2 quality ASX shares trading at multi-year lows this week

These ASX stocks are trading at bargain prices on Tuesday.

| More on:
Man with his head on his head with a red declining arrow and A worried man holds his head and look at his computer as the Megaport share price crashes 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

There are two truths that most long-term investors come to learn: Not all ASX shares are created equal and not all shares live their glory days at all times.

In fact, some quality ASX shares have tumultuous moments – as evidenced by these stocks that hit their lowest point in years this week.

2 quality ASX shares hitting long-forgotten lows

Spirit Technology Solutions Ltd (ASX: ST1)

For those unacquainted with Spirit Technology Solutions, the company provides business-focused technology and telecommunication services.

The quality company officially hit the ASX in 2016 with its shares trading at around 12 cents for their first few weeks on deck. From there it garnered enthusiasm, reaching a high of around 43 cents in January 2021.

But the past 17 months have been rough on the telco small cap. Its share price has tumbled around 85% since then to trade at 5.8 cents on Tuesday.

In fact, it closed at a new 52-week low of 5.1 cents yesterday. Today, it's recording a 13.75% gain.

The telco has a market capitalisation of approximately $34 million according to the ASX.

Freelancer Ltd (ASX: FLN)

Freelancer is another quality ASX share reaching a new multi-year low this week.

The crowdsourcing marketplace floated on the ASX in 2013 after offering new shares for 50 cents apiece under its initial public offering (IPO).

It peaked at around $1.80 in 2016 and, in 2021, it hit a multi-year high of around $1.25.

Today, the stock reached an intraday low of 33 cents, marking its lowest point since March 2020.

Sadly, the quality ASX share has been on a downwards slope for nearly 12 months now. Its tumble was exacerbated by a quarterly update last month.

The Freelancer share price slipped 2.4% when the company announced that, over the three months ended 31 March, its cash receipts had dropped 6.1% on those of the prior comparable period.

That was made worse by the Australian Dollar depreciating against the US Dollar. The depreciation brought the company a 6.3% tailwind last quarter.

According to the ASX, Freelancer has a market capitalisation of $147 million.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended SPIRIT TC FPO. The Motley Fool Australia has recommended Freelancer Limited and SPIRIT TC FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on 52-Week Lows

A man with his back to the camera holds his hands to his head as he looks to a jagged red line trending sharply downward representing the ASX tech share sell-off today
52-Week Lows

3 ASX shares sinking to 52-week lows today

These ASX shares are having a bit of a nightmare this year.

Read more »

Young man sitting at a table in front of a row of pokie machines staring intently at a laptop. looking at the Crown Resorts share price
52-Week Lows

Star Entertainment share price crashes 26% upon return to trade

This is a new 52-week low.

Read more »

Rede arrow on a stock market chart going down.
Materials Shares

Core Lithium and 2 other ASX 200 lithium shares plunging to 52-week lows

Lithium stocks like Core are exploring new lows today.

Read more »

A man looks nervous as he inflates a balloon, scared it might pop.
Materials Shares

Arafura share price resets 52-week low after quarterly update

The rare earths explorer also announced the results of its share purchase plan today.

Read more »

A woman stands at her desk looking a her phone with a panoramic view of the harbour bridge in the windows behind her with work colleagues in the background.
Industrials Shares

APM shares rebound on Friday following 40% thrashing on weaker profit news

The international employment services company was punished for its 1H FY24 update.

Read more »

Piggy bank sinking in water symbolising a record low share price.
52-Week Lows

3 ASX 200 stocks starting the new year at near 52-week lows

Are these stocks buying opportunities?

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
52-Week Lows

Lake Resources share price falls 7% to new 52-week low amid second strike AGM vote

Chair Stu Crow described "a year of significant progress" amid an 80% decline in the share price in 2023.

Read more »

A man sits uncomfortably at his laptop computer in an outdoor location at a table with trees in the background as he clutches the back of his neck with a wincing look on his face.
Materials Shares

Why did the Core Lithium share price just hit a 2-year low?

Top broker Goldman Sachs says falling lithium commodity prices may hit Core Lithium particularly hard.

Read more »