The Qantas Airways Limited (ASX: QAN) share price is under pressure on Wednesday.

In afternoon trade, the airline operator’s shares are down 3.5% to $4.49.

Why is the Qantas share price hitting turbulence?

The catalyst for the weakness in the Qantas share price today appears to be the Federal Budget.

Last night the Federal Government revised its anticipated timeline for the completion of Australia’s vaccine rollout to the end of 2021. It also pushed back its timeline for significantly reopening international borders until mid-2022.

This was a blow for Qantas, which was aiming to resume its international services from October. In fact, so confident was the airline that this would come to pass, it has been taking bookings for travel from this period onwards.

Qantas pushes back plans

In response to the news, this morning the airline announced that it would be pushing back its international service plans from the end of October 2021 to late December 2021. Though, it stresses that this has no bearing on Trans-Tasman flights.

Qantas advised that it remains optimistic that additional bubbles will open once Australia’s vaccine rollout is complete to countries that are in a similar position. However, it has warned that it’s difficult to predict which ones at this stage.

Nevertheless, Qantas is ready to take advantage of pockets of tourism and trade opportunities as they emerge in a post-COVID world. It intends to keep reviewing its plans as it moves towards December and circumstances evolve.

In the meantime, the company will continue to provide critical repatriation and freight flights overseas. It will also support the recovery of travel at home, which management notes remains the most important element of the company’s recovery.

For now, the company intends to reach out directly to any customers with a booking between 31 October 2021 and 19 December 2021. Fortunately, recent levels of uncertainty meant international booking levels were relatively low.

More reading

• ASX 200 down 1%: CBA Q3 update, tech shares rise, Qantas update
• Why the Regional Express (ASX:REX) share price is flying higher today
• Alliance (ASX:AQZ) share price edges lower despite positive update
• Qantas (ASX:QAN) share price lower on ACCC update
• Could the grounded Qantas (ASX:QAN) share price take off in May?

Motley Fool contributor James Mickleboro 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 Here’s why the Qantas (ASX:QAN) share price is sinking today appeared first on The Motley Fool Australia.

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

Despite some good news recently about the coronavirus vaccine it co-developed, BioNTech (NASDAQ: BNTX) has been hit with a recommendation downgrade.

In a research note published on Tuesday, Bryan Garnier analyst Olga Smolentseva changed her view on the stock to neutral from the previous buy recommendation. At the same time, though, she significantly raised her price target on the stock, from $135 per share to $206.

BioNTech shot to fame last year due to that vaccine, BNT162b2, which it co-developed with pharmaceutical giant Pfizer. Both became popular coronavirus stocks, particularly after the jab was authorized for emergency use in both the the U.S. and the European Union — two massive markets — in December.

This pushed BioNTech’s results high into the sky; last Friday, the company unveiled its first-quarter results, showing higher-than-expected revenue growth of nearly 7,300% and a flip deep into the black on the bottom line.

BNT162b2 should find its way into more American arms; on Monday, the FDA expanded its Emergency Use Authorization for the vaccine to include adolescents ages 12 to 15. The regulator quoted its acting commissioner, Janet Woodcock, as saying that this “allows for a younger population to be protected from COVID-19, bringing us closer to returning to a sense of normalcy and to ending the pandemic.”

But many investors might consider BioNTech’s explosive growth story to be over. In terms of both cases and fatalities, the pandemic is receding across the U.S., plus the Biden administration has indicated its support for patent waivers on coronavirus vaccines.

At any rate, Smolentseva’s new outlook on the stock isn’t doing it any favors. In late afternoon trading Tuesday, BioNTech was down by 2.2% while the S&P 500 index was falling 1.9%.

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

More reading

• Pfizer and BioNTech’s COVID-19 vaccine authorized by the FDA for adolescents
• 4 healthcare share tips from a fundie with a health PhD

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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The Zip Co Ltd (ASX: Z1P) share price has taken a turn for worse, down 11% in May to a 5-month low of $6.91.

Zip shares have gone from a peak 150% year-to-date return after surging to a record high of $14.00 on 16 February, to a return of just 23.5% today. 

What’s driving the Zip share price lower? 

Tech is not so hot right now 

Factors such as market sentiment and sector performance are key drivers of the Zip share price. However, these are entirely out of its control. 

There has been a noticeable rotation lately out of tech and growth shares, into more defensive sectors such as consumer staples and financials. 

The S&P/ASX200 Info Tech (INDEXASX: XIJ) index has taken a turn for worse, down almost 10% in the last 5 trading sessions. The index is now down 16% year-to-date, signalling the weakness in Aussie tech. 

This would be understandable if the broader market was struggling, however, the S&P/ASX 200 Index (ASX: XJO) is up some 6% year-to-date. 

While investors might argue the growth opportunity at hand, such as Zip’s solid Quadpay performance and international expansion plans, its shares are swimming against the tide as tech falls out of favour. 

A similar rotation effect took place late last year, where the Zip share price tumbled from highs of $10.50 to the $5 level between August 2020 and January 2021. 

Heavy selling for BNPL shares 

While the Zip share price has been able to stay in positive territory for the year, the same can’t be said about its peers. 

Many smaller BNPL shares with a market capitalisation of less than $1 billion and a lack of international exposure have slumped between 10% to 60% in the past few months. 

The Splitit Payments Ltd (ASX: SPT) share price has almost halved from $1.30 to 69.5 cents this year.

While the likes of Laybuy Group Holdings Ltd (ASX: LBY) never took off after listing on the ASX on 7 September 2020. Laybuy shares went as high as $2.30 on its ASX debut but currently trade at just 68 cents. 

Foolish takeaway

It’s possible that the recent weakness in the Zip share price is a reflection of the tech sector’s underperformance and broader market volatility.

The company is still in the active pursuit of both core and international growth opportunities, following its solid set of third-quarter results and recent $400 million capital raising. 

More reading

• ASX 200 down 1%: CBA Q3 update, tech shares rise, Qantas update
• ASX 200 sinks, Boral rises, A2 Milk drops again
• Flight Centre and Zip were among the most traded ASX shares last week
• Afterpay (ASX:APT) share price dives 7% despite US-listed rival surging on results
• How will the Afterpay (ASX:APT) share price react when US rival delivers trading results overnight?

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. 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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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another sizeable decline. The benchmark index is currently down 1% to 7,023.6 points.

Here’s what has been happening on the market today:

CBA third quarter update

The Commonwealth Bank of Australia (ASX: CBA) share price is trading lower today following the release of the banking giant’s third quarter update. For the three months ended 31 March, Commonwealth Bank reported a cash net profit after of $2.4 billion. This represents a 24% increase over the quarterly average recorded during the first half of FY 2021. The bank finished the period with a CET1 ratio of 12.7%. This compares to APRA’s unquestionably strong benchmark of 10.5%. In light of this surplus capital position, management notes that it creates flexibility for the Board to consider capital management initiatives.

Qantas pushes back international travel plans

The Qantas Airways Limited (ASX: QAN) share price is under pressure today. This morning the airline operator announced that it would be pushing back its international service plans from the end of October 2021 to late December 2021. This is in response to the Federal Budget, which saw the Government revise its anticipated timeline for the completion of Australia’s vaccine rollout to the end of 2021.

Tech shares rebound

It has been a positive day for Australian tech shares on Wednesday. The likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are charging higher following an interesting night on Wall Street. At one stage the tech-focused Nasdaq index was down by 3.5% before rebounding to close the day largely flat. The S&P/ASX All Technology Index (ASX: XTX) is up 1.1% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the CSR Limited (ASX: CSR) share price with a 4.5% gain. This follows the release of the building products company’s full year results. The worst performer has been the Ausnet Services Ltd (ASX: AST) share price with a 6% decline following the release of its results.

More reading

• Ausnet (ASX:AST) share price slides following full-year results
• CSR (ASX:CSR) share price lifts to all-time high on full-year results
• Commonwealth Bank (ASX:CBA) share price in focus following Q3 results
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 sinks, Boral rises, A2 Milk drops again

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 ZIPCOLTD FPO. 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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Shares in Transurban Group (ASX: TCL) are on the slide today after news the company’s partially-owned subsidiary is completing a $1.8 billion private placement. At the time of writing, the Transurban share price is down 1.26%, swapping hands at $14.12.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is down by 0.94%.

Prior to the announcement at 10.37 am AEST, the Transurban share price was trading almost in line with the ASX 200’s movements today.

Transurban advised that the financing vehicle of WestConnex Group has placed $1.8 billion worth of fixed-rate senior secured notes in the US private placement market.

Let’s take a closer look at today’s news.

$1.8 billion placement

Transurban has announced that WestConnex will be completing a $1.8 billion placement to pay off a $1.2 billion balance on a debt facility.

The rest of the funds raised in the placement will be paid to WestConnex shareholders as a capital release.

As Transurban owns 25.5% of WestConnex shares, the company expects to receive around $280 million.

The notes will be issued in four tranches, each valued at between $350 million and $510 million.

They will have tenors of 10 years and 3 months, 12 years, 15 years, and 20 years, respectively.

All proceeds from the placement will be swapped into Australian dollars. The interest rate exposure will be fully hedged for the term of the notes.

What is WestConnex?

WestConnex is a toll road project in Sydney. It’s building a number of new tunnels with the final stage of construction set to finish in 2023.

Transurban first announced its intention to acquire 25.5% of WestConnex from the New South Wales Government in 2018. It is one of five companies that own a portion of WestConnex.

Transurban share price snapshot

The Transurban share price has been relatively steady on the ASX lately.

It’s currently up by around 3% year to date. It’s also up by 3.44% over the last 12 months.

The company has a market capitalisation of around $39 billion, with approximately 2.7 billion shares outstanding.

More reading

• 2 quality ASX dividend shares to buy today
• ASX 200 Weekly Wrap: Bank shares push ASX 200 towards all-time high
• 2 quality ASX dividend shares for income investors next week
• Top brokers name 3 ASX dividend shares to buy today
• Is the Transurban (ASX:TCL) share price a buy for dividends?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Transurban Group. 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 Ausnet Services Ltd (ASX: AST) share price is in negative territory following the release of the company’s full-year results.

During late-afternoon trade, the energy provider’s share price is fetching for $1.81, down 3.62%.

How did Ausnet perform for FY21?

Investors are sending Ausnet shares lower after digesting the company’s mixed performance over the past 12 months.

For the financial year ending 31 March 2021, Ausnet reported revenue of $1,924.5 million, down 2.7% on FY20’s result. Although marginally lower, the company stated that this is a sound effort despite navigating through a challenging external environment.

Earnings before interest, tax, depreciation and amortisation (EBITDA) also declined to $1,154.6 million, dropping 3.5% on the prior comparable period. Ausnet said geospatial impairment ($31 million) and its prior year gifted asset adjustment ($19 million) affected EBITDA.

Net profit after tax (NPAT) came to $302.1 million, an increase of 3.9% over this time last year. However, the company’s bottom line received a $25 million hedge accounting gain and a tax credit of $13 million. This brought the NPAT metric into a positive variance when compared against the prior corresponding period.

Cash flows from operations advanced over the period to $844.5 million, reflecting a 17.2% lift. This is due to strong receivable collections of the prior year of $42 million, including a $20.1 million improvement in tax paid.

Ausnet declared a 40% franked dividend of 4.75 cents per share to be paid to eligible shareholders on 24 June.

Management commentary

Ausnet managing director, Tony Narvaez touched on the company’s performance, saying:

Our response to the significant challenges during the year has demonstrated our resilience. We continue to adapt our organisation and strategy, to deliver value to all our stakeholders, as we play our role in supporting the energy transition. We remain focused on positioning our business to succeed in an environment of government policy change and intervention, extreme weather events and technological change.

Our transformation program will help us adapt to the changing energy landscape and deliver improvements across our key strategic priorities.

Outlook for FY22

Looking ahead, Ausnet noted that it remains focused on enhancing its key strategic priorities and accelerating growth. It provided the following guidance for the new financial year:

• FY22 dividend guidance of 9.5 cents per share
• FY22 franking outcome to be determined when FY22 tax profile is confirmed
• Targeting $13.5 billion asset base by FY26, ($11 billion regulated asset base, $2.5 billion contracted infrastructure assets)
• Forecast net debt to regulated and contracted asset base of less than 70% by FY26

Ausnet share price snapshot

Over the last 12 months, Ausnet shares have fallen close to 10%, with year-to-date performance sitting around 3% higher.

Based on today’s prices, Ausnet presides a market capitalisation of roughly $6.9 billion, with approximately 3.8 billion shares outstanding.

More reading

• Down 50% in 2021: Is the a2 Milk (ASX:A2M) share price a bargain buy?
• NIB (ASX:NHF) share price wobbles after ACCC drops court case
• Why Tesla stock tumbled again on Tuesday
• Evolution (ASX:EVN) share price treads lower on acquisition update
• Top brokers name 3 ASX shares to buy 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 A2 Milk Company Ltd (ASX: A2M) share price is heading in the right direction at long last.

In morning trade, the fresh milk and infant formula company’s shares are up 3% to $5.87.

Though, this is little comfort for longer term shareholders. The a2 Milk share price is still down 50% since the start of the year.

Is the a2 Milk share price good value?

One broker that doesn’t think investors should be rushing in to invest is Morgans.

This week the broker retained its hold rating but slashed its price target down by 20% to $6.65.

Morgans is expecting a2 Milk to deliver earnings per share of 11.2 cents in FY 2021 and then 23.3 cents in FY 2022.

Based on these forecasts, the a2 Milk share price is currently trading at 25x estimated FY 2022. Which, despite its 50% decline in 2021, certainly isn’t cheap given the high levels of uncertainty it is facing.

What did Morgans say?

It commented: “We have reduced our FY21/22/23 NPAT forecasts by 57.5%/26.0%/25.5%. In FY22, we forecast 100% NPAT growth however we stress that a large component of this growth reflects a reversal of the FY21 provision and one-off items.”

“While we expect earnings growth to resume at A2M from FY22 onwards, we forecast it to be much less than in the past reflecting regulatory changes and border restrictions impacting the daigou, China’s declining birth rate and increased competition from Chinese companies (government has a 60% self-sufficiency target),” it added.

Inventory issues

Morgans also commented on the significant inventory issues it is facing and notes that the future performance of the a2 Milk share price will be dependent on whether the actions it is taking are successful.

It explained: “A2M has too much inventory in its relevant channels. Consequently, the company is now taking more aggressive measures to fix its business. Not only is A2M replacing new IF tins for old tins which are nearing their used by date, it is also rebalancing inventory by further reducing sell-in to the daigou/reseller and CBEC channels. Consequently, a stock provision of NZ$103.3-113.3m will be recorded in FY21.”

“The question is whether this write-off is enough and what damage it does to brand health metrics. A2M cautioned it will take some time to rebalance inventory and restore channel health and an immediate recovery is not expected,” Morgans added.

What happens from here, only time will tell. But one thing that is more certain, is that it looks set to be a volatile ride for the a2 Milk share price over the next 12-24 months.

More reading

• Pushpay (ASX:PPH) share price on watch after FY 2021 results
• ASX 200 sinks, Boral rises, A2 Milk drops again
• Why a2 Milk, Afterpay, Nearmap, & REA Group shares are sinking
• Leading brokers name 3 ASX shares to sell today
• ASX 200 down 0.9%: Boral rejects takeover offer, Afterpay & PointsBet sink

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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The NIB Holdings Limited (ASX: NHF) share price is up and down after the Australian Competition and Consumer Commission (ACCC) withdrew court proceedings against the health insurer.

Following NIB’s update at 3:22 pm AEST yesterday, the company’s shares rallied briefly before closing the day 0.16% lower at $6.23. The S&P/ASX 200 Index (ASX: XJO) also ended the day lower by 1.06%.

This morning, the NIB share price opened around 2% lower before partially recovering to its current level of $6.20, down 0.48% for the day so far.

Let’s take a closer look at the announcement.

ACCC drops case against NIB

In a statement to the ASX on Tuesday afternoon, NIB said the ACCC would end court proceedings against the company that began in May 2017.

The case was brought about due to changes in NIB’s ‘MediGap Scheme’, a program in which the company would cover out-of-pocket costs for customers using Medicare services that were not bulk billed.

The ACCC alleged NIB failed to notify customers that it would no longer cover certain eye procedures under the scheme in 2015. The government body further alleged customers then unwittingly undertook these procedures, unaware they were no longer covered by the policy.

The trial was delayed due to a similar case the ACCC had against Medibank Private Ltd (ASX: MPL). It was then further delayed due to the COVID-19 pandemic.

The ACCC said it agreed to drop the charges as NIB had made the necessary changes since the proceedings first began. 

ACCC chair Rod Sims commented:

Given the passage of time since this case was commenced, NIB’s changed notification practice during that time and the improvements made across the industry as a result of the ACCC’s interventions in the sector, we believe it is no longer in the public interest to continue proceedings against NIB. 

We are pleased the industry has significantly changed practices since 2015 to ensure greater transparency for consumers, including NIB’s change of its approach and commitment to continue informing customers about changes that may affect their out–of–pocket expenses for ongoing treatment ahead of the changes occurring.

In its statement, NIB said it “is committed to acting in the best interests of its members and has denied the ACCC’s allegations.”

NIB share price snapshot

Over the past 12 months, the NIB share price has increased by around 31%. Only last week, shares in the company were in the green after it sold its digital healthcare advisory platform.

NIB has a market capitalisation of $2.85 billion.

More reading

• ASX healthcare shares could be next to be hit by the digital disruption
• Here’s why the NIB (ASX:NHF) share price is on the rise today
• ASX 200 Weekly Wrap: Shares have average week but a great month
• These were the best performing ASX 200 shares last week
• ASX 200 dips, NIB soars, Perenti rises

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of electric car leader Tesla (NASDAQ: TSLA) are losing some steam Tuesday, falling as much as 5% in early trading and still down about 2.2% as we approach the noonday mark (EDT).

What’s ailing Tesla today? A couple of things, actually — but both of them are named “China.”

So what

As Barron’s reports this morning, Tesla sold fewer than 26,000 electric vehicles in China in April, a 26% sequential slide from the 35,000 units moved in March. Local competition appears to be the problem there, with the news magazine reporting that in aggregate, rival EV companies NIO (NYSE: NIO), XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) grew their Chinese EV sales by about 1,000 units.

That could be a problem for Tesla, which is believed to be counting on China to provide 40% of its sales in 2022. If growth is slowing there, it could impact Tesla’s entire growth rate worldwide. And adding credibility to worries that it might be a problem, Reuters reported this morning that Tesla has suspended plans to buy additional land adjacent to its Shanghai manufacturing plant. Granted, the existing plant is designed to produce far more cars than Tesla is already selling in China — about 500,000 units annually. But the suspension does call into question hopes that Teslas might be selling so well in China that the company would need to expand operations to keep up with demand.

That no longer seems to be the case.

Now what

So is this a death knell for Tesla stock? I wouldn’t go quite that far just yet, and it’s even possible that investors are overreacting to today’s news out of China. To understand why, just do a bit of math with me: Tesla sold nearly 26,000 Teslas in China in April, right? Multiply that by 12 months, and you only get to 312,000 units or so — meaning that a plant designed to build 500,000 units is still plenty big to meet existing demand, and even growing demand, for Teslas in China.

What’s more, defying media reports, Tesla insists that its operations in China are actually still “developing as planned,” while experts suggest that even without buying more land, Tesla’s existing plant could be expanded to produce more than 500,000 cars a year should the company so desire.

Long story short, this latest sales report out of China looks more like a yellow flag than a red flag to me.

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

More reading

• Here are the US shares ASX investors were buying last week
• Nasdaq slump: will ASX tech shares face selling pressure today?
• Dogecoin price drops by a third after Elon Musk calls it a “hustle” on comedy show
• How shares with massive PE ratios can be cheap
• Appen (ASX:APX) share price: Is the disruptor becoming the disrupted?

Rich Smith 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 NIO Inc. and Tesla. 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 Why Tesla stock tumbled again on Tuesday appeared first on The Motley Fool Australia.

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

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The Evolution Mining Ltd (ASX: EVN) share price is backtracking during market open, despite announcing a positive acquisition update.

At the time of writing, the gold miner’s share price is swapping hands for $5.02, down 0.59%.

What did Evolution announce?

Investors are dragging down Evolution shares following its latest update to the ASX.

According to this morning’s release, Evolution advised that Canadian-listed Battle North Gold Corp (TSE: BNAU) shareholders have approved the proposed acquisition.

Evolution tabled an offer in the middle of March to acquire all the issued share capital of Battle North. A definitive arrangement agreement valued the outstanding shares of Battle North at a price of $2.79 (C$2.65) apiece. This equates to a cash consideration of roughly $362 million (C$343 million), a 46% premium on the market day before the announcement.

Whilst shareholders agreed to the sale, the transaction still needs approval by the Supreme Court of British Columbia. The hearing is scheduled to occur next Monday, 17 May. If the court gives the go-ahead, settlement is expected to be finalised on 19 May 2021.

Evolution executive chair, Jake Klein touched on the favourable outcome, saying:

It’s pleasing to see the overwhelmingly positive support for the Transaction from Battle North shareholders. This acquisition provides Evolution with an opportunity to expand our footprint in the Red Lake region and create value by leveraging the infrastructure of the two operations.

The additional processing capacity from the new Bateman mill will also accelerate our ability to achieve our objective of producing in excess of 300,000 ounces of gold per annum from Red Lake.

About the Evolution share price

Evolution is an Australian mining and exploration company that owns and operates five gold and silver mines in New South Wales, Queensland and Western Australia.

The Evolution share price has been on a rocky period over the last 12 months, down almost 10%. Although, the company’s shares slumped in early 2021, year-to-date performance remains relatively flat, up 1%.

On valuation grounds, Evolution commands a market capitalisation of around $8.6 billion, with approximately 1.7 billion shares outstanding.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• Struggling ASX gold shares just got upgraded by a top broker
• 5 things to watch on the ASX 200 on Tuesday

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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