Although the local market pushed higher on Tuesday, not all shares were able to follow the market higher.
Some even fell to a 52-week low or worse. Here are three that caught my eye, is there a buying opportunity here?
The Carnegie Clean Energy Ltd (ASX: CCE) share price plunged over 27% on Tuesday to reach a new multi-year low of 1.6 cents. Shareholders of the wave energy clean technology development company don't appear to be overly impressed with its decision to offload its Energy Made Clean business to Tag Pacific Limited (ASX: TAG) for 58.5 million Tag shares. This is despite management's belief that it will create one of the region's largest, specialist engineering, procurement, construction (EPC) and build, own, operate (BOO) specialists in the growing off-grid and fringe-of-grid solar, battery and, microgrid markets.
The Marley Spoon (ASX: MMM) share price has had a disappointing start to life on the Australian share market. Its shares fell to a new low of $1.02 on Tuesday before closing the day at $1.10. The meal delivery company's shares have now fallen 22.5% from its IPO price of $1.42. Investors appear to have been put off by the company's FY 2018 forecast of revenue of EUR93 million and a net loss of EUR32.3 million. While I do like the look of the company and the space it operates in, I don't intend to invest until its operations are running close to breakeven.
The Onemarket Ltd (ASX: OMN) share price is another recent listing on the decline. The retail technology company's shares tumbled to a new low of $1.13 on Tuesday. Onemarket demerged from Westfield Corp (ASX: WFD) in May and had traded as high as $1.76 shortly after hitting the ASX boards. According to the AFR, chairman Steven Lowy warned investors to treat Onemarket as being riskier than a real estate company. Considering Westfield shareholders were typically of the low risk variety, this appears to have led to many shareholders offloading shares no sooner than they received them. I think it is one to keep an eye on, but I'm not a buyer just yet.
