March was not a good month for ASX growth shares, as it turns out. Over the month, the ASX followed the US markets' lead in re-rating growth shares across the board in response to rising government bond yields.
But this might just have given ASX investors a chance to review some of the growth names out there as we start April. Lower prices mean cheaper shares, after all. And remember, before 2021, ASX growth shares had not had a major pullback since the coronavirus-induced market crash last year.
So here are two ASX growth shares to consider for April
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A2 Milk Company Ltd (ASX: A2M)
A2 Milk had an absolute shocker in March. As my Fool colleague reported today, the A2 Milk share price fell almost every day over the month. At the time of writing, it stands at just $7.75, which is the lowest level this company has seen since early 2018. It's also down more than 60% from the all-time high of more than $20 a share that we saw last year.
The catalyst for this downgrade are concerns over the company's formerly lucrative daigou suitcase-shipping channels to China. These have all but friend up in the wake of the coronavirus pandemic, and management is not indicating that they will return anytime soon. But perhaps this is an overreaction from investors. A2 has a long history of delivering knockout growth across multiple markets. As such, a 60% drop might be worth digging deeper into.
Domino's Pizza Enterprises Ltd. (ASX: DMP)
Unlike A2 Milk, Dominos actually had a decent month in March, rising roughly 6% over the month. Still, Dominos remains more than 11% off of its all-time high that it hit back in February. This company was an undisputed winner from the pandemic last year. It seems that when Aussies are locked up for weeks or months at a time, pizza consumption rises. Who would have thought!
This positive momentum appears to be continuing as well. In February, Dominos reported that for the six months ending 31 December 2020, it managed to grow revenues by a whopping 16.5% and profits by 32.8%. It's hard to bet against the future growth prospects of pizza. As such, Dominos is another ASX growth share to check to this April. Especially at 14% off of its recent highs.
