In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is trading lower. At the time of writing, the benchmark index is down 0.25% to 7,368.8 points.

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

Coles Group Ltd (ASX: COL)

The Coles share price is down 4% to $16.39. This follows the release of its strategy day update this morning. Investors may have been disappointed to hear that the supermarket operator is expecting its capital expenditure and depreciation to increase in FY 2022. Coles is forecasting capital expenditure of $1.4 billion and depreciation of ~$1.7 billion in FY 2022. This is partly due to its investment in its distribution centres.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price has crashed 12.5% to 15.7 cents after announcing a merger with Canadian cannabis company Red Light Holland. Management notes that this will create a leading global psychedelics and cannabinoid company. Under the terms of the agreement, shareholders will receive 0.395 of a Red Light Holland share for each fully paid ordinary share of Creso Pharma. This currently equates to just 16 cents per share, compared to its last close price of 18 cents.

Ramelius Resources Limited (ASX: RMS)

The Ramelius share price has fallen 4% to $1.72. This gold miner’s shares have come under pressure despite announcing that it has commenced ore mining at its Tampia gold mine. A pullback in the gold price overnight has offset this news and is leading to most gold miners sinking lower today.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price has tumbled 11% to $1.81 after downgrading its guidance. The coal miner revealed that it now expects FY 2021 production to be 20.4Mt. This compares to its previous guidance of 20.6Mt to 21.4Mt. One positive is that its cost guidance remains unchanged for FY 2021.

The post Why Coles, Creso Pharma, Ramelius, & Whitehaven Coal are tumbling lower appeared first on The Motley Fool Australia.

More reading

• ASX gold shares are sliding today
• ASX 200 down 0.3%: Coles and Challenger updates, gold miners sink
• Whitehaven (ASX:WHC) share price slides 10% on guidance downgrade
• Creso Pharma (ASX:CPH) share price sinks on Red Light Holland merger plans
• Ramelius (ASX:RMS) share price slides 6% despite project milestone

James Mickleboro does not own any shares 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 owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There are a number of ASX shares that could be good ideas to look at right now.

Businesses and investments that are trading at an attractive valuation might be worthwhile considering.

These two ASX shares could be options:

Adairs Ltd (ASX: ADH)

Adairs is one of leading retailers in Australia. The ASX share sells a variety of different products including bedding, bath, homewares and furniture.

According to Commsec, it’s currently trading at 11x FY21’s estimated earnings.

It’s planning to grow revenue, profit and efficiency further with some initiatives.

The ASX share points to its proven and resilient business model as a key driver with strong brands, a large and loyal customer base and a vertical supply chain. That model leads to higher margins and gives it more control. It now has more than 900,000 ‘Linen Lover’ club members that visit more often and spend more on each visit compared to non-members.

Another future profit driver is the digital transformation that the business is going through, as well as its omni-channel leadership. In the first half of FY21, Adairs online sales was up 95.2% and Mocka sales were up 44.4%, with total online sales now at 37% of total online sales.

Mocka is a division that management believe has a lot of potential. Mocka’s last 12 months of sales amounts to $21.9 million from New Zealand, with a population of 5 million. That compared to $31.7 million of sales in Australia. Adairs said if Mocka Australia achieves the same sales-to-population parity with New Zealand, that could mean sales of over $110 million. Mocka’s brand awareness is growing quickly, it just expanded its Australian warehouse facilities to support growth. There are also product category expansion opportunities.

With its stores, Adairs said that all stores are profitable, and that larger stores are more profitable with higher margins, so there are significant upsizing opportunities within the current portfolio. However, there are still profitable new store opportunities remaining.

Finally, the construction of its DHL-operated national distribution centre in Melbourne is on track to be operational in the first quarter of FY22. This is expected to deliver annual savings of $3.5 million per annum for the ASX share once fully operational. It will also improve stock flow and online order fulfilment. Management say this will support business growth well into the future.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

This is an exchange-traded fund (ETF) that is offered by VanEck. The concept of the ETF is that Morningstar analysts give over 1,000 US businesses a moat rating, which is how long that business’ competitive position is expected to endure.

Companies that have an economic moat that is expected to endure for many years are given a ‘wide moat’ rating.

Then, of those businesses with a wide moat rating, the Morningstar analysts picks businesses that are attractively lower than the estimated fair value.

There are approximately 50 holdings in the portfolio. The top 10 are currently Biogen, Wells Fargo, Cheniere Energy, Alphabet, Northrop Grumman, Philip Morris, Blackbaud, Raytheon Technologies, General Dynamics and Berkshire Hathaway.

Those holdings are fairly evenly spread across different industries. There are currently five sectors with a weighting of more than 10%: healthcare (20.3%), information technology (16.6%), industrials (15.4%), financials (13.3%) and consumer staples (11.1%).

Past performance is no guarantee of future performance. Over the last five years, the ETF has delivered an average return per annum of 17.1%, which is just over 2% per annum better than the S&P 500 over that same time period.

The ASX share comes with an annual management fee of 0.49%.

The post Got money to invest? Here are 2 ASX shares that could be buys appeared first on The Motley Fool Australia.

More reading

• Diversify your portfolio with these quality ETFs
• Got cash to invest for dividends? Here are 2 ASX shares that could be buys
• 3 reasons why the VanEck Vectors Morningstar Wide Moat ETF (ASX:MOAT) could be a quality investment
• 2 excellent ETFs for ASX investors in June
• Got money to invest for dividends? Here are 2 ASX shares that could be buys

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ADAIRS FPO. The Motley Fool Australia has recommended ADAIRS FPO and VanEck Vectors Morningstar Wide Moat ETF. 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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2021 has been a challenging year for ASX gold shares with prices in the precious metal struggling to gain traction.

In contrast to the S&P/ASX 200 Index (ASX: XJO) sitting near record highs with a year-to-date return of about 10%, most ASX gold shares are now slipping into negative year-to-date territory.

The market on Thursday has delivered another sea of red for ASX gold shares. Let’s take a look.

Gold prices slide in June

Gold prices staged a strong rally between April and May, running to a three-month high of about US$1,908/oz.

But they have gone backwards in June, down about 5% from ~US$1,900 to ~US$1,822 at the time of writing.

It’s possible today’s selloff was triggered by the overnight slump in gold prices after commentary from the US Federal Reserve regarding inflation expectations and interest rates.

Higher interest rates or benchmark yields typically works against gold prices. A higher interest rate environment could prompt a flow of funds from the yellow metal, which does not bear any yield, to bonds.

What’s happening with these ASX gold shares today?

Newcrest Mining Ltd (ASX: NCM), the largest ASX-listed gold share, is currently down 2.17% today to $26.85, dragging its year-to-date performance down -0.61%.

Evolution Mining Ltd (ASX: EVN) is another heavyweight among ASX gold shares. Its shares have slumped 3.85% at the time of writing to $4.74. Its shares are down 10% year-to-date, currently hovering around 15-month lows.

The Northern Star Resources Ltd (ASX: NST) share price is the worst performing large-cap ASX gold share today, sliding 6.11% to $10.30. The company’s shares have fallen 22.4% year-to-date.

Mid-tier producers including Perseus Mining Ltd (ASX: PRU), Regis Resources Ltd (ASX: RRL) and St Barbara Ltd (ASX: SBM) have also slipped between 1.8% to 3.2%.

Even a positive project milestone announcement out of Ramelius Resources Ltd (ASX: RMS) couldn’t buoy its share price, with the company’s shares sliding 3.5% to $1.73.

The post ASX gold shares are sliding today appeared first on The Motley Fool Australia.

More reading

• ASX 200 down 0.3%: Coles and Challenger updates, gold miners sink
• Ramelius (ASX:RMS) share price slides 6% despite project milestone
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 Weekly Wrap: ASX edges even higher, led by tech rebound

Kerry Sun 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 wind seems to have gone out of Redbubble Ltd (ASX: RBL) shares today despite no news being released by the company. At the time of writing, the Redbubble share price is trading at $3.14 – 8.19% lower than yesterday’s closing price.

Today’s fall leaves the Redbubble share price around 57% lower than its all-time high of $7.35, which it hit in January 2021.

So, what’s the online art-focused marketplace been up to lately? Let’s take a look.

Redbubble’s 2021

Investors are driving down the Redbubble share price on Thursday for no obvious reason, other than that the broader market is also having a fairly lacklustre day.

But looking back, the market has heard three pieces of price-sensitive news from Redbubble this year.

The first was the company’s half-year results, which were released in February. Despite showing growth across key metrics, the Redbubble share price fell on the results, closing the day 16% lower than its previous session.

In March, Redbubble replaced Coca-Cola Amatil Limited in the S&P/ASX 200 Index (ASX: XJO). Coco-Cola Amatil was delisted from the ASX following a takeover.

Finally, on 22 April, Redbubble released its third-quarter and year-to-date update. The company seemed to be performing well year to date. For the 9 months ended 31 March, Redbubble saw a gross transaction value of $576 million and marketplace revenue of $456 million. That’s 85% and 82%, respectively, higher than the previous corresponding period.

However, for the third quarter of the 2021 financial year, the margin between the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) and its marketplace revenue was only 2.2%.

As The Motley Fool reported at the time, this may have turned investors away. It definitely seemed to weigh on the Redbubble share price, which fell to close 23% on the day of the update.

Redbubble share price snapshot

This year has been a tough one on the ASX for Redbubble shares. Currently, they are 43% lower than they were at the start of the year. However, they have gained 129% since this time last year.

Based on the current Redbubble share price, the company has a market capitalisation of around $859 million, with approximately 275 million shares outstanding.  

The post The Redbubble (ASX:RBL) is deflating by 8% today appeared first on The Motley Fool Australia.

More reading

• Here are 3 ASX shares that are cashed up
• Why Redbubble (ASX:RBL) is a bargain buy now: analyst
• The Redbubble (ASX:RBL) share price has halved from its all-time highs
• 2 fast-growth ASX shares that are being sold off

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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Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares are enjoying some time in the green on Thursday. At the time of writing, the ANZ share price is trading 1.24% higher at $29.28. In earlier trade, the bank’s shares were up by almost 2.5% to reach a new, 52-week high of $29.64 shortly after midday.

ANZ’s big four stablemates are also having a positive day of trade following the release of some upbeat employment figures from the Australian Bureau of Statistics this morning.

In other news from ANZ, the bank announced today that the new trade deal between the United Kingdom (UK) and Australia will see new opportunities for the bank’s customers.

With ANZ shares enjoying their new 52-week high watermark, let’s take a closer look at what the bank had to say on the trade deal.

UK trade deal will benefit ANZ customers

ANZ has welcomed the free trade deal between Australia and the UK, which the two nations’ Prime Ministers agreed to on Tuesday.

The trade deal will see some tariffs lifted or reduced on products traded between the two countries.

According to ANZ, the reduced tariffs will help create opportunities for its Australian business customers.

ANZ group executive institutional Mark Whelan commented on how the deal might benefit the bank’s customers:

ANZ has been a trade bank since our inception… This trade agreement will create new opportunities for our customers by eliminating some of the barriers they face moving goods and capital to and from the UK.

He said removing tariffs will allow Australian exporters easier access to customers and markets in the UK. Particularly, in the tourism, agriculture, and professional services sectors.

ANZ head of UK & Europe Richard Dawson also said the UK is a “key market” to many of the bank’s customers.

The trade deal is the UK’s first bilateral agreement since it left the European Union earlier this year.

Currently, there is approximately $36.6 billion worth of trade between Australia and the UK. That figure is expected to increase due to the trade deal.

ANZ share price snapshot

ANZ shares have been performing well on the ASX so far this year.

Currently, the ANZ share price is around 29% higher than it was at the start of 2021. It has also gained almost 53% since this time last year.

The bank has a market capitalisation of around $83.3 billion and a price-to-earnings (P/E) ratio of around 16.7. It has approximately 2.8 billion shares outstanding.

The post ANZ (ASX:ANZ) shares hit 52-week high, trade deal to create ‘new opportunities’ appeared first on The Motley Fool Australia.

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• ANZ (ASX:ANZ) expects RBA to act on low-interest rates earlier than planned
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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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The Appen Ltd (ASX: APX) share price has been on fire over the last 30 days.

Since this time last month, the artificial intelligence data services company’s shares have stormed 22% higher.

However, despite this impressive gain, the Appen share price is still down a whopping 47% since the start of the year.

Is the Appen share price still good value?

According to a recent note out of Bell Potter, its analysts believe the Appen share price may have peaked for the time being.

The note reveals that the broker has a hold rating and $13.50 price target on the company’s shares. This compares to the latest Appen share price of $13.55.

Bell Potter has a few concerns over its long term growth potential after recent updates and sees no short term catalysts that will drive a re-rating of its share price. Particularly given that its shares are already trading at 35x estimated FY 2021 earnings and 11x estimated FY 2022 EBITDA.

Is anyone more positive?

It is worth noting that there are at least a couple of brokers that are more positive on the Appen share price.

One of those is Ord Minnett. Late last month the broker put a buy rating and $24.75 price target on its shares. This price target implies potential upside of approximately 83% over the next 12 months.

Ord Minnett was pleased with Appen’s reorganisation plans and its earnings guidance confirmation for FY 2021.

In respect to its reorganisation, Appen is restructuring its business to align to its product-led growth strategy and distinct customer propositions. This will see the company operate with four customer-facing business units – Global, Enterprise, China, and Government. Management expects the changes will provide greater visibility of the drivers and performance of the business.

As for its guidance, Appen reiterated that it expects to achieve underlying EBITDA of US$83 million to US$90 million in FY 2021. This represents constant currency growth of 18% to 28% year on year.

Time will tell which broker makes the right call.

The post Up 22% in a month: Is the Appen (ASX:APX) share price heading even higher? appeared first on The Motley Fool Australia.

More reading

• Why Appen, Orocobre, Sandfire, & Whitehaven Coal shares are sinking
• ASX 200 up 0.35%: SEEK upgraded, Afterpay lower
• 4 ASX shares to gain exposure to international market growth: fund manager
• 4 buy-rated ASX shares for June
• ASX 200 Weekly Wrap: ASX edges even higher, led by tech rebound

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen 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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Australia’s top brokers have been busy adjusting their estimates and recommendations once again. This has led to the release of a number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

NRW Holdings Limited (ASX: NWH)

According to a note out of Macquarie, its analysts have commenced coverage on this mining services company’s shares with an outperform rating and $2.10 price target. Macquarie likes NRW due to its exposure to rising spending on iron ore projects and infrastructure. It notes that it has an order book worth $14 billion which if converted should allow for strong ongoing revenue generation. The NRW share price is trading at $1.52 this afternoon.

Nuix Ltd (ASX: NXL)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $6.40 price target on this investigative analytics and intelligence software provider’s shares. Morgan Stanley notes that the company’s CEO and CFO are leaving and Nuix is in the process of finding a COO. While it sees risks from such major changes, it believes these steps are necessary to rebuild investor confidence. In light of this and its belief that the global forensic and investigative software market is a structural growth story, it maintains its overweight rating. The Nuix share price is fetching $2.78 today.

Praemium Ltd (ASX: PPS)

Analysts at Ord Minnett have retained their buy rating and increased their price target on this investment platform provider’s materially to $1.35. According to the note, the broker made the move after making changes to its valuation approach. In addition to this, the broker believes that Praemium could become a takeover target of one of its larger rivals. This is due to its quality technology platform and blue chip clients. The Praemium share price is trading at 97 cents this afternoon.

The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.

More reading

• Nuix (ASX:NXL) share price wobble after company upheaval
• ASX 200 rises, Nuix jumps, REA buys stake of Simpology
• Nuix (ASX:NXL) share price charges higher after announcing CEO and CFO exits
• ASX 200 Weekly Wrap: ASX edges even higher, led by tech rebound
• These were the worst performing ASX 200 shares last week

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 Praemium Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd and Praemium 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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Worley Ltd (ASX: WOR) shares can’t catch a break today despite announcing two new contract awards.

At the time of writing, the Worley share price is down 2.77% to $11.57.

Worley secures renewable fuels contract

According to its first release, Worley advised it has been awarded a services contract with engineering company, Koch Project Solutions.

The deal will see Worley provide front-end engineering and design (FEED) services for a new renewable fuels plant in California. Once completed, the plant will be owned and operated by NASDAQ-listed company, Aemetis Inc (NASDAQ: AMTX).

The renewable jet and diesel project will combine low-carbon feedstocks with renewable hydrogen from orchard and forest wood waste to produce low-carbon fuels. It is estimated that at capacity, the plant will make 170 million litres per year of renewable jet and diesel fuel. This fuel can be used in aeroplanes, trucks and ships without requiring any engine modifications.

The project will be managed by Worley’s United States West offices. Furthermore, ongoing support will come from the company’s Global Integrated Delivery team in India.

It is expected that the FEED phase will be completed towards the backend of the calendar year.

Commenting on the contract win, Worley CEO Chris Ashton said:

We are pleased that Koch Project Solutions and Aemetis have selected Worley to deliver this significant project. The Carbon Zero 1 project aligns with our focus to support our customers on their energy transition, while remaining committed to our purpose of delivering a more sustainable world.

Worley wins second contract for the day

Adding to the positive release, Worley further announced it has won a services contract with Canadian company, Parkland Refining BC.

Under the contract, Worley will provide consulting, engineering, procurement, construction management and commissioning services to support works at Burnaby refinery. Worley noted that this is on top of the existing relationship of undertaking capital work at the facility.

The Burnaby refinery converts crude and synthetic oil into gasoline, diesel, jet fuels, asphalts, heating fuels, heavy fuel oils, butanes, and propane.

The term of the contract will last for a period of 5 years.

The services will be led by Worley’s Calgary office with support from its global consulting business, Advisian, delivering technical expertise. Worley’s gas treating and sulphur technology business, Comprimo will provide the technology and design.

Mr Ashton went on to further comment:

We are pleased to continue supporting Parkland at its Burnaby refinery. We will combine our long-term presence at the refinery over the last two decades with our technical expertise to deliver efficient and reliable operations, while remaining committed to delivering a more sustainable world.

Worley share price summary

Regardless of today’s fall, Worley shares are still up more than 25% from this time last year.

The company is ranked 84th in terms of the largest market capitalisation on the ASX, with $6 billion.

The post Worley (ASX:WOR) share price edges lower despite contract wins appeared first on The Motley Fool Australia.

More reading

• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time
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• Morgans picks this ASX share to buy for the oil recovery trade
• Why Dubber, Megaport, Sezzle, & Worley shares are storming higher

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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It appears the investment management company’s investor day presentation hasn’t done the Challenger Ltd (ASX: CGF) share price any favours.

After closing yesterday at $5.65, the Challenger share price dipped by 5.31% to $5.35 in early morning trade. It has since rallied and, at the time of writing, shares are swapping hands at $5.49, down 2.9%.

Let’s take a look at what details were shared with investors this morning.

Why is the Challenger share price falling?

Investors have been selling out of the retirement-centric asset manager today following the release of its investor day presentation.

Challenger reaffirmed its FY21 guidance will be at the bottom end of its $390 million to $440 million range. This information had already been shared towards the end of April, sending the Challenger share price 20% lower in a week.

Management provided an update on its strategy and outlook following a period of disruption.

As a capital measure, Challenger has revised its targeted prescribed capital amount (PCA) from 1.45 times to 1.6 times. The increase in the risk setting will dampen the fund’s return on equity by roughly 2%.

As a result, the company also revised its pre-tax return on equity target to the Reserve Bank of Australia cash rate plus 12%, down from plus 14%.

Commenting on the change, Challenger CEO and managing director Richard Howes said:

Our strategy to grow sees us building further on our already strong retirement brand and customer franchise. It’s essential we protect this valuable asset to support our long-term growth and success. To this end, we are enhancing our risk settings, reflecting our commitment to maintain our strong capital position.

Fundamentally, this means the fund manager is reducing the risk exposure of its fund by keeping more cash up its sleeve. However, less risk means less potential reward for those retirees.

Looking to FY22

The company’s normalised net profit before tax guidance for FY22 has failed to put the Challenger share price in the green. An estimated range between $430 million to $480 million was provided by the fund manager.

Management believes the midpoint of $455 million represents their best estimate. The FY22 forecast represents a 17% increase compared to FY21.

Despite the positive estimate, Challenger’s share price is struggling to find its footing today. However, the company’s shares have rallied 11.68% in the past month.

Listed investment company, Wam Leaders Ltd (ASX: WLE) added the annuity business to its portfolio back in April.

The post Challenger (ASX:CGF) share price dips after revised capital measures appeared first on The Motley Fool Australia.

More reading

• ASX 200 down 0.3%: Coles and Challenger updates, gold miners sink
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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. 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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Airtasker Ltd (ASX: ART) shares have had a good run over the past 30 days, with plenty of news to spur them on.

The Airtasker share price is currently sitting 7.41% higher than it was this time last month.

On 17 May, Airtasker shares closed at $1.08. At the time of writing, the company’s shares are trading at $1.16.

Let’s take a look at what the outsourcing platform has been up to lately.

The month that’s been for Airtasker

Over the past month, the ASX has been updated on news from Airtasker four times.

The first was on 21 May, when Airtasker shares entered a trading halt as the company announced it will acquire San Francisco-based local services marketplace Zaarly.

Airtasker’s first overseas expansion will cost it around $3.4 million. Additionally, it plans to continue expanding into the United Kingdom in the future.

To fund the acquisition and its future growth plans, Airtasker conducted a $20.7 million capital raising.

On 25 May, the company officially ended its trading halt, announcing it had successfully completed the capital raise.

That day, Airtasker shares closed 12% higher than their previous session.

Then, on 7 June, the Airtasker share price gained another 5% without the company uttering a word.

The gain was likely due to a broker note out of Morgans. The broker upgraded the company from a neutral rating and improved its price target to $1.29.

Finally, on 11 June, Airtasker was officially admitted to the S&P/ASX All Technology Index (ASX: XTX) – though, the news didn’t affect its share price.

Airtasker share price snapshot

The Airtasker share price had had a productive first few months on the ASX. The company completed its initial public offering (IPO) on 23 March.

Airtasker shares have gained almost 15% since first hitting the ASX boards and are more than 78% higher than their IPO price of 65 cents.

The company has a market capitalisation of around $480 million, with approximately 413 million shares outstanding.

The post The Airtasker (ASX:ART) share price has gained 7% in a month appeared first on The Motley Fool Australia.

More reading

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• These 2 growing ASX shares have upgraded guidance
• ASX 200 rises, TechnologyOne up, Airtasker jumps

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 recommended Airtasker Limited. 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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