Although the last three months have been kind to shareholders of Australia and New Zealand Banking Group (ASX: ANZ) and Fortescue Metals Group Limited (ASX: FMG), the same cannot be said for all shares on the ASX.

Whilst ANZ and Fortescue Metals’ shares were busy climbing 18% and 25% respectively, the three shares listed below were making steep declines. Has this made them bargains buys or are they still best avoided?

Aconex Ltd (ASX: ACX)

In the last three months, the shares of this leading online project management software provider have plunged a whopping 19%. Despite this drop in its share price, its shares are still changing hands at 123x full year earnings. Whilst this does seem incredibly expensive and be off-putting for some investors, it is worth remembering that Aconex recently quadrupled its full-year net profit. I believe the company has explosive growth prospects that justify the premium. I’m not the only one with that view either. Investment bank Citi have placed an $8.91 price target on its shares, which is around 38% higher than the current share price.

iCar Asia Ltd (ASX: ICQ)

The owner and operator of ASEAN’s leading network of automotive listings is attempting to do in the Asian market what Carsales.Com Ltd (ASX: CAR) has done so successfully in Australia. Unfortunately, though things are not quite going to plan at the minute, with its interim results revealing revenue of just $3.2 million and expenses of $9.1 million. As you might expect this caused investors to exit in their droves, cutting its share price down by 65% in the last three months. Despite how cheap it may now appear, I personally would prefer to wait for a marked improvement in its performance before making an investment in the company.

Medibank Private Ltd (ASX: MPL)

The shares of private health insurance provider Medibank have now dropped 18% in the last three months. Not only does this mean its shares are expected to provide a fully franked 4.7% dividend in FY 2017, but it also puts them at a significant discount to rival NIB Holdings Limited (ASX: NHF). NIB’s shares are currently changing hands at 19x estimated full year earnings. So at just 16x estimated full year earnings, I believe Medibank is the better option in the industry and at an attractive level to make an investment today.

Alternatively these shares could be even better investments. Each has been rapidly growing both their earnings and dividends and could be about to bolt higher if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.