Although the Australian share market is trading within a whisker of its record high, not all shares are performing as positively.
In fact, a few ASX shares have actually just hit 52-week lows or worse. Here's why these ASX shares are down in the dumps:
LiveTiles Ltd (ASX: LVT)
The LiveTiles share price hit a 52-week low of 15.5 cents on Tuesday. Investors have been selling this employee experience software provider's shares due to its disappointing performance in FY 2021. During the third quarter, the company reported annualised recurring revenue (ARR) of $58.9 million on a reported basis. This was up just 1.4% since the end of December. In addition to this, LiveTiles noted that its customer numbers stood at 1,114, which was down by 18 customers since the end of December. Given its stuttering growth, investors may be concerned that its cash burn will continue and yet another capital raising will be required in the near future.
Perenti Global Ltd (ASX: PRN)
The Perenti share price fell to a 52-week low of 53.5 cents yesterday. Investors have been selling the mining services company's shares after a severe downturn in its performance. Last month the company advised that it won't be hitting its guidance in FY 2021 due to COVID-19 headwinds and Australian labour market shortages. It also warned that these headwinds are likely to persist for the next 12 to 18 months.
Splitit Ltd (ASX: SPT)
The Splitit share price dropped to a 52-week low of 57 cents on Tuesday. The buy now pay later (BNPL) provider's shares are now down by 55% since the start of the year. Investors may believe Splitit is going to get left behind by its larger rivals, particularly given increasing competition. Furthermore, the fact that Splitit runs its BNPL business via credit cards, which other BNPL platforms are supporting the demise of, doesn't appear to bode well for the future.
