So many above talks about what happened in past when similar letter issued by HLI on market in 2021.
Price fell from $2.85 to $2.04 from the date of letter issued to next month July 2021, which is roughly 28% drop. The price then moved in consolidation until January 2022 when CBA awarded work to HLI so basically, I smart money exited with profit, retail punter continue to outcry what happened and why happened while smart money moved on to something else as nothing stopping them to enter again if HLI wins back CBA. This may not happened here or happens here but this is how it was in past.
Now, recent trading update by HLI issued on May 2024, makes it clear that GWP is lower then prior period due to xyz. But, trading update provided in April 2021 was clearly a winning quarter with increase in profit as well as GWP. So point being, only talking about what happened in past for share price in isolation of what was situation of financial and business growth isn't helpful.
Also, those who look at yield point of view missing out on the point that GMA (HLI's previous name) had very high degree of up & down in the dividend so lower price now doesn't mean higher dividend yield in future unless company can maintain the customer as well as profit in the business at a time when interest rates staying all time high.
some screenshot below, but feel free to read announcement here ==>
https://www.marketindex.com.au/asx/hli
(20min delay)