Develop Global Says Broker Downgrade Likely Behind Share Price Fall

MT Newswires Live

07/30

Develop Global (ASX:DVP) said a broker research report released after the market closed on Tuesday that lowered its 12-month price target was the only explanation it was aware of for a sharp decline in its share price and elevated trading volumes, according to its response to an Australian Securities Exchange (ASX) price query filed with the Australian bourse late Wednesday.

The ASX sought the company's response after its shares fell to an intraday low of AU$4.41 on Wednesday from a Tuesday closing price of AU$5.58, amid a surge in trading volume, per the filing.

The company confirmed that it is complying with the ASX continuous disclosure requirements, the filing added.

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