There are always plenty of reasons for ASX shares to fall. Broad economic conditions, poor earnings or company-specific setbacks such as rising costs, margin pressure, regulatory issues, or weakening demand can all quickly weigh on investor sentiment.
However there is a pivotal point where ASX shares, despite these headwinds, become especially attractive to value investors.
This arbitrary number can be difficult for investors to pinpoint.
However looking at expert estimates can help identify ASX shares that have been oversold, and now represent a buy low candidate.
Here are three such options that may have reached that price after hitting fresh 52-week lows yesterday.
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Seek Ltd (ASX: SEK)
Seek is a global leader in the online employment marketplace, serving Australia, Asia, Latin America, and beyond.
Its share price tumbled 5% yesterday to hit a new 52-week low of $12.08 per share.
This was despite no price sensitive news from the company.
Seek shares are now down 48% year to date.
It seemed they had finally shaken AI replacement fears during April as its share price recovered somewhat.
However the downslide has since continued during May.
These ASX shares now appear too cheap to ignore.
At the time of writing, 14 analysts offering a one year forecast have an average price target of $23.12 on Seek shares.
This indicates an upside potential of 91% from current levels.
Austal Ltd (ASX: ASB)
Austal is an Australian-based shipbuilder that specialises in the design, construction, and support of defence and commercial vessels globally.
Its products include naval vessels, defence surface warfare combatants, high-speed support vessels, patrol boats for law enforcement, offshore vessels, as well as passenger and vehicle ferries.
The company enjoyed a defence craze in 2025, as its share price rocketed over 100% during the last calendar year.
However since the start of 2026, it has crashed 44%.
This has come despite contract wins and a record order book of $17.7 billion in contracted work, up from $13.1 billion just eight months earlier.
It now has a decade of work locked in the pipeline, yet has been heavily sold off.
Broker targets are hovering around $6.94 for this ASX defence stock.
This is 83% higher than its current share price, making it an enticing buy low option.
Energy One Ltd (ASX: EOL)
Energy One engages in the development and provision of software solutions to the electricity and gas sector.
Its share price slumped 5% yesterday and it now sits 32% lower today than the start of 2026.
These ASX shares also now appear oversold, as recent price targets have been placed on the company as high as $17.10.
From yesterday's closing price of $11.63, this indicates a 47% upside.
