With the market sinking lower, earnings season in full swing, and high levels of volatility being experienced, it will come as no great surprise to learn that a number of shares have sunk to 52-week lows recently.
Three shares which are at 52-week lows or worse today are listed below. Here's why they are down in the dumps:
The Freelancer Ltd (ASX: FLN) share price tumbled 18% to an all-time low of 31 cents this morning despite there being no news out of the freelancing and crowdsourcing marketplace operator. Investors have been selling their shares in a hurry ever since the company released its latest quarterly update at the end of January. That update revealed that gross payment volumes for the year came in at $588 million, a decline of 12.8% year-on-year. Management has blamed its decline on the negative impact that the introduction of its 1-click funnel for posting projects has had. While management believes it has moved on from this issue now, I'm still reasonably sceptical that the company will ever been as profitable as once hoped.
The PMP Limited (ASX: PMP) share price tumbled 26% to a multi-year low of 35 cents this afternoon. Investors have headed to the exits in their droves today after the printing company revised its full-year EBITDA guidance following a weaker-than-expected first-half performance. According to the release, PMP's revised EBITDA guidance for FY 2018 is now $40 million to $45 million pre-significant items. This compares to its previous guidance of $50 million to $55 million, which itself was downgraded in November from the range of $70 million to $75 million. I have little confidence that the company will achieve its newly revised guidance, so would suggest investors stay clear of its shares.
The Yowie Group Ltd (ASX: YOW) share price fell to a multi-year low of 11.5 cents today. The embattled confectionery company came under fire from disgruntled shareholders following yet another guidance downgrade. Due to heightened competition in the United States during the third-quarter, management expects sales to be flat year-on-year. Less than six weeks ago the company downgraded its sales guidance from 55% to 17% and just three weeks ago this was reaffirmed. The company has a long history of failing to meet its guidance, making it uninvestable and a share that should be avoided at all costs in my opinion.
