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The Regional Express Holdings Ltd (ASX: REX) share price ended up having a flat day today, despite the company reporting its full-year earnings for the 2022 financial year.

Rex shares closed at $1.40 each at the conclusion of Wednesday’s session, flat on where the company closed at yesterday, but above the $1.35 price that Rex opened at this morning.

What did the company report?

• Group revenue total of $319.2 million, up 24.6% on FY21’s $256.1 million
• Fuel costs of $65.4 million, up from FY21’s $24.8 million
• Statutory loss before tax of $68.3 million, up from the loss of $7.2 million in FY21
• Statutory loss after tax of $461 million, up from the loss of $3.9 million in FY21
• No dividend declared due to operating loss.

What else happened in FY22?

It was a tough year for Regional Express, given COVID-19 lockdowns and a surging oil price making fuel more expensive.

However, the company did clock a few positive developments, with Rex launching the Brisbane leg of the ‘golden triangle’ of Sydney, Brisbane, and Melbourne routes late last year.

The company also received a “multimillion dollar grant” under the NSW Jobs Plus program. This is helping Rex to fund new flight simulators at its headquarters, as well as a new hangar at Sydney Airport.

Regional Express was also re-awarded a 12-year contract with Ambulance Victoria that will commence in 2024.

In a sign of the ongoing disputes between Rex and its larger rival Qantas Airways Ltd (ASX: QAN), Rex blamed the June “cessation of services to Cooma from Sydney” on “Qantas’ predatory behaviour”.

But Regional Express also trumpeted the new services from Melbourne to Devonport, stating it will “end Qantas’ 17-year monopoly of the route”.

What did management say?

Here’s some of what Regional Express chair Lim Kim Hai had to say on these numbers:

Considering that COVID devastated practically three quarters of the FY and the war in Ukraine starting in February causing crude oil prices to skyrocket by over 70% during the Financial Year peaking at a near record high of A$174 per barrel in June 2022 as well as other supply shocks on the international economy, I am mildly pleased that our performance is not much worse than it is.

The operational statistics for the new Financial Year have been very encouraging and indicate that we have turned the corner.

We are continuing to see very strong bookings in August with the past week showing a 50% increase over the same period in July last month. Barring further external shocks, I am confident that the Group will return to good profitability in FY23.

What’s next for Rex?

As Lim stated, the company is now eyeing a return to profitability in FY23. He pointed out that falling oil prices in recent weeks will be a boon for the company in this endeavour.

In addition, it was mentioned that “we have every reason to believe that the performance will get stronger in the coming months”.

Rex share price snapshot

The Rex shares have been lacklustre, albeit market-beating, performers in 2022 thus far.

Regional Express shares are now down around 3.5% year to date. But the company is still in the green over the past 12 months, giving investors a gain of just over 13%.

The ASX airline operator has a market capitalisation of $154.2 million.

The post The Qantas factor: Rex shares hold steady despite deepening loss appeared first on The Motley Fool Australia.

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More reading

• Could ASX 200 tech share Altium be in for another takeover approach?
• What’s been happening with the Nuix share price of late?
• Which 3 ASX mining shares are soaring more than 15% today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow

Motley Fool contributor Sebastian Bowen 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 Scott Phillips.

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The S&P/ASX 300 Index (ASX: XKO) finished up 0.52% to 6,987.6 points on Wednesday.

Earnings season continued with several companies reporting their FY22 or CY22 results today.

Here are the highlights from the earnings reports of these three ASX 300 companies.

Spark New Zealand Ltd (ASX: SPK)

The Spark New Zealand share price finished up 1.9% to $4.83 on Wednesday. The company reported its 2H FY22 earnings, claiming growth in its revenue, EBITDA, and net profit after tax (NPAT) in FY22.

Spark revealed it was increasing its total dividends for the first time since 2016. The ASX 300 share will deliver 25 NZ cents per share in dividends for FY22, with guidance of 27 cents for FY23.

ASX shareholders will receive a final dividend of 14.7 NZ cents per share. The total dividends will be 29.4 NZ cents per share. On today’s currency conversion, this equates to 13 cents and 26.6 cents per share respectively.

Spark chair Justine Smyth said:

In a year marked by ongoing Covid-19 disruption and increasing economic volatility, Spark has delivered an incredibly strong result, returning to revenue growth and delivering earnings at the top end of guidance.

Spark’s transition from its traditional telecommunications heritage to a more diversified and higher growth digital services provider continues at pace.

As we look to FY23 we have confidence in Spark’s ability to grow free cash flow to ~$460-$500 million to fund our ordinary dividend.

Calix Ltd (ASX: CXL)

The Calix share price closed at $6.92, up 4.85% today.

In its FY22 full-year preliminary results, Calix revealed that product revenue dipped 4% to $18.47 million. Total revenue fell by 30% to $20.8 million. It reported a loss of ($12.14 million).

As at 30 June, Calix has $25 million in cash and cash equivalents, up from $15.1 million in FY21. It has a surplus of $16.5 million in total current assets over total current liabilities, up from $15.3 million in FY21.

This ASX 300 share is a technology developer seeking to deliver sustainability solutions for industries.

As we reported recently, the company has developed a kiln capable of decarbonising metals and minerals. The kiln can extract substantial amounts of carbon dioxide to potentially create products such as low-carbon iron ore.

G8 Education Ltd (ASX: GEM)

The G8 Education share price closed the session on Wednesday at $1, up 3.09% for the day. Earlier, the company reported its CY22 half-year earnings.

The childcare operator reported an operating EBIT (earnings before interest and taxes) of $21 million (after lease expenses) for 1H CY22. This is 85% lower than the prior corresponding period (pcp) of H1 CY21.

The company said it was “significantly impacted in Q1 by COVID-19 and floods but recovered in Q2 with ‘core’ centres delivering higher EBIT than pcp”.

Once the impact subsided, the company’s strategic improvement program helped create “solid performance in quality, occupancy and profitability”.

G8 Education embarked on a cost reduction program in Q2 CY22, with $2.8 million in costs removed in 1H CY22. It says it is now “on track to deliver targeted $13 million-$15 million cost reduction to streamline the business and mitigate inflationary impacts” by the end of 2H CY22.

The company said its balance sheet “remains strong” with net debt at $86.3 million as of 30 June. This is “in line with expectations and reflecting the capital management initiatives and seasonal cash flow profile”.

The post 3 ASX 300 shares that climbed higher on earnings updates today appeared first on The Motley Fool Australia.

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More reading

• Vulcan Steel share price dips despite record year
• Here are the top 10 ASX 200 shares today
• Could ASX 200 tech share Altium be in for another takeover approach?
• Why did the Tritium share price just leap 14%?
• Why has the Mesoblast share price tumbled 10% so far in August?

Motley Fool contributor Bronwyn Allen 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 Scott Phillips.

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The Vulcan Steel Ltd (ASX: VSL) share price is 1% in the red despite the company boasting a “record performance” in FY22, according to its full-year results announcement today.

Vulcan is an Australasian steel and metal products distributor and processor. It was dual-listed on the ASX and New Zealand’s Exchange (NZX) in November last year.

The Vulcan Steel share price opened Wednesday’s session at $8.40 — a 1.95% increase from yesterday’s closing price of $8.24. Over the day, the shares have deteriorated to as low as $8.01.

At the time of writing, the shares have regained some ground and are swapping hands for $8.17. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.56% for the day so far.

Vulcan Steel share price down despite record result

The highlights of the report are as follows:

• Net profit after tax (NPAT) of NZ$124 million, up 91% on the prior corresponding period (pcp)
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of NZ$224 million, up 68% pcp
• Adjusted NPAT NZ$142 million, up 119% pcp
• Adjusted EBITDA NZ$243 million, up 82% pcp
• Final dividend of 37.5 NZ cents per share (ASX shareholders will receive 42.8 NZ cents per share, equating to 38 AU cents per share on today’s currency conversion)
• Total dividends for FY22 of 65 NZ cents per share, down 20% pcp.

What else happened in FY22?

Vulcan Steel started trading on the ASX on 4 November 2021 after a successful initial public offering (IPO) to raise AU$371.6 million at a share price of AU$7.10.

By year’s end, the Vulcan Steel share price was up 27.5%.

Vulcan Steel became part of the All Ords index during the March 2022 quarter rebalance. The All Ords represents the top 500 companies on the ASX by market capitalisation.

Also, in March, the company won New Zealand’s 2021 Deloitte Top 200 Award for ‘best growth strategy’. This gave the Vulcan Steel share price a 2% boost on the day.

What did management say?

Commenting on the results, Vulcan Steel managing director and CEO Rhys Jones said:

Notwithstanding the disruptions caused by COVID-19 and major floods across parts of Queensland and New South Wales during the year, Vulcan’s FY22 adjusted NPAT of approximately NZ$142m exceeded our prospectus forecast by 89%.

The strong FY22 performance has enabled the company to invest in our staff, working capital and processing capacity and support the debtfunding for our acquisition of Ullrich to position the company for long term growth.

What’s next?

Vulcan Steel says rising interest rates and ongoing COVID-19 disruptions in some major markets are “likely to temper global economic activity and demand for steel and metal products”.

The company said:

For Australia and New Zealand, Vulcan expects a more challenging industry environment in FY23 due to the impact of higher interest rates. New Zealand business confidence remains weak while in Australia economic activity appears more resilient for now. Some normalisation in industry margins will likely occur in FY23.

Vulcan’s FY23 EBITDA guidance of NZ$215m-NZ$235m reflects these business cycles and industry headwinds.

… Vulcan’s FY23 NPAT is expected to be in the range of NZ$93m-NZ$107m compared with NZ$142m achieved in FY22.

Vulcan Steel share price snapshot

The Vulcan Steel share price is down 14% in the year to date alongside a 9% drop in the All Ords index.

The post Vulcan Steel share price dips despite record year appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 300 shares that climbed higher on earnings updates today
• Here are the top 10 ASX 200 shares today
• Could ASX 200 tech share Altium be in for another takeover approach?
• Why did the Tritium share price just leap 14%?
• Why has the Mesoblast share price tumbled 10% so far in August?

Motley Fool contributor Bronwyn Allen 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 Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) broke a two-session losing streak on Wednesday as energy shares bolstered the market. The index closed 0.52% higher at 6,998.10 points.

The S&P/ASX 200 Energy Index (ASX: XEJ) led the way on Wednesday, gaining 2.8% amid earnings from Worley Ltd (ASX: WOR) and rising oil prices.

The Brent crude oil price rose 3.9% to US$100.22 a barrel overnight while the US Nymex crude oil price rose 3.9% to US$93.74 a barrel.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) also surged 2.2% today despite a weak Tuesday session on Wall Street. WiseTech Global Ltd (ASX: WTC) was its top performer. The company’s stock was driven by an 80% increase in full-year profits.

Meanwhile, the S&P/ASX Consumer Staples Index (ASX: XSJ) and the S&P/ASX 200 Communication Services Index (ASX: XCJ) fell 1.3% and 1% respectively.

At the end of Wednesday’s session, seven of the ASX 200’s 11 sectors were in the green. But which share will be crowned today’s best performer? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today’s best-performing ASX 200 share was none other than WiseTech. Find out more about the tech giant’s earnings and what it’s been up to here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
WiseTech Global Ltd (ASX: WTC)	$59.77	12.77%
Home Consortium Ltd (ASX: HMC)	$5.21	10.85%
Iluka Resources Limited (ASX: ILU	$10.38	9.84%
Pointsbet Holdings Ltd (ASX: PBH)	$3.50	8.7%
Paladin Energy Ltd (ASX: PDN)	$0.735	8.09%
Domino’s Pizza Enterprises Ltd (ASX: DMP)	$72.15	7.57%
Netwealth Group Ltd (ASX: NWL)	$14.02	7.02%
Telix Pharmaceuticals Ltd (ASX: TLX)	$6.46	6.25%
Worley Ltd (ASX: WOR)	$14.95	6.25%
Sonic Healthcare Limited (ASX: SHL)	$6.46	6.18%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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• Everything you need to know about the latest Domino’s dividend
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• HMC Capital share price jumps 9% on explosive results
• Why Domino’s, Iluka, Netwealth, and WiseTech shares are storming higher
• WiseTech share price surges 11% on record profits

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 positions in and has recommended Netwealth, Pointsbet Holdings Ltd, and WiseTech Global. The Motley Fool Australia has positions in and has recommended Netwealth and WiseTech Global. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited, Pointsbet Holdings Ltd, and Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Altium Limited (ASX: ALU) share price has jumped this week. After a market-pleasing FY22 result, could the S&P/ASX 200 Index (ASX: XJO) tech share be approached with another takeover attempt?

Some readers may remember that in the middle of last year, it received interest from Autodesk. On 7 June 2021, Altium told investors that it had received a formal, non-binding, indicative proposal of A$38.50 per share.

But, while Altium appreciated the interest expressed by Autodesk, it said the offer “significantly undervalued” Altium’s prospects and the company rejected the offer.

New takeover approach?

There hasn’t been any official news at all from Altium.

However, the Australian Financial Review reported on comments from Bell Potter analysts that the Altium result was “cracking”. They say that the achievements and progress of Altium 365 could lead to Autodesk returning with another takeover approach, partly because Autodesk can’t currently provide the range of functions that Altium’s service can:

Our view is Autodesk’s Fusion 360 platform is lacking a high-powered ECAD offering so we believe Autodesk would still be very interested in Altium and may come back with a revised offer.

However, the previously-rejected offer of $38.50 is only 5% higher than the current Altium share price of $36.63, so I think an offer would likely need to be materially bigger than the last one to even be considered by the Altium board.

FY22 result recap

One year on from rejecting that previous offer, the ASX 200 tech share has returned to strong growth, which may have helped the Altium share price.

In FY22, it reported “strong” revenue growth of 23% to US$228.8 million. Within that, Octopart revenue soared 85% to US$50 million.

An improvement in profit margins helped Altium’s earnings before interest, tax, depreciation and amortisation (EBITDA) grow by 33% to $79.8 million and net profit after tax (NPAT) increased 57% to $55.5 million. Operating cash flow jumped 30% to $72.5 million and the full-year dividend increased 18%.

In FY23, Altium is expecting to grow its revenue by another 15% to 20% to between US$255 million to US$265 million.

Altium’s management is confident about the future

The Altium president Sergey Kostinsky said:

Our cloud platform Altium 365 remains well ahead of our competitors with adoption growing strongly. We now have 23% of Altium Designer subscribers who have fully adopted Altium 365 with 30% more in the process of adopting it. We are accelerating our transformative agenda for the global electronics industry where we aim to bring the business of engineering onto Altium 365 from design to supply chain and manufacturing.

Our business model transition from perpetual to term-based licenses is progressing well; 33% of new seats sold were term-based licenses. This, combined with the uptake of higher value seats that include pro and enterprise level capabilities, is driving up subscription revenue. This positive trend has accelerated our annual recurring revenue (ARR) run rate and supports our drive toward our aspirational goal of US$500 million.

Altium share price snapshot

Over the past six months, Altium shares have risen by more than 12%. But, the ASX 200 tech share is still down 18% in 2022 to date.

The post Could ASX 200 tech share Altium be in for another takeover approach? appeared first on The Motley Fool Australia.

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More reading

• What’s been happening with the Nuix share price of late?
• Which 3 ASX mining shares are soaring more than 15% today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow
• Here’s what you need to know about the Altium Group FY22 dividend

Motley Fool contributor Tristan Harrison has positions in Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Autodesk. The Motley Fool Australia has recommended Autodesk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The share price of Aussie electric vehicle (EV) fast-charging leader Tritium DCFC Ltd (NASDAQ: DCFC) launched 14% overnight amid news the doors of its maiden United States factory have been thrown open.

The facility, located in Lebanon, Tennessee, is expected to help meet US government goals and electrify transportation across the continent and beyond.

Tritium CEO Jane Hunter made the announcement alongside US President Joe Biden in February.

Right now, shares in Tritium are priced at US$7.31 apiece.

Let’s take a closer look at the latest news from the Brisbane-born outfit.

Tritium share price surges 14% as factory opens

The share price of NASDAQ-listed tech stock Tritium rocketed higher overnight amid the opening of its first US manufacturing facility.

The facility will initially produce the company’s award-winning RTM fast-charging device. Additionally, it expects to branch out and produce the company’s PKM150 in early 2023.

The PKM150 fast charger boasts a simpler install and more options for consumers, says the company.

Hunter said the facility’s opening is an “important milestone” for the company, Tennessee, and US drivers. She continued:

As many as 35 million electric vehicles are expected to be in use by 2030 and those vehicles will require more powerful and convenient charging infrastructure.

Americans will rely on [EV charging infrastructure] to get to work, to school, to doctor’s appointments, and more. It needs to be reliable, and it needs to be able to grow to meet their needs.

The chargers are expected to meet the requirements of the US’s new Inflation Reduction Act. The legislation offers US$370 billion for climate-friendly initiatives. The PKM150 fast charger is also expected to meet the standards for US National Electric Vehicle Infrastructure program funding in the March quarter.

Furthermore, Tritium chief operating officer Glen Casey said the factory’s set-up was one of the fastest he’d seen in his 30-year career. It took just five months. Casey said:

I can truly say that this new facility is world-class. Like our products, we’ve designed our manufacturing process to be modular and scalable.

Sadly, its overnight gains weren’t enough to boost the Tritium share price back into the long-term green. It has slumped 21% since listing on the NASDAQ in January.

The post Why did the Tritium share price just leap 14%? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Could ASX 200 tech share Altium be in for another takeover approach?
• Why has the Mesoblast share price tumbled 10% so far in August?
• 3 high quality ETFs for ASX investors to buy now
• What’s been happening with the Nuix share price of late?

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 Scott Phillips.

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The Mesoblast Limited (ASX: MSB) share price has come crashing down recently, tumbling 9.57% since the end of last month.

Much of that fall came amid a capital raise that saw shares in the biotechnology company offered for 75 cents each. The slump also follows a 54% surge in the Mesoblast share price during July.

The Mesoblast share price closed at 85 cents on Wednesday, down from 94 cents at the end of last month.

For context, the All Ordinaries Index (ASX: XAO) has lifted 0.9% so far this month.

So, what’s been weighing on the Mesoblast share price lately? Let’s take a look.

What’s been dragging on the Mesoblast share price lately?

Interestingly, the Mesoblast share price has plunged this month despite not trading for much of the first fortnight.

The stock entered a trading halt before the market opened on 4 August and didn’t return to trade until the following week.

At the time, the company told the market its shares were halted as it underwent a private placement. Though, all details of such a placement remained a secret until it returned to trade.

It wasn’t until 9 August that Mesoblast announced it had completed the capital raise. The placement saw its coffers injected with an additional $65 million after it sold 86.7 million new shares for 75 cents apiece.

The funds were partially earmarked to go towards launching the company’s lead drug candidate, remestemcel-L. Some of the cash will also be used to fund the phase three trial of its rexlemestrocel-L.

The Mesoblast share price plummeted 6.4% the day it was removed from the freezer.

It’s also worth noting Mesoblast released its most recent quarterly activities and cash flow report in the final session of last month. Its stock slipped 2% that day. Thus, some of its August slump may have been representative of a belated reaction to the release.  

At least the stock is well versed in trading in the red. It has tumbled 40% since the start of 2022. It’s also currently 57% lower than it was this time last year.

For comparison, the All Ordinaries has dropped 9% year to date and 7% over the last 12 months.

The post Why has the Mesoblast share price tumbled 10% so far in August? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Why Block, CBA, Mesoblast, and NAB shares are dropping today
• Mesoblast share price slides 8% following $65m capital injection
• Why is the Mesoblast share price still not moving today?
• These are the 10 most shorted ASX shares

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 Scott Phillips.

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If you’d like to make some investments but aren’t sure which shares to buy, then exchange traded funds (ETFs) could be a good option for you.

That’s because ETFs let you invest in a group of shares, allowing you to diversify easily and spread your risk.

But which ETFs could be buys? Three that are very popular are listed below. Here’s what you need to know about them:

BetaShares Global Energy Companies ETF (ASX: FUEL)

The first ETF for investors to look at is the BetaShares Global Energy Companies ETF. This ETF provides investors with easy exposure to the global players in the booming energy market. Furthermore, BetaShares notes that the ETF includes energy producers that are larger and more geographically diversified than their Australian counterparts. Among the ETF’s top holdings are energy giants including BP, Chevron, ExxonMobil, and Royal Dutch Shell.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

A second ETF for investors to look at is the VanEck Vectors Morningstar Wide Moat ETF. If you’re a fan of Warren Buffett, then this ETF could be for you. That’s because this ETF aims to invest in a group of fairly valued companies that have sustainable competitive advantages. This is something that Mr Buffett looks for when he invests. At present there are approximately ~50 shares included in the ETF. This includes Adobe, Alphabet, Amazon, Boeing, Constellation Brands, Microsoft, and Walt Disney.

VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO)

A final ETF that could be a top option for investors is the VanEck Vectors Video Gaming and eSports ETF. This popular ETF give investors exposure to the growing video gaming market. VanEck highlights that the industry is well-positioned for growth thanks to the increasing popularity of video games and eSports. This could bode well for the companies included in the ETF such as hardware giant Nvidia and game developers Roblox, Take-Two, and Electronic Arts.

The post 3 high quality ETFs for ASX investors to buy now appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BetaShares Global Energy Companies ETF – Currency Hedged. The Motley Fool Australia has recommended VanEck Vectors ETF Trust – VanEck Vectors Video Gaming and eSports ETF 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 Scott Phillips.

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The Nuix Ltd (ASX: NXL) share price has climbed 13% in the past month and the momentum has continued today.

The Nuix share price hit an intraday high of 67.5 cents per share after the ASX-listed software company announced the consolidation of multiple class action claims as a single claim.

At the time of writing, Nuix shares are trading hands for 65.5 cents each, up 0.77%.

Let’s check the latest news to see what’s been happening with the Nuix share price.

Nuix reports poor FY22 results

Last week, Nuix released its FY22 results and the biggest takeaway was the significant fall in net profit after tax (NPAT). This was down 190.4%, as covered by my colleague James Mickleboro.

Despite the poor results, management expressed a positive outlook, buoyed by fresh strategic initiatives to drive growth.

However, there are a few niggling issues that management needs to address.

Status of the legal claims against Nuix

In November 2021, shareholders launched a class action against Nuix through the legal firm Shine Lawyers. This action alleged Nuix provided “inadequate guidance” on revenue and “misleading” sales forecasts.

A week later, Nuix received notice of a second class action from Daniel Joseph Batchelor and shareholders who purchased Nuix shares during its initial public offering (IPO) between 4 December 2020 and 29 June 2021.

Today, the software company advised the Supreme Court of Victoria has ordered these two actions be consolidated into one claim.

The Supreme Court of Victoria also ordered that the proceeding commenced by Banton Group be permanently stayed. It means this claim is on hold until further orders.

Nuix noted it disputes the allegations contained in the claim and will be defending it.

Appointment of general counsel

Last month, Nuix announced the appointment of Ilona Meyer as the new general counsel and company secretary. She was to commence this week and it looks like she’ll have her hands full.

Meyer was previously the head of legal and compliance and company secretary at Boehringer Ingelheim. She has also previously worked at public companies ResMed (ASX: RMD) and 3M Australia (NYSE: MMM).

Nuix’s former general counsel Brian Krupczak left in August after 12 years with the company.

Nuix share price snapshot

The Nuix share price has crumbled along with many other ASX growth shares, falling by 50% in the last six months but has rebounded in the last month, climbing 13%.

It’s been relatively smoother sailing for the S&P/ASX 200 Index (ASX: XJO), which is up 0.1% in the last six months and up 3% in the past month.

Nuix’s market capitalisation is currently around $209 million.

The post What’s been happening with the Nuix share price of late? appeared first on The Motley Fool Australia.

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Motley Fool contributor Raymond Jang has no position in any of the stocks mentioned.The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd and ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Prescient Therapeutics Ltd (ASX: PTX) share price is plunging during late afternoon trade on Wednesday.

This follows the company’s latest announcement regarding the launch of a share purchase plan (SPP).

At the time of writing, shares in the clinical stage oncology company are fetching at 18.5 cents each, down 11.90%.

What are the SPP details?

A catalyst for the steep dive in the Prescient share price today is investor fears of an impending share dilution.

According to its release, Prescient advised it is seeking to raise $8 million via an SPP from retail investors.

Under the SPP, eligible shareholders can apply to buy a parcel of Prescient shares for 17.5 cents each.

This represents a 14.6% discount to the volume weighted average price (VWAP) over the last five trading days, and a 16.7% discount to the last closing price on 23 August 2022.

Eligible shareholders can apply for a minimum application amount of $5,000 with a maximum application amount of $30,000.

The closing date for the SPP will be 28 September. The new shares will be issued on 5 October, with trading available the following day.

Prescient will use the funds to progress the ongoing clinical development of its targeted therapies PTX-100 and PTX-200.

In addition, the company is aiming to advance its innovative cell therapies towards and into first-in-human clinical studies.

Prescient CEO and managing director, Steven Yatomi-Clarke commented:

The last couple of years in particular have been a period of incredible growth and progress for Prescient, and the company is seeking to maintain this momentum and its position at the forefront of oncology innovation…

Prescient share price snapshot

Since the beginning of the calendar year, Prescient shares have travelled lower to post a loss of 20%.

However, when looking at the year-to-date, the company’s shares are up 3%.

Based on today’s price, Prescient commands a market capitalisation of around $114.58 million with approximately 654.73 million shares on issue.

The post Why is the Prescient share price diving 12% on Wednesday? appeared first on The Motley Fool Australia.

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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 Scott Phillips.

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