The Kogan.com Ltd (ASX: KGN) share price has more than halved in 2021. Shares in the company opened the year at around $19.42. At the time of writing, Kogan shares are trading at just over 50% of this level at $9.85.  

Last year, Kogan was a market darling as the COVID-19 pandemic forced consumers to flock online. As a result, shares in the online retailer surged to all-time highs of around $25 per share by October 2020.

So why has the Kogan share price fallen from grace?

Kogan cites growing pains in recent update

In its most recent market update, Kogan highlighted how the company has struggled to keep up with demand.

In a trading update released to the market last Friday, Kogan informed shareholders it had revised its earnings predictions for the current financial year. The company cited a number of operational and logistical challenges as reasons for the revised guidance.

As a result, Kogan warned investors that earnings before interest, tax, depreciation and amortisation (EBITDA) is likely to come in at between $58 million and $63 million for the financial year.

The revised guidance was between $7 million and $12 million below consensus forecasts of around $70 million in EBITDA. In response, investors dumped their holdings, sending the Kogan share price plummeting to a 52-week low.

What else has caused the Kogan share price to plunge?

In 2021, the initial catalyst that sent Kogan shares nosediving can be traced back to late January. Following the release of a business update for the first half of FY21, Kogan reported a slower rate of growth than expected. Even then, Kogan cited warehouse capacity and logistical issues for the result.

The second catalyst prompting investors to sell their Kogan shares was the company’s first-half report. For the six months ended 31 December, Kogan reported a 97.4% increase in gross sales to $638.2 million and an 88.6% jump in revenue to $414 million. Despite the seemingly strong results, investors remained largely unimpressed.

Outlook

Arguably, Kogan’s inventory issues are being exacerbated by its aggressive expansion strategy. Company management noted in its Friday update that the business practically doubled in size during the first half of FY21 following a surge in consumer demand. As a result, Kogan has had to rapidly expand its inventory resulting in excess stock and increasing warehouse costs. However, the company also noted that it has learnt valuable lessons on how to better scale operations.

But investors may not be as convinced. According to the most recent data from ASIC, Kogan shares are among the most shorted on the ASX with a 10.1% short interest.

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The Keytone Dairy Corporation Ltd (ASX: KTD) share price has broken its downward trend to lift in early-afternoon trade.

This follows the dairy manufacturer’s update on sales and purchase orders received from Walmart (China) Investment Co.

At the time of writing, the Keytone share price is swapping hands for 13.5 cents a pop, up 3.8%.

Sales accelerate

Investors are buying up positions in Keytone shares after the company recorded strong sales for 2021.

In its release, Keytone advised sales and forward orders have topped NZ$3.3 million from Walmart China. This represents a three-fold increase for the first five months of 2021 when compared to this time last year.

The company attributed the robust performance to its whole and skim milk powder for Sam’s Club China. The popular product has been a hit with Chinese consumers due to the company’s strategic partnerships and accredited facilities.

In addition, the company has booked NZ$1.4 million of further orders to be delivered in the third quarter of 2021.

Keytone CEO, Danny Rotman touched on the company’s progress, saying:

Our international track record, strategic partnerships and growth in powdered dairy continues, underpinned by our fully licensed and accredited facilities in New Zealand. The strong growth is testament to the efficiency and quality of our facilities and team in New Zealand.

We are continually seeking new business opportunities with our existing clients, forging new relationships with others and will update the market with new material contract wins and forward orders as they come to hand.

About the Keytone share price

Today’s gain will be a relief to shareholders, as the Keytone share price has halved in value over the past 12 months. Shares in the company have also fared poorly in year-to-date performance, down more than 40%.

Based on valuation grounds, Keytone presides a market capitalisation of roughly $38 million, with approximately 273 million shares on issue.

More reading

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• Why the AVZ (ASX:AVZ) share price is jumping 10%
• Why is the Caspin Resources (ASX:CPN) share price exploding 40%?

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The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has been a positive performer on Monday.

In afternoon trade, the pizza chain operator’s shares are up over 4% to $108.44.

Why is the Domino’s share price charging higher?

Today’s gain appears to have been driven by a broker note out of Citi this morning.

According to the note, the broker has taken its sell rating off the company’s shares and upgraded them to a neutral rating.

Citi also increased its price target by approximately 44% to $104.20.

What did the broker say?

Citi has been looking at the company’s options in Europe and sees scope for Domino’s to expand into a number of new markets such as Italy and Spain.

At present, the company is the largest franchisee outside of the USA. It holds the master franchise rights to the Domino’s brand and network in Australia, New Zealand, Belgium, France, The Netherlands, Japan, Germany, Luxembourg, and Denmark.

From these markets, Domino’s is aiming to grow its network from ~2,800 stores today to 5,550 stores by 2031.

However, Citi believes that Domino’s could add a further ~2,500 stores to this total by expanding into other European markets. It notes that this would boost its profits materially.

Can the Domino’s share price go higher?

As you might have noticed, despite lifting its price target by 44%, the Domino’s share price is still trading beyond it. This would imply that the upside from here is not only extremely limited, but the risk could even be to the downside.

The good news is that another leading broker still believes the Domino’s share price can go even higher. That broker is Morgans, which currently has an add rating and $119.00 price target on the company’s shares.

Based on the latest Domino’s share price, this implies potential upside of 10% over the next 12 months.

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The Cimic Group Ltd (ASX: CIM) share price has been stuck in the red today, despite the company announcing another contract award.

The global engineering company’s shares are fetching $21.10 at the time of writing, down 1.8%.

Below, we take a closer look at what’s driving the Cimic share price today.

M6 Motorway project

In its announcement, Cimic advised that its subsidiaries CPB Contractors and UGL have been selected to build the M6 Motorway in Sydney. The design and construct contract will see both companies, along with joint venture partner Ghella, deliver the first stage of the multi-billion-dollar motorway.

The New South Wales government awarded the deal, which is expected to generate roughly $1.95 billion in revenue for Cimic. The total value of the M6 stage 1 project is around $2.5 billion.

Once completed, the M6 will connect the roads in Sydney’s south to the city’s wider motorway network. It’s envisaged this will improve journey times for motorists, as well as reduce congestion, and remove trucks from local streets.

The joint venture will include building an underground motorway connection, mainline tunnels, exit/entry ramps, shared cycle and pedestrian pathways and tunnel stubs.

The project will start in 2022 and is scheduled for completion in 2025.

What did management say?

Cimic group executive chair and CEO Juan Santamaria touted the company’s achievements, saying:

Cimic Group companies are delivering major transport projects across Australia. Having successfully completed several WestConnex projects, our companies have specific expertise in delivering motorways in urban areas.

This experience will be applied to safely and successfully deliver the M6 Stage 1 for the NSW Government.

CPB Contractors managing director Jason Spears added:

This is an important addition to the portfolio of road, rail and airport projects that CPB Contractors’ experienced teams are delivering across NSW. We are very pleased to have been selected to work closely with Transport for NSW to safely deliver this key piece of transport infrastructure for the people of Sydney.

UGL managing director Doug Moss said UGL also looked forward to bringing its expertise to the M6 project, adding that the company was helping to “improve transport infrastructure right across Australia”.

Cimic share price review

The Cimic share price had been relatively stable prior to its results for the full-year results released in February when its shares plummeted more than 20% as investors ran for the hills. Since the beginning of May, the company’s shares have started to rebound.

Based on today’s price, Cimic commands a market capitalisation of $6.5 billion, with approximately 311 million shares on issue.

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Cryptocurrencies continued to sell off over the weekend following a clampdown on Bitcoin (CRYPTO: BTC) mining and trading activities in China.

This news comes just days after China’s finance, banking and clearing regulators banned their financial and payment institutions from cryptocurrency-related activities.

China pulls the plug on cryptocurrencies

Last week, China’s new policies were focused on ensuring that relevant institutions were banned from conducting business related to cryptocurrencies. This included bans against trading, clearing, settling or accepting virtual currency as well as the prohibition of virtual currency exchange services and the use of virtual currency as investments.

Over the weekend, China took another jab against cryptocurrency markets, this time, with a focus on Bitcoin mining and trading activities. According to Reuters, this is “the first time the state council has explicitly targeted crypto mining activities”.

China’s crackdown on Bitcoin mining could have significant implications for cryptocurrency markets. It is estimated that Chinese miners drive more than 60% of the computational power used to mine and process transactions, otherwise known as hash power or hashrate.

In late April, a blackout in China’s Xinjiang region caused almost half its Bitcoin network to go offline. This saw a significant slump in the global hashrate, according to Blockchain.com. There has typically been a positive correlation between Bitcoin hashrate and prices. The hashrate has taken a significant hit over the last week, which could be another reason why the Bitcoin price is struggling.

China’s crackdown sees cryptocurrency sell-off continue

Cryptocurrency markets have wound up in a sea of red following China’s clamp down.

The Bitcoin price managed to bounce back strongly last Thursday, regaining its US$40,000 level. But as China’s news broke out over the weekend, prices slipped to around US$37,500 by Saturday and lows of US$31,000 on Sunday. The Bitcoin price has managed to bounce off these lows and is currently sitting at US$35,578 at the time of writing.

The narrative was the same for other popular cryptocurrencies including Dogecoin (CRYPTO: DOGE) and Ethereum (CRYPTO: ETH). Both tokens experienced sharp rebounds on Thursday, followed by three sharp negative sessions.

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The AVZ Minerals Ltd (ASX: AVZ) share price is storming higher on Monday.

In morning trade, the lithium explorer’s shares were up as much as 10% to 16.5 cents.

The AVZ share price has since eased back a touch but remains up almost 7% to 16 cents.

Why is the AVZ share price storming higher?

Investors have been buying the company’s shares today after it released an update on the Mineral Resource of the Manono Lithium and Tin Project in the Democratic Republic of Congo (DRC).

According to the release, geological modelling of the pit floor has confirmed the presence of high grade, fresh pegmatite in all nine resource holes drilled on sections 7100mN to 7300mN at the Roche Dure.

This has led to its Indicated Resources increasing by 12 million tonnes, leading to its combined Measured and Indicated Resources lifting to 274 million tonnes.

In addition to this, the depth of the Roche Dure pit was shallower than the company was anticipating.

As a result, this is expected to lead to lower strip ratio and increased ore mined over the optimised Life of Mine (LoM) plan, which is forecast to have a positive financial impact on the optimised definitive feasibility study (DFS). This bodes well for upcoming discussions with its financiers and explains much of the rise in the AVZ share price today.

AVZ Managing Director, Nigel Ferguson, commented: “This additional information has resulted in the upgrade of some 12 million tonnes of Inferred Resources to Indicated Resources. These additional tonnes, located at shallow depth in the existing pit, are expected to result in fundamental improvements to the mine design and mining schedule as the optimised mine model will treat the wedge material as ore, rather than waste.”

“The lower strip ratio resulting from the increase in ore mined over the optimised mine plan, coupled with lower LOM cost assumptions, is expected to have a positive impact on the optimised DFS to be completed next month which will greatly assist our discussions with prospective financiers,” he added.

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The Caspin Resources Ltd (ASX: CPN) share price is skyrocketing today after the company provided an update regarding its Yarabrook Hill project.

Caspin shares are up a whopping 40.7% to $1.21 at the time of writing, creating a 160% yearly gain for the miner. Let’s see what it’s discovered.

Multiple sulphide zones

Caspin shares are having a party on the ASX after the company updated the market on its drilling targets at Yarabrook Hill in Yarawindah, Western Australia.

According to the company, it has intersected multiple broad sulphide zones over a 250 metre strikezone in one drilling target, and 120 metre strikezone at another. The sulphide intersections ranged between 1% and 3% volume, but were found as high as 15% in some areas, at various depths.

Caspin discovered disseminated copper sulphides, which it says are consistent with the platinum group (PGE) mineralisation style it is targeting in the region. The company noted that the sulphide minerals include “chalcopyrite (copper sulphide), pyrrhotite (iron sulphide) and pentlandite (nickel sulphide) hosted by mafic and ultramafic rocks.”

According to the company, the fact these drilling holes are more than a kilometre apart suggests the Yarabrook Hill drill site may house a wide expanse of potentially lucrative minerals. As a result, investors have sent the Caspin share price soaring today.

Caspin’s initial drilling is now complete and the company is awaiting assay results.

Management comments

Caspin CEO Greg Miles says this is just the beginning for the company’s drill targets:

The two holes at Yarabrook Hill have delivered exactly what we wanted to see, that is, mafic and ultramafic rocks with broad zones of copper and nickel sulphide mineralisation which we believe is a good visual proxy for potential PGE mineralisation.

The holes are 1.25km apart, so the scale of the opportunity is significant. Now we wait with anticipation for the assay results. In the meantime, we are already planning the next work program. We are extremely grateful to have received a co-funded drilling grant through the WA Government Exploration Incentive This is going to allow us to drill the deepest hole at Yarabrook Hill to date which will give us a huge amount of new geological information as well as another opportunity for discovery.

Caspin share price snapshot

The Caspin share price has exploded today and has now reached the highest point in its six-month history on the ASX. The company’s shares debuted on the exchange at 46 cents apiece before jumping from 60 cents in March to a previous high of 90 cents just last month. Overall, Caspin shares have gained around 124% in 2021 alone.

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Bitcoin (CRYTPO: BTC) has been taking heat for the massive amounts of energy required to mine new tokens and to verify transactions made with existing tokens.

While this issue has been around for years, it’s getting worse as Bitcoin’s energy use continues to increase alongside its growing popularity.

Tesla Inc‘s (NASDAQ: TSLA) Elon Musk recently brought the token’s huge carbon footprint to the world’s attention. Musk said that Tesla wouldn’t sell its Bitcoin holdings – originally purchased for US$1.5 billion. However, he added his company would no longer accept Bitcoin for payment until it was powered by cleaner energy sources.

He does have a point.

By some estimates, Bitcoin’s global energy consumption will soon surpass that of all of Australia. And with the ever-growing focus on climate change and decarbonising the planet, this is putting further pressure on the price.

A green premium

Where there are problems, there are potential profits to be made.

In this case, those profits could come in the form of a premium paid for ‘green Bitcoin’.

As Bloomberg reports:

Some [crypto miners] are working to sell what they are calling green Bitcoin – coins whose transactions are verified on the blockchain by computers powered only by renewable energy. The bet is that they will be able to command a premium of up to 10%.

Sheldon Bennett is the CEO at crypto miner DMG Blockchain Solutions Inc. DMG says that numerous banks and financial businesses have expressed an interest in transacting in Bitcoin that meets their environmental, social and corporate governance (ESG) commitments.

According to Bennet, “There’s a market that doesn’t know it yet… More and more, they are saying if there’s an option, I am willing to pay a premium to get it.”

Isaac Maze-Rothstein, a research analyst at Wood Mackenzie, added, “There are a bunch of miners who saw what happened with the coal industry. So they only pursue a project if it’s carbon negative. There are others who want to co-locate with wind, or with solar.”

Some crypto miners are also turning to hydropower. Others – with permission – tap into the unused processing powers of computers visiting their websites.

However, Christopher Bendiksen, the head of research at CoinShares, sounds a note of caution for any ‘green Bitcoin’ optimists.

He estimates that around 55–65% of Bitcoin mining uses renewable energy sources today. About half of all the mining is done in China, notoriously dependent on its coal-fired power plants.

With the Bitcoin price hitting record highs in April, miners may well be willing to spend a bit more for cleaner energy. But as the price falls, Bendiksen believes many will return to cheaper, dirtier energy sources.

Bendiksen said (quoted by Bloomberg):

Right now mining is hyper profitable. And these hyper profitability periods don’t last forever. When mining costs start approaching Bitcoin price again, the costs will matter. Bitcoin mining is absolutely ruthless, and you are competing against miners that are in different countries than you are, and they don’t necessarily care about the environment like you do. It’s quite dangerous for your competitiveness over time.

Australia based Iris Energy, founded by Will and Daniel Roberts, has been atop the ‘green Bitcoin’ theme for some time. Back in February, the company raised $25 million to ramp up the computing power of its Bitcoin mining operations in Canada. Those operations are powered by hydroelectricity.

Bitcoin price snapshot

One Bitcoin is currently worth US$35,269 (AU$45,804). That’s down 7% over the past 24 hours and down 46% from the all-time high of US$64,829 reached on 14 April, according to data from CoinDesk.

To give you an idea of the ongoing volatility of the world’s largest crypto, over the past 24 hours it traded as low as US$31,180 and as high as US$38,235. That’s a price variance of more than 22%, all within a single day.

So, would you pay an extra 10% knowing your Bitcoin was mined with renewable energy?

A growing number of sustainable crypto miners are hoping you said ‘yes’.

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The Freelancer Ltd (ASX: FLN) share price is up today after the company announced the acquisition of Loadshift, a heavy haulage transport marketplace.

After reaching an intraday high of $1.08 in early trading, the Freelancer share price plummeted to $1.00 before surging back to $1.05 at the time of writing, up 5%.

Engaged in freelancing, outsourcing services, and crowdsourcing marketplace, Freelancer offers software development, writing, data entry and design services.

Acquisition lifts the Freelancer share price

In today’s update, Freelancer announced that its partially owned subsidiary, Freightlancer, had acquired Loadshift for $7.7 million.

Founded in March 2007, Loadshift has grown to become Australia’s largest online heavy haulage freight marketplace with 68,837 freight requests for 85.8 million kilometres of freight required in CY 2020. In FY20, Loadshift reported delivering an earnings before interest, tax, depreciation and amortisation (EBITDA) of approximately $766,000.

Freelancer owns 53% of its partially owned subsidiary.

New investors, new CEO

The company also advised today that Freightlancer had received a $3.7 million investment from Maas Group Holdings (ASX: MGH) chief executive officer (CEO) Wes Maas, and EMS Group CEO Tom Cavanagh.

Startive Ventures, a venture fund focused on global technology and internet startup opportunities, also participated in investment.

EMS is now a division of Maas, a diversified industrial group with services expanding across construction materials, property, civil infrastructure and underground mining and tunnelling divisions.

Cavanagh will join Freightlancer as chief executive officer, bringing his 20 years of experience in mining, tunnelling, civil construction and technology industries.

The Freelancer share price has been surging

The Freelancer share price has surged more than 70% since the listing of Airtasker Ltd (ASX: ART) on 23 March.

Before that, the Freelancer share price had been range-bound, bouncing back and forth between 45 cents and 62 cents since September 2020.

From a financial and operational perspective, the company has also performed strongly with its quarterly results showing an uplift in gross payment volumes and cash receipts.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a modest gain. At the time of writing, the benchmark index is up slightly to 7,032.7 points.

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

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is up 4% to $20.18. Today’s gain appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded the corporate travel company’s shares to an outperform rating with a $20.75 price target. It made the move amid signs of a strong recovery in the US and ANZ markets.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s Pizza share price has risen 3% to $107.00. Once again, this gain appears to have been driven by a broker note. On this occasion, Citi has upgraded the pizza chain operator’s shares to a neutral rating and increased the price target on them materially to $104.20. Citi believes Domino’s could expand into several new European countries in the near future, extending the potential size of its network significantly.

Kogan.com Ltd (ASX: KGN)

The Kogan share price has jumped 10% to $9.56. This gain appears to have been driven by bargain hunters taking advantage of a sharp pullback on Friday following another bitterly disappointing result. In addition, short sellers could be buying back shares to close positions.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 2.5% to $7.21. This morning the buy now pay later (BNPL) provider announced its expansion into Europe and the Middle East. It will do this via the acquisition of European BNPL provider Twisto Payments and UAE-based BNPL provider Spotii. Zip had previously bought stakes in both companies. Management notes that the transactions align with Zip’s global expansion plans and the rapidly accelerating global BNPL opportunity.

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