The Australian share market may have a record high in its sights, but not all shares have been performing as strongly.
Three ASX shares that have come under significant pressure this year are listed below. Here's why they have just hit 52-week lows or worse:
Cann Group Ltd (ASX: CAN)
The Cann Group share price fell to a record low of 38 cents on Monday before rebounding higher. Investors have been selling the cannabis company's shares due to concerns over the oversupply of dry cannabis flower globally and softer than expected demand. This has sparked fears that Cann Group may struggle to offload the significant amount of cannabis its facilities are set to produce in the near future. Cann Group isn't the only cannabis share at a new low. No less than five ASX cannabis shares are at 52-week lows or worse.
FBR Ltd (ASX: FBR)
The FBR share price continued its slide and hit an all-time low of 4.4 cents yesterday. The robotics company's shares have come under significant pressure this year following the collapse of its partnership with Caterpillar and scepticism over its shift to a Wall as a Service business model. In addition to this, the company has raised a lot of funds since its listing, but shareholders have yet to see any return on the money tipped in. Whether or not they ever will, only time will tell.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price fell to a 52-week low of $4.01 on Monday. Although the gold price has been strong in 2019 due to falling interest rates, Regis Resources' shares have underperformed materially. This is due partly to the disappointing combination of softer than expected production and higher than expected costs. Also weighing on its shares this week has been a broker note out of Macquarie. Its analysts downgraded Regis Resources to a neutral rating from outperform and slashed the price target on its shares to $4.50.
