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Kogan Share Price Drop
The release of Kogan’s fourth-quarter trading update on Tuesday has seen the company’s shares hit an all-time six-month low, with investors not happy about the trading update.
When Kogan released its fourth-quarter trading update on Tuesday, the results looked incredibly good. The company reported unaudited accounts of revenue growth of more than 40 percent and earnings growth of more than 90 percent. Figures that are astronomical in growth and would be huge for any company.
The company reported that it ended the fourth quarter with cash of $41.99 million. The unaudited revenue growth of more than 40 percent would indicate revenue of at least $405 million if we worked off the numbers from the year before.
However, investors were not impressed as the figures given, were suggestions, resulting in shares being sent down by at least 10 percent. As of lunchtime today, shares were down to $5.47, the lowest they have been since Christmas.
A CommSec Market Analysis commented that the shares have been under pressure since hitting a high in March of $9.85 and Ruslan Kogan and his managing partner, David Shafer tried to sell off $100 million shares.
In a statement released by Ruslan Kogan alongside the company’s trading update, Kogan stated, “We are excited about all the growth initiatives we are implementing, as we continue to make the most in-demand products and services more accessible and affordable for our customers.”
Here’s hoping those share prices don’t continue to drop.