Is this opportunity knocking? 3 ASX shares hitting 52-week lows today

The All Ords is down and a bunch of ASX shares have hit 52-week lows. We profile three of them.

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Key points

  • The All Ords is down today and a bunch of ASX shares have hit 52-week lows  
  • Among them is Bigtincan, Marley Spoon, and Megaport 
  • These shares may represent a classic 'buying the dip' opportunity 

The S&P/ASX All Ordinaries Index (ASX: XAO) is down 0.85% in late afternoon trading at 7,539 points. A bunch of ASX shares are falling with the benchmark to hit new 52-week lows — which begs the question, is this opportunity knocking?

We profile three of these ASX shares below.

Bigtincan Holdings Ltd (ASX: BTH) 

The first ASX share to look at is enterprise mobility software provider, Bigtincan. It’s trading at 63 cents on Wednesday afternoon — down 7.34% — and hit a new 52-week low of 61 cents earlier. We haven’t heard any price-sensitive news from Bigtincan since 25 February when it released a very pleasing half-year report. Revenue hit a record $45.9 million — up 142% on the prior corresponding period (pcp). Annualised recurring revenue (ARR) was $112 million — up 132%. Plus, the company turned its adjusted EBITDA around to $1.2 million in the green compared to $3.6 million in the red in the prior period.

Bigtincan CEO David Keane described 1H FY22 as a “transformational period”, particularly due to the Brainshark acquisition. All sounds very positive, right? Well, get this. The stock has tumbled by 23% since that report was released. Is this a classic buying the dip opportunity? For perspective, the 52-week high is $1.53.

Marley Spoon AG (ASX: MMM)

You might remember when ASX share Marley Spoon was among the most spectacular COVID-19 winners. Of course it was — those home-delivered meal packages came in very handy during the lockdowns. The Marley Spoon share price flew during the first six months of the pandemic. It went up a remarkable 1,024% from 29 cents to around $3.20 between mid-February and mid-August 2020. Yep, no kidding. The All Ords fell 13.3% over the same period.

But as society has gotten a handle on the virus, the share prices of some of the pandemic winners have returned to Earth. The Marley Spoon share price has been dwindling downwards since July 2021. This morning it hit a 52-week low of 38 cents. It later rebounded to 41 cents — a healthy daily gain of 7.89%.

Megaport Ltd (ASX: MP1)

Megaport is down 0.11% at the time of writing to trade at $8.90. Earlier it dipped to $8.55, which was a new 52-week low for the ASX tech share. A recent quarterly update disappointed ASX investors, with the Megaport share price dipping 18% on the day it was released. But this might be an opportunity, according to Goldman Sachs. The broker continues to rate the network-as-a-service (NaaS) provider a buy. However, it has cut its price target for Megaport shares to $13.10. Goldman believes “the long term opportunity for MP1 is unchanged.” Megaport’s 52-week high is $22.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended BIGTINCAN FPO, Goldman Sachs, MEGAPORT FPO, and Marley Spoon AG. The Motley Fool Australia owns and has recommended BIGTINCAN FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Marley Spoon AG. 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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