The Hub24 (ASX:HUB) share price took a hit today

Shares in the Australian fintech company finished the day in the red. We take a closer look

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An unhappy investor holding his eyes while watching a falling ASX share price on a computer screen.

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Hub24 (ASX: HUB) shares lost ground today, finishing the day 4.28% down at $27.29.

The fall came despite the company not releasing any market-sensitive news that could impact the price.

Hub24’s investment and superannuation platform offers a range of investment options, providing transaction and reporting solutions for all types of investors.

What has happened with the Hub24 share price today?

Investors have been unloading the fintech company’s shares today, pushing the trading range from $28.51 – $26.40.

The Hub24 share price hit a new 52-week high of $29.05 on 18 June, and was one of the best-performing ASX shares that week.

Today’s trading volume of 178,576 shares is below the average-volume-at-time (AVAT) of 228,978 shares changing hands over the last 20 days.

Hub24 shares have also traded down over the previous 5 days, posting a loss of 2.78% over this time period. However, the share price is in the green by 1.7% over the past month.

What has Hub24 been up to lately?

There have been no major market announcements from the company in June 2021.

On 10 May 2021, the company said it had completed its joint venture transaction with ClearView Wealth Ltd (ASX: CVW), launching an investor directed portfolio service and additional retirement products.

Speaking about the launch, HUB24’s managing director Andrew Alcock commented:

HUB24’s capability to seamlessly deliver large-scale transitions has once again been proven. The teams across HUB24 and ClearView have been working together to achieve this for ClearView’s customers following the launch of the white label last year. We look forward to continuing to work with ClearView on product development initiatives going forward.

Hub24 share price snapshot

Hub24 shares haves posted a 12-month gain of about 165%, outpacing the S&P/ASX 200 (ASX:XJO) return of 22% over this same time frame.

Since January 1, Hub24’s share price has more than doubled the S&P/ASX 200’s year-to-date return of around 10%, posting a 28% rise.

At the current share price, Hub24 has a market capitalisation of $1.8 billion, and trades at a price-to-earnings ratio of 212.

Should you invest $1,000 in Hub24 right now?

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hub24 Ltd. The Motley Fool Australia has recommended Hub24 Ltd. 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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