Here’s why these 3 All Ordinaries shares just hit 52-week lows

These three ASX shares had a day to forget.

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The All Ordinaries Index (ASX: XAO) started the day poorly and bottomed soon after the open. It has since reclaimed some territory and is now trading 0.14% in the red at 7,589 points on last check.

Amidst the weakness, these 3 All Ordinaries shares are behind the pack today and kneeled to their 52-week lows during the session. Ltd (ASX: KGN)

Shares in e-commerce company Kogan, bottomed directly from the open today and posted a new 52-week low at $7.71. Kogan has since levelled back up above the All Ord’s and is now trading 3% in the green at $8.26.

Investors have responded poorly to Kogan’s trading update last week, where the market was expecting more out of the company.

Its adjusted EBITDA was down 61% this year to date, translating to just $1.8 million in growth over the prior year. This occurred as operating expenses increased by 9% in the first quarter to $15 million.

Shareholders also voted down Kogan’s board remuneration report at its annual general meeting (AGM). Luckily for the board, shareholders opted to retain its structure and voted against spilling over.

Kogan shareholders have been swimming in a sea of red this year. Shares are well down off a high of $21.67 back in January and have given away another 17% in the past month.

Beston Global Food Company Ltd (ASX: BFC)

The Beston Global share price started well today, before collapsing, re-attempting to take off, and then falling to its intraday lows. At the time of writing, shares in the dairy and meat distributor are trading down 1.3% at 7.4 cents apiece.

Beston updated the market on its business activity last week, outlining several investment highlights. In it, the company says it wants to increase milk supply by FY23 to drive growth in base earnings and maximise capacity utilisation, targeting 170–180 million litres per annum.

However, it also explained that prices realised for uncontracted mozzarella have been slightly below expectations due to COVID-19 lockdowns, whereas sales growth in its meat division has “lagged internal targets”.

The company also estimates a 6% growth in milk sales for FY22 and anticipates a 350% increase in lactoferrin production. Amid other estimates, this calls for group sales growth of 54% year on year.

However, the company also didn’t provide any specific profit or EBITDA guidance, instead stating the change is expected to be “large”, next to a green arrow.

Investors have punished Beston Global these past 3 months, with shares coming down in sawtooth-like fashion from a high of 9.3 cents back in September.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

Shares in the Australian bank were rangebound from the open and hit a 52-week low of $8.43 early in the session. They have since recovered somewhat and are inching higher at $8.62 apiece on last check.

Investors are showing a mixed reaction to Bendigo’s “digital transformation roadmap” presentation released last Friday.

In the report, Bendigo covered several ‘digital initiatives’ it has already completed in FY20/21, alongside what’s in store for FY22/23.

For example, it now accepts digital the full uploading of documents, and has partnered with Tyro Payments thereby reducing merchant systems by 85%.

Looking beyond FY21, it wants to launch its new product and pricing engine, whereas in FY24, Bendigo wants its Rural Bank and Adelaide Bank integration completed.

Jefferies jumped in and re-rated Bendigo Bank to a buy with a $10 price target following the news, however, investors aren’t enticed just yet. Aside from that, both Citi and JP Morgan are neutral on Bendigo Bank’s share price at the moment.

In the past 12 months, the Bendigo Bank share price has slipped over 5% in the red after posting a loss of 7.5% this year to date.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended ltd. The Motley Fool Australia owns shares of and has recommended Bendigo and Adelaide Bank Limited and 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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