ART 4.00% 26.0¢ airtasker limited

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    No easy task for would-be Airtasker acquirers, shares spike

    A mid-January trading volume surge has put gig economy jobs marketplace Airtasker on Street Talk’s radar.

    Shares in the Tim Fung-founded company gained 35 per cent over five days in the second week of January, hitting an 11-month high of 30¢.

    Before the gain, the shares traded down around 50 per cent over 2023, touching an all-time low of 16.5¢ in October. Airtasker lets people post tasks and hire people to complete jobs ranging from household cleaning to assembling Ikea furniture to pet feeding.


    Tim Fung

    Airtasker chief executive Tim Fung. Jeremy Piper

    While sources suggested the gains could be down to an opportunistic strategic or buyout firm building a position, would-be acquirers would have their work cut out for them. Major shareholders control more than 50 per cent of the stock, so there’s little to be gained in taking a position and driving up the price without the founder’s assent.

    Airtasker hit the ASX in March 2021 with an issue price of 65¢, giving it a market capitalisation of $255 million. It’s since been heavily sold off as investors turned away from smaller unprofitable technology stocks. The company’s international marketplaces, principally the UK and US, are still in the early stages of growth.

    It is expected to be free cash flow positive in FY24, and has told investors it is seeking to address platform leakage – aka users negotiating directly once a connection is established and thereby, avoiding the platform fee. In financial year 2023, Airtasker’s EBITDA loss narrowed to $8 million compared with an EBITDA loss of $17.1 million the year prior. Revenue jumped thanks to an influx of workers looking for extra income.

    Early Airtasker investor, venture capital firm EXTO Partners, controls 15.7 per cent of the register. Tune Fiorano, a company controlled by Fung, holds 10.6 per cent. Airtasker director Fred Bai oversees around 13.7 per cent via venture capital firm Morning Crest and Hong-Kong based MCC Resources.

 
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Last
26.0¢
Change
0.010(4.00%)
Mkt cap ! $117.6M
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25.0¢ 26.0¢ 25.0¢ $236.6K 941.4K

Buyers (Bids)

No. Vol. Price($)
1 20455 25.5¢
 

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Price($) Vol. No.
26.0¢ 163923 5
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