Down 17% in 2 days, has the dream run for Weebit Nano shares finally ended?

This ASX tech share has had an extraordinary run lately, rising by an astounding 94.5% in the year to date.

Bronwyn Allen

Author bio Bronwyn has 28 years of experience in journalism, copywriting, and media relations. She began her career as a reporter with News Corporation in Sydney in 1997. She later worked for two real estate corporations in communications and PR roles, then started her own freelance copywriting and publicity business. A keen shares investor, Bronwyn joined the Motley Fool Australia team as a copy editor and writer in June 2021. Areas of expertise ASX shares and ETFs News writing Macroeconomic trends Real estate Education Diploma in Journalism, Macleay College Social media LinkedIn Favorite investment quote "Don't look for the needle in the haystack. Just buy the haystack." — John C. Bogle, Vanguard founder and pioneer of index investing for ordinary investors

Published March 3, 2023 5:39 pm AEDT

Weebit Nano Ltd (ASX: WBT) shares have had an extraordinary run lately.

The stock has risen by an astounding 94.5% in the year to date. But that incredible tear may have come to an end this week.

Over the past two days, the ASX tech share has fallen by 17.14%. Weebit Nano shares closed the week at $6.77, down 6.1% for the day on Friday.

Let's see what's happened over the past two days.

A man yells as his virtual reality headset and earphones tumble to the floor. — Image source: Getty Images

What's put the brakes on Weebit Nano shares?

There has been no news from the semiconductor technology company since Monday, when it released its US roadshow presentation.

In the week before, the company released its half-year results. It reported no revenue and a $22.3 million loss due to ongoing research and development costs, up 3.5% on the prior corresponding period.

Weebit management said the company had "achieved several key technical and commercial milestones" during the half, and it expected to bring in its first revenue later this year.

Looking at the broader tech sector's performance over the past two days for insights, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has fallen slightly by 0.93%.

The S&P/ASX All Ordinaries Index (ASX: XAO) has gone up by 0.22%.

So, in all likelihood, the pullback in Weebit Nano shares is likely due to some investors taking profits.

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