Gentrack takes another hit as NZX 50 trades down 0.3% to start week
The benchmark S&P/NZX 50 fell 0.36% to 12,684.00 points to start the week, with 33.1 million shares worth $117m changing hands.
Paul Robertshawe, Octagon's chief investment officer, highlighted Gentrack Group, which fell 3.16% to $10.12 and is down over 20% in the last 30 days.
Robertshawe said both Craigs and Forsyth Barr had downgraded the stock. Australian investment house Jefferies has likewise downgraded, from 'buy' to 'hold', in recent days.
"[Gentrack] have lost a couple of tenders, and now they've lost one of their own existing customers," Robertshawe said. "So, people will be going: 'Is that growth rate that we've got built in really achievable if your existing customers are churning off?"
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