASX:A2M) share price hit a multi-year low today
• Is the Afterpay (ASX:APT) share price a buying opportunity right now?
• High-flying ASX tech shares could fall another 90%: fundie
• 5 things to watch on the ASX 200 on Thursday
• Here’s why the Pilbara Minerals (ASX:PLS) share price is tumbling lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia owns shares of AFTERPAY T 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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