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The Allkem Ltd (ASX: AKE) share price is inching lower today, trading at $13.05 at the time of writing.

Zooming out, Allkem shares have lunged 29% higher in the last month and 135% in the last 12 months.

Swimming in a sea of green, the company has just scored itself a number of broker upgrades. Particularly given its ambition to become one of the world’s biggest lithium suppliers.

Why are analysts bullish on Allkem shares?

Analysts have put themselves behind Allkem in sequential fashion these past few months. In that time the company has released a number of lithium updates.

“Allkem has the lofty goal of becoming the world’s third biggest supplier of lithium chemicals and snaring 10 per cent of the market by 2030,” The Australian reports.

Not only that, but Allkem’s seemingly diversified offering positions it well to capitalise on emerging trends in the energy space, JP Morgan analysts say.

“Allkem (formerly Orocobre) holds a suite of both operating and development lithium projects and is well placed to capitalise on the growing electrification thematic,” it said in a recent note.

It operates across all three key lithium chemicals, with the Olaroz lithium brine JV in Argentina, the Mt Cattlin spodumene mine in Western Australia, and has the Naraha hydroxide conversion facility in Japan ramping up.

The growth pipeline is full, with Stage 2 at Olaroz more than doubling production and potential for Stage 3, while the greenfield Sal de Vida brine project in Argentina and James Bay Spodumene project in Canada offer additional medium-term growth.

The broker retains its overweight rating on the Allkem share price. JP Morgan has an $18.50 per share valuation on a blend of these catalysts for price change.

“With the backdrop of continuing lithium demand and pricing strength and AKE’s substantial growth pipeline, we remain overweight,” it concluded.

‘Ready to roar’

Meanwhile, analysts at Bell Potter believe the company’s growth engine is well fuelled and primed to roar in 2022. They are keeping it on the bullish side as well.

Assigning a buy call and an $18.05 price target on Allkem shares, Bell Potter said, “[t]he company’s growth pipeline supports this strategy [the goal outlined above] and is fully funded, even using a price outlook which is conservative compared to spot markets.”

With this commentary in mind, it appears brokers like Allkem’s balance sheet and fundamentals. Of course, that’s on a backdrop of an extensive spot rally in commodities.

The consensus price target on Allkem shares is $14.87, according to Bloomberg data. Further, 81.8% of analysts recommend buying right now. That’s up from 30% exactly one year ago.

The post Here’s why Allkem shares are getting multiple broker upgrades appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy next week
• Here’s why the lithium price is in the spotlight today
• Why not all ASX lithium shares are winners from surging commodity prices
• 2 hot ASX lithium stocks brokers rate as buys
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor Zach Bristow 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 Nova Minerals Ltd (ASX: NVA) share price has returned from a trading halt with a thud on Monday.

In late trade, the gold developer’s shares are down 10% to 85.5 cents.

Why is the Nova Minerals share price sinking today?

The Nova Minerals share price has come under pressure today following news that the company has completed the sale of a portion of its investment holding in lithium developer Snow Lake Resources.

According to the release, the company has sold 3 million Snow Lake Resources shares in an underwritten secondary offering, which represented approximately 31% of its holding, at a price of US$6.00 per share.

This represents a 6.25% discount to the closing price on the day but an 11.6% discount to the current Snow Lake Resources share price on the Nasdaq.

The release advises that the company received total proceeds of US$18 million (A$24 million) before underwriting fees and offering expenses.

In light of this sale, the company is now fully funded to continue its aggressive resource development drilling and study programs at its 9.6 Moz Estelle Gold Project. Funds will also be used for general working capital purposes.

Based on the Nova Minerals share price performance today, some investors appear to be disappointed with the selldown given booming lithium prices.

Management commentary

Nova’s CEO, Christopher Gerteisen, believes the sale was the right move and represents a major milestone. He commented:

“This funding represents another milestone achievement for the Company and illustrates our strict capital management strategy, of identifying and entering strategic investments cheaply, growing them over time, and then monetising them to fund our path to production at the Estelle Gold Project, all while minimising dilution to Nova shareholders and keeping debt off our balance sheet.

“The price obtained for the sale of our Snow Lake shares, which was a complex transaction given Nova’s position as a major founding shareholder, was dictated by the regulatory approval timeframe and market conditions, with the LIT ETF, NASDAQ, many of the lithium juniors, and other major lithium indicators all heavily down having experienced a correction at the time of pricing.

“Nova is a gold company focused with passion, determination, and purpose on developing our flagship Estelle Gold Project. The opportunity cost of not being fully funded and committed to completing the full slate of aggressive 2022 work programs, which are expected to add enormous value to the Company with so much resource upside at play, was not an option we considered.”

The post Here’s why the Nova Minerals share price is tumbling 10% today appeared first on The Motley Fool Australia.

More reading

• These were the worst 3 ASX All Ordinaries shares to hold during the March quarter
• Here’s why Allkem shares are getting multiple broker upgrades
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Can Wesfarmers shares deliver an attractive dividend yield AND 20% upside in 2022?
• Have investors fallen out of love with Novonix shares in 2022?

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 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 S&P/ASX 200 Index (ASX: XJO) has started the trading week on a topsy-turvy note so far this Monday. At the time of writing, the ASX 200 is up but only just, gaining 0.04% at just under 7,482 points.  

But rather than trying to figure that out, let’s instead check out which ASX 200 shares are currently at the peak of the ASX’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Monday

Pilbara Minerals Ltd (ASX: PLS)

Pilbara Minerals is our first share to check off today. This ASX 200 lithium producer had had a sizeable 14.49 million of its shares traded on the markets so far. This may be the result of the announcement Pilbara made this morning. The company is pressing ahead with its lithium conversion facility that it’s undertaking in a joint venture with the Korean company Posco. The markets don’t seem to be in an approving mood though, with the Pilbara share price currently down by 3.75% to $3.08. It could be a combination of these events which has led to so many shares trading today.

Paladin Energy Ltd (ASX: PDN)

Tuning to another resources company, we have ASX 200 uranium share Paladin. So far today, a hefty 20.96 million Paladin shares have been bought and sold. There’s been no major news or announcements out of Paladin today. However, the company has also suffered a nasty share price fall. The Paladin share price is currently down by 2.76% at 88 cents. It’s this drop that is likely to be the smoking gun behind Paladin’s high volumes today.

AVZ Minerals Ltd (ASX :AVZ)

Another ASX 200 lithium share in AVZ caps off our list today. This Monday has seen a notable 23.83 million AVZ shares swap hands so far. It’s a similar story here too. No news out of AVZ but a painful share price drop. In this case, the AVZ share price is presently down a nasty 4.91% at $1.065. This is probably the reason why we are seeing AVZ top out the ASX 200’s most traded shares so far this Monday. Despite today’s share price fall, AVZ shares are still up an impressive 253% over the past six months alone.

The post Here are the 3 most heavily traded ASX 200 shares on Monday appeared first on The Motley Fool Australia.

More reading

• Why A2 Milk, Ionic Rare Earths, Pilbara Minerals, and Tyro shares are dropping
• Here are the best and worst performing ASX sectors of the quarter
• Why is the Macquarie share price underperforming today?
• The Endeavour share price has notched up 4 all-time highs in a week. What’s happening?
• ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition

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 Bruce Jackson.

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This year so far has been a downhill rollercoaster for the Wesfarmers Ltd (ASX: WES) share price.

It’s currently trading for 19.31% less than it was at the start of the year. Right now, the Wesfarmers share price is $48.43.

For context, the S&P/ASX 200 Index (ASX: XJO) has slipped just 1.45% year to date.

However, Wesfarmers’ home sector – the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) –has slumped 16.97% so far this year.

But could things be about to turn around for one of the Aussie market’s favourite retail (and industrial) conglomerates? One broker is predicting big things from the company in the future. Let’s take a look.

What could the future bring for Wesfarmers’ shares?

The Wesfarmers share price could be getting ready to take off on an upwards trajectory, and the company’s dividends could be along for the ride.

As The Motley Fool Australia’s James Mickleboro recently reported, Morgans is spruiking the company as “one of the highest quality retail portfolios in Australia.”

That portfolio houses some of Australia’s most recognisable storefronts, including Bunnings, Kmart, Target, Officeworks, and even online retailer, Catch.

Its recent acquisition of Australian Pharmaceutical Industries sees Wesfarmers also house Priceline, Soul Pattinson Chemist, and Clear Skincare.

On top of that, Wesfarmers owns a suite of chemical, energy, fertiliser, industrial, and safety brands. It even has an interest in a lithium mine.

With all that on Wesfarmers’ plate, those running the shop must be busy. Fortunately, Morgans believes its led by “a highly regarded management team” and has a “healthy” balance sheet.

Morgans has a $58.50 price target on Wesfarmers’ shares. That represents an upside of nearly 20.8% on the company’s current share price.

Additionally, the broker believes the conglomerate will be posting $1.62 of fully franked dividends per share this financial year and $1.81 per share in financial year 2023.

For context, Wesfarmers handed out $1.78 per share last financial year and $1.52 (plus an 18 cent special dividend) in financial year 2020.

It has also paid out an 80 cent interim dividend late last month.

If Morgans’ prediction comes true, that would leave Wesfarmers with a dividend yield of 3.3% this financial year and 3.69% next financial year, based on its share price at Friday’s close.

The post Can Wesfarmers shares deliver an attractive dividend yield AND 20% upside in 2022? appeared first on The Motley Fool Australia.

More reading

• The Wesfarmers share price tumbled 15% in the March quarter. What’s next?
• Brokers name 2 ASX 200 dividend shares to buy now
• Broker names 3 more of best ASX 200 shares to buy in April
• Coles share price falls amid reports Wesfarmers is selling down its stake: Time to buy?
• 5 things to watch on the ASX 200 on Wednesday

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 owns and has recommended Wesfarmers 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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Shares in Novonix Ltd (ASX: NVX) have been out of favour this year — in stark contrast to last year.

By this time last year, the battery technology company had already climbed approximately 90% in value. Whereas in 2022, the Novonix share price has gone the other way. The company which was formerly surrounded by an avalanche of optimism is now down 41% year-to-date (YTD).

The tectonic shift in sentiment prompts a look at what has been bubbling away inside the $3 billion battery developer.

Excitement now turns to execution

From the speculative small-cap sitting at 20 cents per share to the $6.22 per share battery tech titan of the ASX today, Novonix shares have ridden the wave of excitement built on a booming electric vehicle market.

However, the wind in Novonix’s sails appears to have subsided since the company’s share price reached its all-time high on 2 December 2021. Although perhaps this indicates shareholders are looking for some results before bidding the Novonix share price higher.

For context, even with the retracement in valuation, the battery tech company holds a market capitalisation of $3.03 billion. In February, Novonix reported $4 million of revenue from contracts with customers in the first half. That took revenue for the 12-month trailing period to around $6.9 million.

In other words, the company is trading at 439 times price-to-sales (P/S). There are few multi-billion-dollar companies on the ASX trading at such multiples. Hence, shareholders might be looking for further confirmation that Novonix shares are worth the valuation.

In its half-year financial report to 31 December 2021, Novonix said it is aiming to grow its synthetic graphite production capacity to 10,000 metric tonnes per annum (tpa). Subsequent goals include 40,000 tpa by 2025 and 150,000 tpa by 2030.

Is this the first time Novonix shares have fallen steeply?

In short, this is the most significant fall that Novonix shares have suffered in recent times. However, the high-flyer is not unaccustomed to volatility.

As shown in the chart above, the Novonix share price has fallen more than 40% on two prior occasions in the past year. Prior to the recent landslide, the battery tech player’s share price took a sudden 23% step downwards before charging up to its all-time high.

Finally, shares in the company remain 165% higher compared to a year ago.

The post Have investors fallen out of love with Novonix shares in 2022? appeared first on The Motley Fool Australia.

More reading

• Why is the Novonix (ASX:NVX) share price charging 6% higher?
• These were the best performers on the ASX 200 last week
• The ASX 200 just had its longest winning streak since 2017. What’s doing?
• Novonix (ASX:NVX) share price shoots up 20% this month amid tech snapback
• Buying ASX shares to cash in on the EV and battery metals craze? Read this

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 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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ASX bank shares have pushed higher on Monday in an impressive lunge out of the starting blocks this week.

The S&P/ASX 200 Banks Total Return Index (XBT) is up around 1% on the day, with Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) leading the way, each up around 1% as well.

Elsewhere, Australia New Zealand Banking Group Ltd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) are also net gainers on the day but trail the other majors.

What’s driving bank shares lately?

The prospects of rising interest rates have investors piling into ASX financials on the potential for stronger profit margins and higher earnings.

That’s the view of analysts at Citi and Macquarie, whom each reckon that net interest margins (NIMs) are set to recover sharply over the coming years as the Reserve Bank of Australia (RBA) reshuffles its interest rate regime.

NIMs have been a contentious issue for Aussie banks these past two years. With the cash rate 1 basis point above 0% and real yields on treasury bonds offering similar pessimism, fixed-rate markets have become saturated since the pandemic, a shift that has started to change, Macquarie analysts say.

“With rising fixed rates, mortgage competition has shifted to variable rates,” the broker said in a recent note.

“This tightening cycle is set to reshape the sector’s earnings profile over the next 2.5 years,” Citi analysts wrote in extension, in a separate note.

JP Morgan is onto the same theme, and notes competition has already led to challenges at the NUM level for the larger players.

“There are early signs however that competition in [term deposit] TD markets is beginning to intensify, particularly amongst 2nd tier banks, which have recently started to raise their rates,” the broker noted.

“In previous cycles deposit spreads have tended to deteriorate alongside cash rate rises, as competition increases,” it added.

“Overall, we expect the more mortgage-heavy major banks (CBA/WBC) to face greater NIM pressure in the ST than NAB/ANZ.”

In the meantime, yields on long-dated Australian government bonds crept past 3% for the first time in more than 7 years last week.

That’s sent an impulse throughout equity markets, as investors seek to price in the new levels of risk/reward into portfolios.

As such, analysts say a flavoursome recipe made up of fatter margins and wider profits at the bottom line is ready to serve up to investors this year. That also serves as a good indication of why investors are piling into the sector during the last month.

“We upgrade our sector view to positive with earnings changes [greater than] 10%,” Citi analysts wrote to clients.

In that time, the sector has spiked up by 7.5% to the time of writing, leading the majority of other segments.

As a group, the banking sector is estimated to yield 4.37% from dividends in FY22, delivering a median 9.78% return on equity (ROE) in the process, according to Bloomberg data.

It also currently trades on a price to earnings ratio (P/E) of 15.95x and 1.59x its book value of equity.

Compared to the S&P/ASX 200 Index (ASX: XJO), which is trading on an 18.16x P/E ratio, 2.3x book value and looks to offer a 4.08% dividend yield, Bloomberg data shows. Although, it is set to produce a 16% ROE in FY22, according to estimates.

The post Why are ASX 200 bank shares having such a stellar start to the week? appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to buy today
• 3 ASX 200 shares starting the week with new 52-week highs
• Here’s how CBA shares stacked up over the March quarter
• Is the NAB share price entering a ‘sweet spot’?
• How much are Westpac shares worth in April?

Motley Fool contributor Zach Bristow 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 recommended Westpac Banking Corporation. 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 Adore Beauty Group Ltd (ASX: ABY) share price has dropped another 9% today. That means it has now fallen 64% over the last six months to an all-time low.

But the online beauty product retailer isn’t the only one suffering today. Others in the ASX tech share space have also fallen.

For example, the Cettire Ltd (ASX: CTT) share price has fallen by 5.1%. And the Pointsbet Holdings Ltd (ASX: PBH) share price is down 2.5%.

What’s happening to the Adore Beauty share price?

It has been a challenging period for ASX tech shares. Temple & Webster Group Ltd (ASX: TPW), Xero Limited (ASX: XRO) and Kogan.com Ltd (ASX: KGN) have all fallen since the start of 2022.

The last time the company updated the market was when it released its FY22 half-year result for the six months to 31 December 2021. Revenue increased 18% to $113.1 million for the half, which was a slower growth rate than previous COVID-affected periods.

However, Adore Beauty was optimistic when it told the market about its trading in the second half of the year and its outlook.

Adore Beauty said that it continues to benefit from the structural shift to online shopping. It said that it is positioned for future growth through a combination of new customer growth, high retention levels, and growing brand awareness.

In the first six weeks of FY22, Adore Beauty saw revenue increase 14% year on year. It’s looking to “cement its market leadership position” and capture market share in a large and growing market.

There has been a lot of market focus on interest rate changes and inflation since the start of the year.

Could the company rebound?

UBS has a price target of $4.70 on the Adore Beauty share price. That implies a possible rise of more than 150% over the next 12 months.

The post Why is the Adore Beauty share price tumbling 9% to an all-time low? appeared first on The Motley Fool Australia.

More reading

• Are these 2 ASX tech shares great buys in April 2022?
• Analysts name 2 excellent ASX growth shares to buy and hold
• 2 retailer ASX shares ready to make you rich: experts
• 2 ASX growth shares experts think have exciting futures
• 135% upside? Adore Beauty (ASX:ABY) insiders pounce on beaten-up shares

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. owns and has recommended Cettire Limited, Kogan.com ltd, Pointsbet Holdings Ltd, Temple & Webster Group Ltd, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia owns and has recommended Kogan.com ltd and Xero. The Motley Fool Australia has recommended Adore Beauty Group Limited, Cettire Limited, Pointsbet Holdings Ltd, and Temple & Webster Group 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up a fraction to 7,480.8 points.

Four ASX shares that haven’t fared as well today are listed below. Here’s why they are dropping:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down 4.5% to $4.80. This decline appears to have been driven by a broker note out of Credit Suisse this morning. In response to lockdowns in China and lower birth rate assumptions, its analysts have trimmed their earnings estimates and valuation accordingly. The broker has retained its neutral rating and cut its price target down by 10% to $5.15.

Ionic Rare Earths Ltd (AX: IXR)

The Ionic Rare Earths share price is down 5% to 7.8 cents. This morning the rare earths explorer announced the completion of a $30 million institutional placement. These funds were raised a 7.4 cents per new share, which represents a 10% discount to its last close price. Ionic will use the proceeds for a number of activities including completing the Makuutu Feasibility Study and its application for a mining licence.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 3.5% to $3.08. This morning the lithium miner provided an update on its joint venture with Korea’s Posco. The two companies will push ahead with the construction of a downstream lithium chemicals conversion facility in South Korea. Management believes the facility will put it in a very strong position to participate as one of the few near-term lithium fine chemicals producers with underwritten raw materials supply. However, the cost of the facility was higher than previous estimates.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is down 4% to $1.49. This follows weakness in the tech sector, which has offset the release of the payments company’s weekly trading update. The latter revealed that payment volumes were up 53% over the prior corresponding period last week.

The post Why A2 Milk, Ionic Rare Earths, Pilbara Minerals, and Tyro shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition
• Pilbara Minerals share price higher on lithium conversion facility update
• Guess how much you’d have today if you’d bought $10,000 of A2 Milk shares 5 years ago
• Top brokers name 3 ASX shares to sell next week
• These were the worst performers on the ASX 200 last week

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. owns and has recommended Tyro Payments. The Motley Fool Australia has recommended A2 Milk and Tyro Payments. 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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Although its reputation has taken a battering in recent years, Appen Ltd (ASX: APX) is still one of the most prominent ASX tech shares on the share market. This annotated dataset company made itself into an investing household name a few years ago when it delivered back-to-back double-digit (sometimes triple-digit) share price rises over 2015, 2016, 2017, 2018, and 2019.

But the wheels have arguably fallen off the Appen share price ever since. 2020 was the last time Appen had a record high share price. Back then, this ASX tech share hit a high of more than $40 a share. But that was in August 2020, and it has been downhill for Appen ever since.

Today, the company’s shares are trading at $6.54 each at the time of writing. That’s on par with the pricing we saw back in early 2018.

A series of earnings downgrades, a lack of earnings certainty, and compression of Appen’s price-to-earnings (P/E) ratio have all arguably contributed to Appen’s recent woes.

Is Appen an ASX dividend share?

But even though Appen’s status as a top ASX growth share has taken a battering, its dividend history is an entirely different tale. Unlike many ASX tech shares, Appen does pay a dividend. And what’s more, the company has been able to keep its shareholder payouts growing fairly consistently, despite the difficulty it has had with its share price.

Appen has been an ASX dividend share for years. In 2015, the company doled out dividends worth just 1.2 cents per share. But a series of consecutive annual increases saw the company end 2021 having paid out 10 cents per share – an almost ten-fold increase in six years.

2021 saw an interim dividend of 4.5 cents per share, as well as a final dividend of 5.5 cents. Both payments were partially franked at 50%. But Appen has also paid out one dividend in 2022 so far. That was the company’s final payment, which came in at 5.5 cents per share. It was paid out on 18 March.

At the current Appen share price, that gives this ASX 200 tech share a dividend yield of 1.53%.

The post Do Appen shares pay dividends? appeared first on The Motley Fool Australia.

More reading

• Why are ASX 200 tech shares having such a dire day?
• Tech recovery? Appen share price jumps 4% higher
• These were the worst performing ASX 200 shares during the first quarter
• Why is the Appen (ASX:APX) share price surging 6% higher today?
• 3 ASX growth shares down more than 50% in a year

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. owns and has recommended Appen Ltd. 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 Webjet Limited (ASX: WEB) share price is back in the red on Monday despite the company’s silence.

Though, it’s not alone in its slip. Many S&P/ASX 200 Index (ASX: XJO) travel stocks are also trading lower today.

At the time of writing, the Webjet share price is $5.29, 1.86% lower than its previous close.

For context, the ASX 200 has spent most of Monday’s session in the green. It’s currently up 0.07%.

Meanwhile, Webjet’s home sector – the S&P/ASX Consumer Discretionary Index (ASX: XDJ) – has slipped 0.76%.

But what else could be weighing on the ASX 200 travel agency’s stock today? Let’s take a look.

What’s going on with the Webjet share price?

The Webjet share price is slipping lower again on Monday. It follows the stock’s 2.8% tumble on Thursday and 0.7% slip on Friday.

It comes amid reports of major delays facing Australians looking to travel in the lead up to the Easter holidays.

According to the Guardian, Sydney Airport has warned travellers that recent delays causing passengers to miss flights could last for weeks amid a shortage of security staff.

The airport previously said the Easter school holidays will be its busiest period for domestic air travel in more than 2 years.

Meanwhile, Qantas Airways Limited (ASX: QAN) apologised to customers facing long waits when trying to contact the airline on Thursday.

“Our call volume has increased from an average of 7,500 calls a day to 14,000 calls a day,” said Qantas.

“[C]alls on average [are] taking 50% longer to resolve than pre-COVID given the complexity of some itineraries across more than one airline where routes are re-opening and flights are re-starting at different times.”

Another factor that could be weighing on the Webjet share price is the company’s short position.

As The Motley Fool Australia’s James Mickleboro reported earlier today, Webjet is currently the ASX’s fourth most shorted stock. 10.2% of its shares are in the hands of short sellers, meaning market participants are betting against its future performance.

Additionally, international travel shares struggled at the end of last week, potentially driving sentiment for their Aussie counterparts lower today.

The share prices of Booking Holdings Inc (NASDAQ: BKNG), Expedia Group Inc (NASDAQ: EXPE), and Airbnb Inc (NASDAQ: ABNB) fell 2%, 1.2%, and 2% respectively on Friday.

Finally, the Webjet’s ASX travel peers are also seeing their share prices tumble today.

That of Flight Centre Travel Group Ltd (ASX: FLT) and Corporate Travel Management Ltd (ASX: CTD) are currently down 0.49% and 1.19%.

The post Why is the Webjet share price having such a lousy start to the week? appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• What went so wrong for ASX travel shares today?
• The Webjet share price is tumbling 5% on Thursday. Could this be why?
• ASX travel shares have been flying higher over the past month. Here’s why
• Why this broker thinks the Webjet share price can fly 26% higher

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. owns and has recommended Airbnb, Inc. and Booking Holdings. The Motley Fool Australia has recommended Booking Holdings, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet 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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