This month the Australian share market has been a disappointing performer and dropped notably lower.
Unsurprisingly, this has led to a number of shares falling to 52-week lows or worse. Three that hit this unwanted milestone yesterday are listed below. Is this a buying opportunity?
The Audio Pixels Holdings Ltd (ASX: AKP) share price dropped to a 52-week low of $11.90 on Monday. Investors appear to be losing patience with the digital speaker developer after several years of activity with little to show for it. Considering the company still has a market capitalisation of approximately $330 million and looks to be some way off creating a final product, I wouldn't be surprised if its shares continued to slide meaningfully lower from here over the next 12 months.
The Experience Co Ltd (ASX: EXP) share price tumbled to an all-time low of 37 cents yesterday. This adventure company's shares have been under significant pressure over the last 12 months after a series of poor weather events led to the loss of a large amount of trading days for many of its businesses. While that was a disappointment, barring any unforeseen weather events, I believe the company will bounce back strongly in FY 2019. As does its management team which recently provided revenue guidance of between $165 and $175 million and normalised EBITDAI guidance of between $37 million and $41 million. This compares to revenue of $135.3 million and normalised EBITDAI of $30.2 million in FY 2018.
The Syrah Resources Ltd (ASX: SYR) share price fell to a multi-year low of $2.25 on Monday. This latest decline meant the shares of the graphite miner have now lost 52% of their value since the start of the year. Concerns over the oversupply of the battery making ingredient have weighed heavily on its shares this year. The fact that Syrah only shifted 72% of its produce in the first half didn't help ease these concerns. In addition to this, Syrah recently raised $94 million at a significant discount. I would stay clear of Syrah for the time being and wait for its performance to improve.
