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The Woolworths Group Ltd (ASX: WOW) share price is edging higher today despite a recent sell-down by the company’s CEO.

At market close on Monday, the Woolies share price finished up 0.2% at $34.67.

In contrast, the S&P/ASX 200 Index (ASX: XJO) backtracked to 6,719.9 points, down 0.29%.

CEO offloads Woolworths shares

Investors appear unfazed by the company’s latest announcement, sending the Woolworths share price into positive territory.

According to the release, Woolworths CEO Brad Banducci sold a portion of his shares between 30 August and 1 September.

In total, 230,000 Woolworths shares were offloaded in an on-market trade for an average price of $36.36 per share. The transaction equates to the value of $8.36 million.

While this isn’t uncommon, as CEOs sell for various reasons, the company noted the sale was due to fund taxation obligations.

However, this was after Banducci received 111,849 shares as part of his remuneration, following the vesting of performance share rights on 26 August. The value of this is around $4.11 million (at $36.76 apiece).

Following the sale, Banducci now has a shareholding of 247,578 Woolworths shares, which are held in a family trust.

The last time Banducci offloaded his Woolworths shares was in August 2021, when he sold 140,000 shares at $41.45 each.

Woolworths share price snapshot

Despite edging higher today, the Woolworths share price is down 12% over the last 12 months.

Based on today’s price, Woolworths commands a market capitalisation of approximately $42 billion, with about 1.21 billion shares on hand.

The post How many Woolworths shares does the CEO hold after his $8.4 million sell-down? appeared first on The Motley Fool Australia.

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More reading

• Are these ASX blue-chip shares losing their defensive benefits?
• Attention Endeavour shareholders: Here’s some news on your dividends
• Have Woolworths shares ‘got their mojo back’?
• Supermarket shakeup: Do Coles shares offer better dividends than Woolworths?
• Down 6% in a month, is September a good time to buy Woolworths shares?

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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The Allkem Ltd (ASX: AKE) share price has performed well today and is now trading around 3% in the green at $15.39.

Investors have rallied behind the share today on no news. So what’s the deal? And does Allkem represent compelling value as an investment right now? Let’s take a look.

Allkem share price edges higher

Whilst there’s been no market-sensitive information released today, the price of lithium carbonate continues to be a standout amongst the ASX lithium basket.

Whilst most other commodity baskets have cooled off in recent months, prices for the unrefined battery metal have nudged back to its all-time high of A$105,860 per tonne today.

A number of catalysts have weighed in, but most notably, the asymmetry in the demand for electric vehicles (EV) and supply of lithium is chiefly responsible for the upside.

It places serious doubts over Goldman Sachs’ projections earlier in the year calling for the end to the battery metals bull market, and that the lithium trade had been exhausted.

However, as it goes in markets, a fresh set of catalysts has emerged and this includes legislative changes in the U.S. under the ‘inflation reduction act’ that sees tax breaks for EV owners.

And zooming out, we can see the strengths across the board in the ASX lithium basket, trends that have been building on each other for some time now.

For Allkem, the number of buyers still bidding up lithium shares has been tremendously positive, with the share recently kissing its 52-week high of $15.99 on 13 September before pulling back to range.

Does the Allkem share price represent value?

Firstly, Allkem came in with a strong set of numbers in its FY22 annual report. Looking at the cash flow statement, it printed net cash from operations of $396 million, up from $45 million the year prior.

Meanwhile, capital expenditures (CAPEX) was up 64% year on year to $161 million made up of additional investment in property, plant and equipment (PP&E).

It brought this down to a net income of $324 million and also realised free cash flow of $294 million, each up more than triple digits from last year.

The share is also trading at a 19.7 times price-to-earnings ratio (P/E) and it is priced at 2.15 times book value of equity (P/Book).

Compared to the GICS Metals & Mining Industry median P/E and P/Book, the share is trading at a premium of 55% and 2.4% respectively.

Allkem is also trading at a premium to its 3-year P/E and P/Book historical averages by 42% for both, according to Refinitiv Eikon data.

Hence the question becomes if these figures do represent value, or if the slight premium relative to peers and historical averages is justified by the company’s strong FY22 performance.

Brokers remain tilted bullish with 9 out of 14 analysts still advocating to buy, down from 11 saying it’s a buy one month ago, per Refinitiv.

However, the consensus price target is $16.53 from the list, indicating a small amount of upside to be captured if the group is correct.

Net-net, it appears as if there’s a case to be made for the share to be trading at a premium. However, a further pullback in the Allkem share price would bring the multiples listed above closer to the peer group.

In the meantime, the Allkem share price has lifted more than 64% in the past 12 months.

The post Why is the Allkem share price bolting out the gate on Monday? appeared first on The Motley Fool Australia.

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More reading

• 2 fantastic ASX 200 shares analysts say are buys
• ASX lithium shares take a beating on Friday
• Back baby! 5 ASX lithium shares smashing all-time highs today
• The Vulcan share price sank 7% today in ASX sea of red
• 3 ASX 200 mining shares that smashed all-time highs on Tuesday

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 Scott Phillips.

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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Airtasker Ltd (ASX: ART)

According to a note out of Morgans, its analysts have retained their add rating and $1.05 price target on this small jobs marketplace provider. Whilst the broker acknowledges the current volatile market conditions and broader sector sentiment, it continues to remain attracted to the strong growth opportunity ahead for Airtasker. This is based on the company successfully implementing its strategy of penetrating the “prodigious TAM opportunity” both at home and overseas. The Airtasker share price is trading at 35 cents on Monday.

CSL Limited (ASX: CSL)

A note out of Macquarie reveals that its analysts have retained their outperform rating and $329.50 price target on this biotherapeutics company’s shares. Macquarie highlights that CSL’s recent phase 3 trial of garadacimab was successful and brings the hereditary angioedema (HAE) treatment closer to approval. The broker believes it could command almost half of the market in the coming years if it is approved by regulators. The CSL share price is fetching $283.09 today.

GPT Group (ASX: GPT)

Analysts at Citi have upgraded this property company’s shares to a buy rating with a $4.90 price target. The broker made the move on valuation grounds after significant weakness in 2022. Citi highlights that GPT’s shares have fallen ~25% year to date and are now trading at a ~35% discount to NTA with a forward PE of ~12x. In Citi’s view, this is starting to present a reasonable margin of safety. The GPT share price is trading at $4.13 on Monday.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• These are the top ASX 100 buy ideas from Macquarie
• 2 blue chip ASX 200 shares to boost your portfolio: experts
• The CSL share price has gone backwards in 2022. Could a turnaround be ‘just starting to happen’?
• ASX 200 better buy: Cochlear or CSL shares?
• The CSL share price dips as the ASX 200 dives on Wednesday

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 CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker 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 Scott Phillips.

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It’s been a rough year so far the share price of S&P/ASX 200 Index (ASX: XJO) growth stock Hub24 Ltd (ASX: HUB).

The tech stock has dumped 24% since the start of 2022 to trade at $22.26 today.

That leaves it having underperformed its sector – the S&P/ASX 200 Financials Index (ASX: XIJ) – by around 15%. The sector has dumped 9% this year while the ASX 200 has slumped 11%.

But experts at Wilson Asset Management expect big things from the financial services company. The stock is held by the investment manager’s listed investment companies, WAM Capital Limited (ASX: WAM) and WAM Active Limited (ASX: WAA).

Here’s why one fundie is “quite bullish” on the Hub24 share price.

Is now the time to buy this ASX 200 growth share?

The Hub24 share price could be set to take off after underperforming the ASX 200 over the course of this year so far.

The company provides platform services to entities working in the financial sector. And equity analyst Sam Koch thinks it’s among the best of its bunch, naming it a high conviction stock pick. Koch says:

Hub have made a number of strategic acquisitions over the last couple of years that have really enhanced their platform capability, especially relative to its peers.

We believe that this enhancement will drive an acceleration [in] organic growth for the business and we’re quite bullish on that medium term.

The most recent of such acquisitions was, of course, its takeover of formerly ASX-listed Class.

Hub24 ultimately paid 12.5 cents cash and 1 Hub24 share for every 11 Class shares for the cloud-based wealth accounting technology provider.

The Hub24 share price launched to a record high of $34.72 when it announced the takeover in October. It has since tumbled 35%.

The ASX 200 share also snapped up its formerly ASX-listed peer Xplore Wealth and Ord Minnett’s non-custody Portfolio Administration and Reporting Service, as well as a significant stake in Diverger Ltd (ASX: DVR) (previously known as Easton Investments), in 2020.  

Hub24 share price snapshot

The Hub24 share price has had a rough trot recently. Looking longer term, however, the ASX 200 share has been a strong performer.

The stock has fallen 24% over the past 12 months but it has gained 300% over the last five years.

For comparison, the ASX 200 has fallen 7% since this time last year but has lifted 18% over the last five years.

The post Why ‘we’re quite bullish’ on this battered ASX 200 growth share: fundie appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are 3 ASX 200 shares going ex-dividend on Monday
• Hub24 share price slumps despite dividend doubling on record growth

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 Hub24 Ltd. The Motley Fool Australia has positions in and has recommended Hub24 Ltd. 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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2022 has not been kind to ASX shares, by any stretch. As it currently stands today, the All Ordinaries (ASX: XAO) remains down by a painful 12.16% year to date. But that’s nothing compared to the Kogan.com Ltd (ASX: KGN) share price.

While the All Ords has lost more than 12% this year, Kogan shares have gone from $8.62 at the start of the year to the $3.475 they are presently going for. That’s a depressing fall of 59.7%.

Perhaps unfortunately, I happen to own Kogan shares. So why am I still holding what looks like a very sharp falling knife?

Kogan was a company that went from COVID hero to post-COVID (not quite) zero on a dime. Back in October 2020, Kogan was a $25 share. Buoyed by rocketing sales during the lockdowns and faith in Kogan’s digital-centric sales models, investors couldn’t get enough of this pandemic winner.

But the COVID recovery has been Kogan’s bane. The company has admitted it made mistakes ordering far too much inventory for the post-lockdown months.

This helped the company to post its first-ever recorded net loss in terms of earnings before interest, tax, depreciation, and amortisation (EBITDA) for the 2022 financial year.

Why am I still holding Kogan shares today?

So why do I still own Kogan shares? Well, I like this company. Its founder and CEO Ruslan Kogan is a driven and savvy businessman. He has built this company from the ground up into the $375 million company we see today. Like many investors, I like seeing a founder at the helm of a company. I think Mr Kogan has what it takes to lead his company out of the rough spot it is currently in.

Unlike most investors, I did not despair at Kogan’s FY22 numbers. Although the headline figures weren’t pretty, there were plenty of indicators that the worst is behind the company. For instance, even though revenues fell 8% to $718.5 million in FY22, this still represents a compound annual growth rate (CAGR) of 20.1% since FY20.

We also saw some encouraging customer engagement metrics. In FY22, Kogan reported that its ‘Kogan First’ membership club had grown by 372,000 subscribers by the end of the financial year, giving it a compounded annual growth rate of 51.6% since FY20.

The recently-acquired Mighty Ape business is also firing on all cylinders, recording 783,000 active customers as of 30 June 2022.

So, yes, Kogan has made some disappointing mistakes in recent years. But I think the company’s management has learned from them and is positioning the business for far brighter days ahead.

That’s why I continue to hold Kogan shares and am confident in their future. Remember, you can’t hope to beat the market unless you are willing to make some contrarian bets.

The post 2022 hasn’t been kind to Kogan shares. Here’s why I’m holding tight appeared first on The Motley Fool Australia.

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More reading

• Why did the Kogan share price leap 5% on Friday?
• ASX better buy: Temple & Webster or Kogan shares?
• About to go shopping? Kogan share price slides 5% amid acquisition rumours
• Why is the Kogan share price smashing the ASX 200 on Friday?
• Why Credit Corp, Endeavour, Kogan, and Service Stream shares are dropping

Motley Fool contributor Sebastian Bowen has positions in Kogan.com ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. 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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S&P/ASX 200 Index (ASX: XJO) investors are keeping a keen eye on the US Federal Reserve this week.

The world’s most influential central bank will make its next interest rate announcement on Wednesday (overnight Aussie time).

ASX 200 shares have been under pressure throughout this calendar year as the Fed and most other global central banks, including the RBA, have been ratcheting up interest rates to tame soaring inflation.

How high will interest rates go?

Unlike Australia’s quarterly inflation data, the United States releases inflation figures monthly. And August’s figures surprised to the upside, showing inflation in the world’s top economy was still running at a near four-decade high of 8.3%. That’s far in excess of the Fed’s 2% target.

Following a series of rate hikes this year, the official interest rate in the US sits in the range of 2.25% to 2.50%.

The big question facing ASX 200 investors today isn’t whether or not the Fed hikes rates again, but by how much.

What are the experts saying?

Consensus forecasts maintain we’re likely to see another 0.75% rate rise, but an increasing number of analysts are now forecasting a supersized 1.00% hike.

Ed Yardeni, chief investment strategist of Yardeni Research, counts among the experts who believe the Fed could go the full percentage point.

According to Yardeni (courtesy of Markets Insider):

It seems to me that they are committed to raising the interest rate significantly at this meeting… I do think they’re going to come around and conclude that maybe just get it over with, maybe 100 basis points instead of 75 basis points. And then maybe one more hike after that.

Tom Orlik, chief economist at Bloomberg Economics, leans towards a 0.75% rate hike, which will likely come as a relief to ASX 200 investors as that’s largely been priced into recent market moves.

Orlik notes, however, that the US Fed is far from alone in tightening the monetary screws this week:

In a busy week for monetary policy, we expect the Fed to hike by 75 basis points and the Bank of England by 50 basis points. Also on… [the] calendar are decisions from the central banks of Japan, Sweden, Turkey, Brazil, Indonesia and the Philippines, and an update on loan prime rates from the PBOC.

The bigger picture

We’ll leave off with Michael Contopoulos, director of fixed income at Richard Bernstein Advisors, who reminds investors to look beyond the monthly moves to the bigger picture:

The September FOMC [Federal Open Market Committee] policy action certainly matters, but it’s a little bit of not seeing the forest for the trees.

From our perspective, as investors who really focus on the next 6 to 12 to 18 months, it’s less about one meeting but more about the cumulative [rate moves]. We expect [Fed chair Jerome] Powell will also give another hawkish message.

How has the ASX 200 been tracking in 2022?

In late afternoon trading today, the ASX 200 has given back its early gains and dipped back into the red, down 0.08%.

Buffeted by a series of rate rises from the US Fed and the RBA in 2022 following more than a decade of easy money policies, the benchmark index is down 11.3% year-to-date.

The post What can ASX 200 investors expect from the US Fed this week? appeared first on The Motley Fool Australia.

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More reading

• Down 7% in a month, are Bank of Queensland shares a bargain buy?
• Why Lake Resources, Life360, Pilbara Minerals, and PolyNovo shares are storming higher
• Firefinch share price remains on ice following key ex-BHP hire
• Spinoff token EthereumPOW price crashes 86% post merge. Here’s why
• Why is the BrainChip share price lagging the ASX 200 on Monday?

Motley Fool contributor Bernd Struben 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 Bank of Queensland Limited (ASX: BOQ) share price continued its poor form to shed 7% in a month.

This comes despite the company not releasing any price-sensitive announcements to the market since its half-year results.

At the time of writing, the regional bank’s shares are swapping hands at $6.87, up 0.15%.

Let’s take a look at what might have weighed on Bank of Queensland shares lately.

What happened to Bank of Queensland shares?

The Bank of Queensland share price finished lower than a month ago, dragged down by negative investor sentiment.

For context, the S&P/ASX 200 Index (ASX: XJO) also fell 5.32% in the past month.

Currently, the benchmark index is flat for the day at 6,734.1 points, down 0.07%.

The recent broader market weakness is due to market concerns regarding a more aggressive rate hike by the US Federal Reserve.

Consequently, this has put selling pressure on Bank of Queensland shares as well as the other big banks.

Shares in Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd (ASX: NAB) are down 6.08% and 5.25% for the month, respectively.

If interest rates do lift by 100 basis points at the US central bank meeting later this week, expect a sharp pullback.

The benchmark ASX 200 index hit a two-month low today and could be in sight of its year-to-date low of 6,400 points. It is around 5% off those levels.

Despite the gloomy economic outlook, UBS initiated a “buy” rating on Bank of Queensland shares, and put a price target of $8 apiece.

Based on where the share trades today, this implies an upside of about 16%.

The broker believes that regional bank’s shares are undervalued in the current economic climate and present a buying opportunity.

Bank of Queensland share price summary

Over the past 12 months, Bank of Queensland shares have lost almost 30% on the back of inflationary movements and the cost of living.

On the other hand, the S&P/ASX 200 Financials Index (ASX: XFJ) has fallen by 9% over the same time frame.

Bank of Queensland commands a market capitalisation of approximately $4.44 billion.

The post Down 7% in a month, are Bank of Queensland shares a bargain buy? appeared first on The Motley Fool Australia.

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More reading

• Do Bank of Queensland shares pay better dividends than the ASX 200 big four?
• Analysts name 2 ASX 200 dividend shares to buy
• Here’s what a top broker is saying about the Bank of Queensland share price
• Savings or dividends? What these 3 ASX bank shares are offering for income
• Here are the top 10 ASX 200 shares today

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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The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.1% to 6,733.2 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up a massive 11% to $1.03. This morning this lithium developer provided an update on the progress of its pilot plant at the Kachi Lithium Project in Argentina. Lake revealed that it expects to begin wet commissioning of the plant on Thursday. Once wet commissioning is complete, it then expects to begin onsite processing of Kachi brines in the first week of October.

Life360 Inc (ASX: 360)

The Life360 share price is up 6% to $5.64. This is despite the location technology company’s shares being kicked out of the ASX 200 index at the quarterly rebalance this morning. Some investors may believe that its shares have been oversold. Especially given that they are down by over 40% even after today’s strong gain.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 4% to $4.78. This is despite there being no news out of the lithium miner today. However, it is worth noting that a number of lithium shares are pushing higher on Monday. Investors appear to be piling back into the industry following several bad trading sessions last week.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 8% to $1.47. Investors have been buying this medical device company’s shares after it received FDA clearance for NovoSorb MTX. The company describes the MTX product as a major new product innovation for soft tissue regeneration for the management of complex wounds. It is expected to boost the company’s total addressable market by $500 million in the United States.

The post Why Lake Resources, Life360, Pilbara Minerals, and PolyNovo shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 ASX mining shares going gangbusters on Monday
• 3 ASX lithium shares smashing new, all-time highs on Monday
• 3 ASX All Ordinaries shares having a cracking Monday
• The ASX 200 is getting a shakeup today. Here’s the tea

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 POLYNOVO 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 Scott Phillips.

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The Firefinch Ltd (ASX: FFX) share price is still frozen, although today the company released some news.

The Firefinch share price last traded at 20 cents before being placed on ice in late June.

Let’s take a look at what the gold miner announced to the market today.

New managing director

Firefinch has appointed Scott Lowe as managing director. He will take up the role on 17 October. Lowe worked at BHP Group Ltd (ASX: BHP) for more than 20 years, including serving on the company’s executive.

Recently, he has worked as the chief executive officer at ArcelorMittal’s West African mining business in Liberia.

Firefinch has an 80% interest in the Morila gold mine, located in Mali, West Africa. Firefinch said Lowe has worked in a number of African jurisdictions during his career, delivering “outstanding results in challenging environments”.

Commenting on Lowe’s appointment, Firefinch chairman Brett Fraser said:

Scott’s strong operational capability coupled with African experience places Morila and Firefinch into safe, sensible hands to guide the growth and stability at the Project and for Firefinch.

I am truly looking forward to Scott taking the helm at Firefinch as the Company continues its ramp-up at Morila to become an ASX listed Gold producer.

Firefinch remains in a trading halt while it finalises a funding proposal. This is expected to be completed by the end of October.

Share price snapshot

The Firefinch share price has lost 69% in the past year. In the year to date, Firefinch shares have fallen nearly 77%.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has shed 7% year to date.

Firefinch has a market capitalisation of about $236 million based on the current share price.

The post Firefinch share price remains on ice following key ex-BHP hire appeared first on The Motley Fool Australia.

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More reading

• Spinoff token EthereumPOW price crashes 86% post merge. Here’s why
• Why is the BrainChip share price lagging the ASX 200 on Monday?
• Why Clinuvel, EML, Infomedia, and Link shares are dropping today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 tiny ASX mining shares leaping higher on new discoveries

Motley Fool contributor Monica O’Shea 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 EthereumPOW (CRYPTO: ETHW) price is down another shocking 38% over the past 24 hours, trading for US$5.17.

That compares to a 10% 24-hour loss in the Ethereum (CRYPTO: ETH) price. One Ether is currently trading for US$1,299.

But the losses in EthereumPOW price since Friday, when Ethereum’s merge went fully active, are even more sobering.

On Friday morning (Aussie time) the spinoff token was trading just north of US$36. Meaning it’s down a gut wrenching 86% since then. The Ethereum price, by comparison, has lost roughly 18% over that same period.

What is this new spinoff token?

EthereumPOW came about as the result of last week’s merge of the Ethereum blockchain.

That Merge saw the network transition from a proof of work (PoW) protocol to a proof of stake (PoS) protocol.

Under PoS, validators stake some of their Ether holdings and are rewarded for validating transactions and maintaining the security of the blockchain. The biggest immediate benefit is a massive reduction in the number of computers required, slashing energy use by more than 99%.

Not everyone was happy with the merge though.

Enter EthereumPOW, a new crypto that mimics Ethereum under the old PoW protocol, with miners functioning to maintain the blockchain as before.

Why is the EthereumPOW price crashing?

The EthereumPOW price has fallen far harder than the Ethereum price as it looks to be lacking material support.

According to Kunal Goel, a research analyst at Messari (quoted by Bloomberg):

Ethereum proof-of-work does not have support from users, developers, institutions, and even most miners. It is likely going to fade to irrelevance as all other forks without community support in history like Bitcoin Cash, Bitcoin Satoshi’s Vision, and Ethereum Classic.

Joseph Lubin, CEO of ConsenSys and a co-founder of Ethereum had his own unique take on why the EthereumPOW price is plunging. According to Lubin:

It’s hard to imagine people putting valuable tokens on that network or trading or deploying new software when so much is broken on the network. Essentially, it’s the work of opportunists who are likely interested in convincing people that this cargo cult blockchain is really functional.

The post Spinoff token EthereumPOW price crashes 86% post merge. Here’s why appeared first on The Motley Fool Australia.

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More reading

• Why is the BrainChip share price lagging the ASX 200 on Monday?
• Why Clinuvel, EML, Infomedia, and Link shares are dropping today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 tiny ASX mining shares leaping higher on new discoveries
• 3 ASX mining shares going gangbusters on Monday

Motley Fool contributor Bernd Struben 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 Ethereum. The Motley Fool Australia has positions in and has recommended Ethereum. 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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