The Nearmap (ASX:NEA) share price is already down 8% this year. What's going on

Here's what might be weighing on Nearmap's stock

| More on:
A woman screams and holds her hands up in frustration.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Nearmap Ltd (ASX: NEA) share price is off to a rough start in 2022. The company's stock has tumbled this week despite no news being released to the market.

As of the end of last year, the Nearmap share price was $1.55. At the time of writing, it is trading at $1.42. That represents an 8.4% slump over the course of just 4 sessions.

Though, it hasn't been green skies for the broader market either. The S&P/ASX 200 Index (ASX: XJO) is currently down 0.2% year to date. Meanwhile, the All Ordinaries Index (ASX: XAO) has slid 0.3%.

Let's take a look at what might be weighing on the aerial imaging company's stock this week.

What's driving the Nearmap share price lower?

This week brought a blood bath for the ASX tech sector and the Nearmap share price suffered alongside its peers.

The S&P/ASX All Technology Index (ASX: XTX) has tumbled 5.5% since the beginning of 2022, while the S&P/ASX 200 Info Tech Index (ASX: XIJ) has slumped 6.6%.

ASX tech shares' slip was made worse by a dire day yesterday. Their struggles followed a rough session in the United States that pushed the tech-heavy Nasdaq index 1.3% lower.

Following Thursday's session, the Nearmap share price was one of the indexes' worst performers of 2022 so far.

However, Afterpay Ltd (ASX: APT) outdid the imaging company's poor trade. The ASX buy now, pay later giant has seen its share price flop 11% since the end of 2021.

Interestingly, the last news the market heard from Nearmap was extremely positive.

On 14 December, the company announced the annualised contract value of its North American business will soon surpass that of its Australian and New Zealand leg. Additionally, its annualised contract value is on track to reach its previously given guidance.  

The announcement boosted the Nearmap share price by 4.7%. It managed to hold onto much of that gain until this week.

However, it's not all bad news this year — at the time of writing, Nearmap shares are up 1.79% to $1.42.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited and Nearmap Ltd. The Motley Fool Australia owns and has recommended Afterpay Limited and Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Dexus, Mayne Pharma, Nufarm, and Treasury Wine shares are falling today

These shares are having a tough session on Thursday. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why James Hardie, Mayne Pharma, Nufarm, and Resimac shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Kogan, Monash IVF, OFX, and ResMed shares are falling today

Why are these shares taking a tumble today? Let's find out.

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Appen, DroneShield, Gentrack, and New Hope shares are dropping today

These shares are starting the week in the red. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Dexus, Dusk, Fletcher Building, and Paladin Energy shares are falling today

These shares are ending the week in the red. But why?

Read more »

Couple look at a bottle of wine while trying to decide what to buy.
Consumer Staples & Discretionary Shares

Treasury Wine shares: Buy, hold, or sell? Here's Macquarie's take

What is Macquarie forecasting for Treasury Wine shares amid the CEO’s unexpected exit?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Newmont, NRW, Peet, and Treasury Wine shares are dropping today

Let's find out why investors are selling down these shares on Thursday.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Aristocrat, EBR, GQG, and Insignia shares are tumbling today

These shares are having a tough time on hump day. Let's find out why.

Read more »