3 ASX tech shares at 52-week lows despite tech rally

These three companies slipped to new lows despite the tech sector being the best performer…

| More on:
Kid with a brown paper bag on his head which has a sad face on it sits in front of an old style computer representing falling ASX 200 tech shares today.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) managed to climb higher on Wednesday thanks in part to a strong showing by ASX tech shares. Yet, there were still a handful of tech companies that tumbled to new 52-week lows.

At times, it can be telling when certain ASX shares underperform on days of broad strength. Such situations usually indicate investors are paying attention to more prevalent issues at the company level than the positivity demonstrated at a sector-wide level.

Having said this, let's take a look at three ASX tech shares that reached new lows today.

These ASX tech shares are not catching a break

Siteminder Ltd (ASX: SDR)

While the global hotel e-commerce platform technically reached a new 52-week low today, the company has only been listed since 8 November 2021.

Following its initial share price pop on debut, this ASX tech share has failed to impress shareholders. In February, the Siteminder share price suffered a blow after reporting a net loss of $87 million for the December ending half year.

However, today's negative move occurred without any substantial information. The company is slated to enter the S&P/ASX 300 Index (ASX: XKO) on 22 March. Shares in Siteminder finished the day at $4.52, down 5.8% from their previous close.

Damstra Holdings Ltd (ASX: DTC)

Another ASX tech share hitting a new 52-week low today was the workplace management solutions company, Damstra Holdings.

Investors have gone cold on Damstra after a guidance downgrade in November last year. Since then, the picture hasn't gotten prettier, as the company reported a net loss of $56 million compared to $5.49 million in the previous corresponding period.

In a similar fashion, Damstra did not release any announcements today. However, the company is expected to be removed from the All Ordinaries Index (ASX: XAO) this month. Shares in Damstra finished the day at 20 cents, up 2.6% — rebounding from their new 18 cent low.

Dug Technology Ltd (ASX: DUG)

Lastly, Dug Technology is the third and final ASX tech share that cemented a new 52-week low on Wednesday.

Unfortunately for shareholders, it has been a slow and steady grind lower for the high-performance computing company over the past 12 months. Today, Dug Technology announced the appointment of a new CFO after its previous chief financial officer resigned yesterday.

Shares in Dug Technology finished the day at 55 cents, down 1% from their previous close.

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

More on 52-Week Lows

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Materials Shares

Core Lithium share price hits a multi-year low: Will the tide change soon?

Are analysts now seeing value emerge from the lithium miner's shares?

Read more »

Red arrow going down on a stock market table which symbolises a falling share price.
52-Week Lows

2 ASX shares to buy that are at 52-week lows

Goldman Sachs thinks these beaten down shares are buys.

Read more »

A group of six young people doing the limbo on a beach, indicating oversold shares that can not go any lower.
52-Week Lows

Core Lithium share price dives another 12%. How low can it go?

Core Lithium has been playing a game of limbo with investors in 2024...

Read more »

Man on a laptop thinking.
52-Week Lows

2 ASX shares to buy that are near 52-week lows

Analysts think these beaten-down shares could be top buys.

Read more »

A man sitting at a computer is blown away by what he's seeing on the screen, hair and tie whooshing back as he screams argh in panic.
52-Week Lows

3 ASX 300 shares hitting new 52-week lows: Are they cheap buys?

What's sending these shares down to new lows today?

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Materials Shares

Why did this ASX All Ords stock just crash 24%?

What is weighing down this lithium stock today? Let's find out.

Read more »

A businesswoman gets angry, shaking her fist at her computer.
52-Week Lows

3 ASX shares at 52-week lows or worse

Times have been hard for owners of these shares.

Read more »

Blue chips with stock written on them.
52-Week Lows

These 3 ASX blue-chip shares just hit multi-year lows. Am I buying?

Here's what I'd do with these battered blue-chip shares...

Read more »