The Class Ltd (ASX: CL1) share price hit a 52-week low of $1.35 today despite the self-managed superannuation software business failing to release any specific news to the market since November 2018.
Class also lost its CEO, Kevin Bunguard, in October 2018 in a decision that was mutually agreed with the board and part of the reason the shares have been under pressure is because of slowing subscriber growth for its core Class Super product. The company itself blamed the slower subscriber growth on regulatory changes making clients less likely to choose its product straight away.
Class is also developing some new products in the form of its Class Portfolio software, which saw 83% subscriber growth over the course of FY 2018.
However, it seems the pull back in tech shares generally and slowing growth on the back of changing market dynamics for its Class Super platform have combined to bring the shares down more than 50% over the course of just the past year.
