With the local market sinking notably lower for two consecutive days, it will come as no surprise to learn that a number of shares have dropped to 52-week lows.
Three popular shares that made this unwanted milestone yesterday are listed below. Is this a buying opportunity?
The Carsales.Com Ltd (ASX: CAR) share price dropped to a 52-week low of $11.39 on Wednesday. This decline meant that the car listings company's shares have lost 17% of their value in the space of just a month. Concerns over Facebook's plans to launch a similar service in the Australian market have weighed heavily on its shares. It is worth noting that analysts at UBS don't see these plans as a threat and remain bullish on the company's prospects. If this proves accurate it could make Carsales worth considering after its recent declines.
The James Hardie Industries plc (ASX: JHX) share price continued its poor run and hit a 52-week low of $16.03 yesterday. The building supplies company's shares have fallen 12% since this time last week following the release of its second quarter update. Although James Hardie posted strong profit growth in the second quarter, its guidance for the full year was disappointing. It expects a full year profit in the range of US$280 million and US$320 million, compared to analyst expectations of between US$313 million and US$335 million. While its shares look to be decent value now, I would wait to see how it performs in the third quarter before considering an investment.
The Pushpay Holdings Ltd (ASX: PPH) share price crashed to a 52-week low of $2.89 on Wednesday. Pushpay's shares have now fallen 17% since the release of its interim results last week. Although the payments company reported an impressive 48% increase in half year revenue to US$44 million, it seems some investors had been expecting Pushpay to deliver even stronger growth. I think Pushpay looks attractive at this level and could be worth a closer look. However, its shares could still be dragged lower in the near term if the tech selloff continues.
