Trade Me shares hit six-month low

  • News
  • August 10, 2017
Trade Me shares hit six-month low

Trade Me shares have dropped near a six-month low after the online trading site fell out of favour with analysts.

Two research houses downgraded their rating for the online retail platform's stock, which has been attributed to its loss.

Trade Me shares have slumped about 12 percent since July 25, a day after reports emerged Amazon had settled on Melbourne as its base for an Australian launch later this year. The drop could be coincidental to Amazons announcement.

The drop in shares come before Trade Me’s scheduled release of annual earnings on August 24.

The shares fell as low as $4.85 and were recently down 6.1 percent to $4.90 after Deutsche Bank downgraded the stock to a 'sell' rating with a price target of $4.30 and Macquarie Research lowered its recommendation to 'underperform' with a $5 price target.

In May this year, Trade Me purchased Afterpay, an Australian “buy now, pay later” online payments provider. 

Trade Me’s head of marketplace, Stuart McLean, said Trade Me was pleased to offer an easy and flexible payment option to both its buyers and sellers. 

McLean also said adding more payment options on Trade Me would “help sellers, and increase the purchasing power for buyers.”

Forsyth Barr's James Bascand, who rates Trade Me an 'underperform', predicts a 9 percent increase in normalised profit to $92.2 million on an 8.1 percent gain in revenue to $235.7 million.

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