Here's why Pointerra (ASX:3DP) shares are halted today

The 3D geospatial data company says it has a big announcement to make soon.

Shares in 3D geospatial data company Pointerra Ltd (ASX: 3DP) are currently on ice amid a company-requested trading halt today.

The ASX hit pause on the shares shortly after the open on Friday and they've been in limbo ever since. Prior to the halt, the Pointerra share price was fetching 34.5 cents, down 4.17% on its previous close.

Let's take a closer look at what's happening.

A young woman holds her hand up in a stop sign with a sheet of paper in the other hand showing a question mark over the Pointerra share price today

Image source: Getty Images

Why is Pointerra on ASX ice?

Pointerra requested the trading halt amid the pending release of a price-sensitive announcement.

The company says this is concerning "the award of material contracts in its US operation". There are no further details available at this time.

The halt will remain in place until the earlier of Pointerra making the abovementioned ASX announcement or the market open next Tuesday 14 December.

The announcement follows Pointerra's previous contract updates in September. At that time, the company had secured a $1.55 million contract with Florida Power & Light across 4 projects.

It also advised of another contract with Pacific Gas & Electric and Gridvision, each valued at approximately $250,000.

The contracts involve using Pointerra's geospatial 3D technology to model changes in key data metrics that the 2 new partners use in their operations.

For instance, the deal with Florida Power & Light will see Pointerra's technology model changes in vegetation growth. It will then extrapolate this data to predict vegetation growth, which will hopefully facilitate increased yields.

Pointerra share price snapshot

It's been more than a difficult year for Pointerra shareholders, who are swimming in a sea of red.

In the past 12 months, the Pointerra share price has fallen by almost 35%. The downward pressure continued in the past month of trading, with the price falling 11.5%.

These returns have lagged the benchmark S&P/ASX 200 index (ASX: XJO) which is up 10% over the past year.

The author has no positions in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Pointerra Limited. The Motley Fool Australia has recommended Pointerra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

a man sits at a computer in deep thought with hand on chin in a darkened room as though it is late and night and he is working on cybersecurity issues.
Technology Shares

Down 11% in a month: Is it time to buy Xero shares?

Have the ASX tech shares now bottomed? Or is there more downside coming?

Read more »

A group of seven young people of different genders and cultural backgrounds stand in a group with serious expressions wearing casual young persons' attire.
Technology Shares

Nextdc vs WiseTech: Which ASX tech stock is better for a 25 year old investor?

Weighing Nextdc vs WiseTech Global for a young investor? Here’s which ASX tech stock I think deserves the spot in…

Read more »

Man analysing data on his laptop.
Technology Shares

Why this rapidly growing ASX drone stock could rise 36%

Bell Potter has a lot of good things to say about this company.

Read more »

Happy mum and dad with daughter smiling on couch after relocation to new home.
Technology Shares

Down almost 40%, are Life360 shares a strong buy in October?

Bell Potter thinks this tech stock could deliver big returns.

Read more »

A group of seven young people of different genders and cultural backgrounds stand in a group with serious expressions wearing casual young persons' attire.
Technology Shares

Xero vs Megaport: Which ASX tech stock suits young investors better?

I break down Xero vs Megaport shares for young investors — with a clear verdict on which tech stock I’d…

Read more »

A young man goes over his finances and investment portfolio at home.
Technology Shares

Could the DroneShield share price reach $2 in 2027?

I look at what it would take for this fallen defence technology share to rebound.

Read more »

Piggybank with an army helmet and a drone next to it, symbolising a rising DroneShield share price.
Technology Shares

Up more than 100% in a year, why Codan shares may still be cheap

Drone warfare could underpin better than expected results.

Read more »

Work colleagues discussing finance charts and graphs on a laptop computer and tablet in their office.
Technology Shares

Are Xero shares a must-buy for investors?

I take a closer look at whether this beaten-down growth share deserves another chance.

Read more »