Tag: Motley Fool

The Piedmont Lithium Ltd (ASX: PLL) share price was on fire again on Wednesday and stormed notably higher.

At one stage, the US-based lithium miner’s shares were up as much as 32% to a new record high of 82 cents.

The Piedmont Lithium share price ultimately closed the day 28% higher at 80 cents. This means its shares are now up 515% from 13 cents a year ago.

Why did the Piedmont Lithium share price rocket higher?

Investors were buying Piedmont Lithium shares despite there being no news out of the company today.

However, a number of lithium miners were on the charge today as investor interest in the sector continues to heat up.

For example, the Vulcan Energy Resources Ltd (ASX: VUL) share price jumped 20% and the Lake Resources N.L. (ASX: LKE) share price stormed 55% higher.

What’s been happening at Piedmont Lithium?

It certainly has been a busy few months for Piedmont Lithium.

The most recent development out of the company came earlier this month when it announced an investment into fellow lithium miner Sayona Mining Ltd (ASX: SYA).

As part of the deal, the two companies have signed a strategic partnership that will accelerate the development of Sayona’s lithium projects in Québec, Canada.

The two companies have also agreed a binding offtake arrangement under which Piedmont Lithium will acquire up to 60,000 tonne per annum of spodumene concentrate or 50% of Sayona Québec’s production, whichever is greater.

That spodumene concentrate could end up being put into the batteries of Tesla vehicles. Late last year it signed a binding sales agreement with Tesla.

The two parties have signed an initial five-year term for the supply of spodumene concentrate (SC6) from Piedmont Lithium’s North Carolina deposit. The deal also includes the option for a further five-year extension by mutual agreement.

What’s next?

The next major milestone to keep your eyes open for is the definitive feasibility study (DFS) at the Piedmont Lithium Project.

This is scheduled to be complete in the middle of the calendar year. The company’s President and CEO, Keith D. Phillips, is optimistic that it is sitting atop an asset that will benefit greatly from the electric vehicle (EV) revolution.

He said: “The Carolina Tin-Spodumene Belt is one of the world’s most prolific lithium belts and we are hopeful that we will ultimately delineate North America’s largest spodumene resource, ideally located in North Carolina to power North America’s clean energy storage and EV revolution.”

More reading

• Zip and Vulcan were among the most traded ASX shares last week
• Why Booktopia, Nitro, Reliance, & Vulcan shares are charging higher
• Why the Vulcan (ASX:VUL) share price is storming 12% higher today
• Why IDP Education, Lake Resources, Mach7, & Tyro shares are shooting higher
• Here’s why the Lake Resources (ASX:LKE) share price is rocketing 24% today

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.

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Shares in the Little Green Pharma Ltd (ASX: LGP) are rocketing higher today. This comes after the company announced it has won a contract award with the French Government.

During morning trade, the Little Green Pharma share price reached within a whisker of its all-time high of 68 cents. Its shares topped out at 67 cents, before pulling back to 64 cents, up 10.3%.

What did Little Green Pharma announce?

In today’s release, Little Green Pharma advised that it has been selected as the primary supplier of medicinal cannabis oils for a national French medicinal cannabis trial.

The new appointment will see the company partner up with French leading pharmaceutical distributor, Intsel Chimos.

Little Green Pharma will begin a 2-year trial to supply its medicinal cannabis products for the treatment of clinical conditions. The study will look at the efficacy and safety of up to 3,000 patients undertaking medicinal cannabis therapy.

The company highlighted that as a result of being selected for the trial, it will create a significant first-mover advantage. The study is currently the only pathway for medicinal cannabis to be supplied to the French market.

If successful, Little Green Pharma estimates that the legalised medicinal cannabis sector could potentially be worth €4 billion (AUD$6.3 billion) annually.

Words from the managing director

Little Green Pharma managing director Fleta Solomon welcomed the new deal, saying:

We are very proud of our partnership’s success in the French national tender and see this tender win as strong evidence of LGP successfully implementing its export-led global sales strategy and demonstrating the benefits of Australian Good Manufacture Practices (GMP) quality manufacturing in global pharmaceutical markets.

We believe the trial will demonstrate the partnership’s credibility and reliability to the French medical community, giving both companies a significant competitive advantage once medicinal cannabis is legalised in France.

…We trust this marks the beginning of a long and rewarding partnership as we look to grow and cement our reputation amongst French patients and prescribers as a world-class medicinal cannabis supplier.

How has the Little Green Pharma share price performed?

The Little Green Pharma share price has travelled 82% higher since listing on the ASX boards in February 2020.

In March last year, the company’s shares took a dive to 17 cents from the impacts of COVID-19. However, in the following months, its shares have rebounded to now be within reach of breaking its all-time high record.

More reading

• What does the Biden administration mean for ASX shares? 

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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

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

Corporate Travel Management Ltd (ASX: CTD)

According to a note out of Credit Suisse, its analysts have upgraded this corporate travel specialist’s shares to an outperform rating with an improved price target of $22.00. The broker is expecting Corporate Travel Management’s performance to improve greatly in FY 2022 thanks to market share gains, pent-up demand, and higher levels of profitability. Based on this, it estimates that its shares are changing hands for ~25x FY 2022 earnings today, The Corporate Travel Management share price is currently trading at $17.17 this afternoon.

Harvey Norman Holdings Limited (ASX: HVN)

Analysts at Morgan Stanley have upgraded this retail giant’s shares to an overweight rating with an improved price target of $6.00. According to the note, the broker has been looking at the retail sector and believes Harvey Norman is well-placed to benefit from growing demand for household goods such as appliances and furniture. This is expected to underpin generous dividend payments over the coming years. The Harvey Norman share price is trading at $5.38 today.

Vocus Group Ltd (ASX: VOC)

A note out of Goldman Sachs reveals that it has a conviction buy rating and $4.70 price target on this telco’s shares. According to the note, Vocus is Goldman’s preferred pick in the telco sector. It notes that it is entering the third and final year of its turnaround strategy and is the only large telco to be growing earnings. This is being driven by strong execution in its Vocus Network Services division. The broker expects Vocus to deliver first half EBITDA growth of 1% to $192 million before growing it 3% for the full year to $393 million. The Vocus share price is fetching $4.20 this afternoon.

More reading

• This ASX company will double its earnings this year: fundie
• Why ASX travel shares like Webjet (ASX:WEB) fell lower on Monday
• Brokers name 3 ASX shares to buy right now
• Why this top broker thinks the Telstra (ASX:TLS) share price could surge ~40%
• With retail sales numbers rising, how are these 3 ASX shares performing?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management 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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The Regional Express Holdings Ltd (“Rex”) (ASX: REX) share price is rising today. The Rex share price is currently trading at $1.76 a share — that’s a 2.92% gain for the day and a gain of more than 50% over the past year.

As the smallest of Australia’s three airlines sets its sights on the major cities, let’s take a look at its recent moves and the latest news out of the industry.

Rex celebrates Australia Day in Sydney with no sign of Qantas or Virgin

During yesterday’s Australia Day celebrations, some Sydneysiders would have been surprised to see a Rex airplane soaring over the Sydney Harbour.

According to today’s Australian, this annual tradition is usually carried out by Qantas Airways Limited (ASX: QAN), which zooms through in an A380 and hands Tim Tams out at the luggage carousels.  

In the past, Virgin Australia has also joined the Australia Day celebrations, serving up classic Aussie treats in its lounges.

With neither bigger sibling making an appearance this year, Rex seized the opportunity to promote its latest fleet addition, a Boeing 737.

Rex gears up to compete with Qantas and Virgin Australia

Starting 1 March, borders permitting, Rex will operate its first Sydney–Melbourne flight. Following the Easter holiday, Rex intends to add Brisbane flights as well.

Earlier this month, the Australian Financial Review (AFR) published a commentary questioning whether Rex is strong enough to compete in this space. It argues that  between the aggressive business strategy of Qantas combined with the new set of private equity hands steering the Virgin Australia ship, Rex might be out of its depth.

A second commentary at the AFR published 18 January takes the opposite position. It states that with a company history that dates back 70 years, there’s no better contender to face up to the bigger players. The article points out that Rex has made operational profits every year since the 2004 financial year and “is probably one of only three listed airlines in the world that has been able to do so”.

Navigating an industry in flux

As Rex positions itself in Sydney, Qantas and Virgin Australia prepare for new competition. Both companies are also currently dealing with border closure problems caused by international flight restrictions, an issue Rex doesn’t have.

As reported by the AFR, Virgin Australia recently proposed an ‘AviationKeeper’ pitch to the government. Via a joint letter written with the Transport Workers’ Union and Australian Services Union, the letter proposed that if international borders remain closed for the next year, an ‘AviationKeeper’ scheme must be enacted to support the industry.

Qantas was asked if it wanted to sign the letter and the company declined.

The Qantas share price has taken a roughly 28% beating over the past 12 months. At time of writing, the Qantas share price is $4.67, down just over 2%.

In comparison, the Rex share price is up nearly 3% today and has climbed more than 57% over the past year.

More reading

• Why ASX travel shares like Webjet (ASX:WEB) fell lower on Monday
• Aussies ready to splash on travel, entertainment, cars
• Risk vs uncertainty: why one is a lot worse
• End Qantas-Virgin duopoly, says ACCC
• Either Rex or Virgin will perish: Qantas boss

Motley Fool contributor Gretchen Kennedy owns shares of Qantas Airways Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Novonix Ltd (ASX: NVX) share price has been on a rollercoaster ride in Wednesday’s trade. 

Shares in the Aussie lithium-ion battery group jumped to a new record high of $4.23 per share in early trading, before crashing to a low of $2.95. That’s a drop of almost 15%.

At the time of writing, the Novonix share price has recovered slightly and is currently trading at $3.34, down 7.5%.

Why is the Novonix share price wobbling today?

Novonix is an integrated developer and supplier of high-performance materials, equipment, and services for the lithium-ion battery industry.

In the absence of any fresh announcements to the ASX, could the volatile Novonix share price movement be down to the latest company announcement on 21 January?

In that release, Novonix advised its wholly owned US-based subsidiary, PUREgraphite, has been selected to receive a ~US$5.6 million grant by the US Department of Energy (DOE) for new technology development.

The grant funding will support the development of high efficiency furnace technology for lithium-ion battery synthetic graphite material.

Novonix chief executive, Dr Chris Burns, was positive about the grant. Dr Burns said the new furnace technology will be “industry leading” and “state of the art” in energy efficiency, environmental impact and capital cost.

Investors snapped up the company’s shares following that announcement, and the surge continued this morning before this afternoon’s dramatic plummet.

Foolish takeaway

Despite today’s rollercoaster ride today, the Novonix share price remains up 150 per cent this month.

Novonix has recorded steady revenue growth in recent years, with total income climbing from $0.10 million in June 2017 to $5.04 million in June 2020. The strong momentum throughout January has also seen above average trading volumes.

Novonix’s 5-day average trading volume is sitting at 9.3 million through to 27 January compared to an average of 3.2 million according to ASX data.

More reading

• The Syrah (ASX:SYR) share price is up 8% today. Here’s why
• Why the Novonix (ASX:NVX) share price rocketed 36% higher to a record high
• Here’s why the Novonix (ASX:NVX) share price is surging 17% higher
• These 3 ASX shares all posted massive gains today

Motley Fool contributor Ken Hall 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.

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

If you’re in the market for an investment in the chip industry, you’ve likely considered powerhouse players Qualcomm Inc (NASDAQ: QCOM) and NVIDIA Corporation (NASDAQ: NVDA). The former has a long history dominating the cellular chip space, and the latter is currently a leader in the graphics processing unit (GPU) market. 

Both tech companies are positioning themselves to benefit from long-term chip trends, but which is a better buy right now? Let’s take a closer look at what each is doing to grow its business to find out. 

The case for Qualcomm 

Qualcomm’s bread and butter for many years has been the company’s long list of 3G and 4G patents that it collected royalties on from device makers. Qualcomm was involved in several years-long battles with other tech companies over how much it receives for its patent royalties, but much of that has been settled now. 

The company’s chip business is still alive and well and sales to device makers, including Apple, Samsung, and Xiaomi, account for about three-quarters of the company’s total revenue. The rest of the company’s sales come from its licensing business, which still brings in most of Qualcomm’s profit. 

Qualcomm is banking on the next wave of cellular devices, 5G smartphones, as a potential catalyst for its business. While 5G could take a few years to fully take off, Qualcomm already has 110 5G agreements with smartphone makers and all of the major handset manufacturers for its 5G licensing. 

Qualcomm is optimistic that 5G could boost its business because it estimates that the number of 5G-enabled smartphones will grow 150% this year. 

The case for NVIDIA

NVIDIA’s core business is designing graphics processors for gaming and data centers. The company’s GPUs do a fantastic job of processing images and graphics quickly, which makes them great for gaming and for artificial intelligence processing as well. 

Tech companies are increasingly needing to use GPUs to help assist other processors and, as a result, NVIDIA’s data center sales grew an astonishing 162% in the most recent quarter (reported on Nov. 18). Meanwhile, NVIDIA’s GPU sales in the gaming market continue to grow as well. The company’s gaming segment revenue grew 37% in the most recent quarter and still represents 48% of the company’s total sales.

The long-term opportunities for NVIDIA come from the ways its chips can be used by other tech companies and its current market position over competitors like Advanced Micro Devices. Not only is NVIDIA a GPU leader, but its chips are tapping into long-term growth trends in gaming, AI cloud computing, and 5G data centers. 

The global GPU market was worth an estimated $19.8 billion in 2019 but will balloon to $200 billion by 2027. With NVIDIA already tapping into key markets and leading its rival in the GPU space, the tech giant is well-positioned to continue growing. 

The verdict: Buy NVIDIA 

While Qualcomm certainly has some potential to be a good investment, NVIDIA’s diversification of its GPU business across data centers, gaming, and future tech (think driverless cars) makes the company a better long-term bet. On top of that, NVIDIA’s core businesses are performing well and providing stability for the company as it pursues new revenue opportunities. All of this gives NVIDIA an edge over Qualcomm in this match-up.

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

More reading

• 3 reasons to sell a share

Chris Neiger 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 Apple, NVIDIA, and Qualcomm. The Motley Fool Australia has recommended Apple and NVIDIA. 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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There are some ASX payment shares that are growing rapidly which could be worth a look.

Some businesses are driving the evolution for making payments and transfers in an electronic form rather than cash. 

These are two of them:

EML Payments Ltd (ASX: EML)

EML Payments has a number of different payment services for clients to use. The company has general purpose reloadable offerings such as gaming payouts with white label gaming cards, salary packaging cards, commission payouts and rewards programs. EML Payments also offers physical gift cards, shopping centre gift cards and digital gift cards. Finally, the company offers virtual account numbers.

The ASX payment share was one of the companies that was significantly sold off during last year, dropping from $5.66 to $1.33. It has since recovered to around $4 as somewhat normal living and EML’s financial performance returned.

In the first quarter of FY21 EML’s total revenue grew 20%, compared to the fourth quarter of FY20, to $40.6 million. The amount of earnings before interest, tax, depreciation and amortisation (EBITDA) generated by the ASX payment share in the FY21 first quarter was $10 million, which was 69% higher than the fourth quarter of FY20.

Dominic Rose from Montgomery Lucent Investment Management said at the start of December that the company was bouncing back well from COVID-19 impacts. He said: “the recent encouraging vaccine news materially increases confidence in a solid earnings recovery in FY22. Market estimates are for earnings before interest, tax, depreciation and amortisation to rebound 40 per cent in FY22 to $74 million, still well below pre-COVID expectations of $95-100 million.

“Looking back, one positive arising from the pandemic was EML’s ability to reprice and restructure the Prepaid Financial Services (PFS) deal in late March, allowing the company to retain a strong balance sheet ($118 million net cash as at the end of June) which offers optionality for further acquisitions. Valuation remains attractive for the growth potential of the business, in our view, with the stock trading on 12x recovered EBITDA (FY23 EBITDA $93 million).”

According to CommSec, the EML share price is valued at 38x FY23’s estimated earnings.

Pushpay Holdings Ltd (ASX: PPH)

Pushpay is an electronic donation ASX payment share. It assists large and medium US churches to receive payments from donators.

The company has big goals – it is aiming for a 50% market share of the sector, which could translate into US$1 billion of annual revenue with all of the processing volume that could be done at that time.

Pushpay continues to boast of operating leverage and it’s expecting more to come over the rest of FY21 after revealing that its FY21 EBITDAF (EBITDA and foreign currency) was expected to be higher, in a range of US$56 million to US$60 million.

The technology company recently announced that it had allocated an initial investment of resources into developing and enhancing the customer proposition for the Catholic segment of the US faith sector. Management said that this represented a significant milestone as Pushpay continues to execute on its strategy to become the preferred provider of mission critical software to the US faith sector.

Fund manager Ben Griffiths from Eley Griffiths said: “Over the last 12 months it has become clear Pushpay is at an inflection point for both cashflow and earnings. Under the stewardship of CEO Bruce Gordon, Pushpay has transitioned from a founder-led investment phase into an optimize/monetization phase. What is more surprising is the very conservative nature of the accounts (a rarity in small cap tech, outside Iress Ltd (ASX: IRE)). We believe the next few years for Pushpay will be rewarding and that COVID-19 will accelerate the already entrenched trend to digital giving/engagement from cash.”

According to Commsec, the Pushpay share price is valued at 20x FY23’s estimated earnings.

More reading

• 3 explosive ASX growth shares that could be strong buys
• 3 exciting ASX tech shares to buy
• Got cash to invest? Here are 3 ASX shares to buy
• 3 extraordinary ASX shares to buy right now
• 3 compelling ASX growth shares to buy

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends EML Payments. The Motley Fool Australia owns shares of and has recommended EML Payments and PUSHPAY FPO NZX. 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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Cryptocurrencies have once again piqued the interest of some retail investors, as the likes of Bitcoin and Ethereum have reached new all-time highs.

And this time it could be fair dinkum. There are reports institutional investors have finally started buying up electronic currencies.

Bitcoin has quadrupled in price in the past 12 months, making it one of the best-performing assets over the COVID-19 period.

But to many share investors, they remain a bit of a mystery. 

How does one acquire them? How do you store them safely? How liquid are they?

Buying shares in cryptocurrency

One idea floated for many years is the concept of a cryptocurrency-based exchange traded fund (EFT).

This would allow the convenience of just purchasing shares to gain exposure to the wild fortunes of the cryptocurrency world.

Kraken managing director Jonathon Miller said such a product would also have implications for authorities.

“Comments from institutional crypto fund managers such as Digital Asset Capital Management’s Richard Galvin stress the benefits crypto-ETFs would bring for regulators – mainly due to transactions then flowing through traditional brokers, which regulators are familiar with,” he said.

“ETFs have proven an incredibly popular investment vehicle, and their ability to minimise volatility by spreading risk across a given industry or asset class on paper would make it appealing in the hyper-volatile world of cryptocurrencies.”

While in the US there are investment vehicles like Grayscale Bitcoin Trust (Btc) (OTCMKTS: GBTC) that act like a crypto-ETF, nothing has yet appeared in Australia.

So will we finally see a cryptocurrency ETF debut on the ASX in 2021?

“On balance, we think crypto ETFs on the ASX this year are unlikely,” said Miller.

Incoming US Treasury secretary Janet Yellen has indicated that cryptocurrencies must be kept in check because of concerns that they’re used for money laundering.

“Many nations will look to the [US Securities and Exchange Commission] for leadership, and it has a strong incentive not to rock the boat right now,” Miller said.

“We will get there in the end, but it will be the growing understanding of cryptocurrency amongst progressive institutional investors that will make it happen.”

Alternatives to an ASX-listed cryptocurrency ETF

If you have a share trading account that can access US markets, Australians wanting to dabble in cryptocurrencies do have some options.

The Motley Fool US’ Rick Munarriz last month listed 3 ways he’s dipped his toe in the water:

1. Buy shares in Grayscale Bitcoin Trust
2. Buy shares in MicroStrategy Incorporated (NASDAQ: MSTR)
3. Take the plunge and buy cryptocurrencies directly

MicroStrategy is a business intelligence software maker that’s been in decline the past 6 years. But it’s been making headlines over that time by buying up lots of Bitcoin.

“MicroStrategy has purchased an additional 29,646 bitcoins for US$650 million at an average price of US$21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for US$1.125 billion at an average price of US$15,964 per bitcoin,” said chief executive Michael Saylor last month on Twitter.

According to Munarriz, that US$1.125 billion is now worth US$1.9 billion for the company.

More reading

• Zip and Vulcan were among the most traded ASX shares last week
• Here’s why the Crowd Media (ASX:CM8) share price is plunging 14% today
• Here are the US shares ASX investors are buying
• Why the Genetic Signatures (ASX:GSS) share price is edging higher
• Here’s why the AMA (ASX:AMA) share price is crashing lower today

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

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Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Here’s the data:

Zip Co Ltd (ASX: Z1P)

Zip was the most heavily traded share last week and attributable to a massive 5% of total trades on the CommSec platform. But despite the Zip share price surging 29% higher for the week following its second quarter update, only 52% of these trades came from the buy side. Zip reported a significant increase in transaction value thanks largely to its US business.

Vulcan Energy Resources Ltd (ASX: VUL)

This clean lithium developer’s shares were in demand with investors last week. So much so, they were attributable for 2.8% of total trades on the CommSec platform. Approximately two-thirds of these trades came from buyers. These investors will be pleased to have seen the Vulcan share price continue its ascent. At the end of last week, its shares were up 164% in 2021 thanks to its very promising pre-feasibility study.

Strategic Elements Ltd (ASX: SOR)

Also popular with investors last week was Strategic Elements. It is an investment and development company with a focus on brain-inspired (neuromorphic) computing hardware. Approximately 2.3% of trades on CommSec involved its shares last week, with 63% coming from buyers. They appear excited by its Nanocube Memory structure, which is aiming to combine computing and memory in one place in a way similar to how biological neurons operate.

Lithium Australia NL (ASX: LIT)

This lithium miner was heavily traded last week and accounted for 1.4% of trades on CommSec. 68% of the trades came from buyers, who will have been delighted to see the Lithium Australia share price rocket 61% higher over the five days. This followed news that Lithium Australia has entered into an acquisition and joint venture agreement with Galan Lithium Ltd (ASX: GLN).

Pilbara Minerals Ltd (ASX: PLS)

Finally, another lithium miner makes the top five this week after accounting for 1.4% of trades on the platform. Once again, the buying was strong, with 68% of trades coming from the buy side. Unfortunately for these buyers, though, is that the Pilbara Minerals share price dropped lower during the week.

More reading

• Why Booktopia, Nitro, Reliance, & Vulcan shares are charging higher
• Why the Vulcan (ASX:VUL) share price is storming 12% higher today
• 2 ASX growth shares to buy in February
• Leading brokers name 3 ASX shares to sell today
• These ASX 200 shares are on fire in 2021

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 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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Crowd Media Ltd (ASX: CM8) shares are are plunging today following a shock change to the company’s leadership team. At the time of writing, the Crowd Media share price is down a sizeable 13.8% to 5 cents.

While most of the ASX market is trending lower, Crowd Media is one of the many companies leading the downfall.

What’s driving the Crowd Media share price lower?

The Crowd Media share price is falling after the company announced the shock retirement of its CEO, Mr Domenic Carosa.

According to its release, Crowd Media advised that Mr Carosa tendered his resignation to the board in order to spend more time on his recently Canadian-listed company, Banxa Holdings Inc.

Crowd Media revealed that by mutual agreement, Mr Carosa will leave the company on 31 March 2021.

During the transition period, Mr Carosa will serve as a non-executive director and provide consulting on an as-needed basis. This will include assisting with the development of the company’s Horizon 2 and Horizon 3 projects.

Crowd Media chair Mr Steven Schapera and director Mr Robert Quandt will take over the reins, moving into interim executive roles. The company stated it will now begin the search to find a replacement CEO for Mr Carosa. Mr Carosa maintains a 6% holding of Crowd Media shares.

What did management say?

Mr Schapera praised Mr Carosa on his efforts to turn the company around. He said:

Domenic has demonstrated honesty, integrity, and true grit during his time at Crowd. Under his leadership he now hands over a stable ship, a stronger balance sheet, and – most importantly – a company that now has the capability to translate the most recent advances in AI research into innovations that will reshape the way consumers think about e-commerce experiences and move us closer to our $1B target.

Retiring CEO Mr Carosa commented:

This has been a very hard decision for me to take after so many years as CEO, but the time feels right for me to hand over the role to someone else so that I can focus on my fintech opportunity. My interests are aligned with Crowd via my shareholding and Directorship and I have confidence in our Chairman Steven Schapera and the team and will continue to assist in any way I can.

Crowd Media share price snapshot

Despite today’s drop, the Crowd Media share price has performed well over the last twelve months, increasing by 150%.

Crowd Media shares hit an all-time low of 1 cent back in March, before gradually increasing along a wobbly path. Travelling on ups and downs until October, the company’s shares shot up to reach a multi-year high of 10 cents in November 2020.

Based on the current Crowd Media share price, the company commands a market capitalisation of around $31 million.

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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.

The post Here’s why the Crowd Media (ASX:CM8) share price is plunging 14% today appeared first on The Motley Fool Australia.

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