Tesserent Share Price Tacks on 9% after Retracing (ASX:TNT)

The Tesserent Ltd [ASX:TNT] share price is up 11.36% to trade at 24.5 cents at the time of writing.

The Perth-based cyber security firm is having a busy year, making multiple acquisitions throughout 2020.

The company holds a goal of achieving $100 million in annual revenue and have made two new staffing appointments.

ASX TNT share price chart 1

Source: Optuma

What’s happening at Tesserent?

Throughout 2020 Tesserent have been scooping up businesses to bring under their umbrella.

Seer, Airloom, Ludus Cybersecurity, and the most recent acquisition of iQ3 make four businesses that Tesserent has already picked up this year.

Now the company is building up its management team in the form of a new CFO and Head of Synergies.

Peter Fearns has been appointed as the new Group CFO and starts November of this year. Mr Fearns previously held executive roles at UXC and ANZ Banking Group. During his time at UXC, Peter oversaw the integration of 35-plus separate businesses — so a bit of a specialist.

The company has also recently appointed a Head of Synergies, Nathan Knox. Mr Knox has a background in similar roles, including NBN Co, Coles, and Woolworths.

The market clearly liked these appointments.

Where to from here for the TNT share price?

Like most companies on the market, Tesserent fell away into the March low. Recovering very well to its current level, the price is up over 859% from that point.

Tesserent share price chart 2 - ASX TNT

Source: Optuma

The TNT share price moved sideways in recent days before moving up to its current level.

The sideways movement took place on decreasing volume, which may indicate that the sellers weren’t committed to a further move down.

Should the TNT share price decline, then the level of 21.59 cents may come into play as this had been tested a few times over recent weeks.

On the upside, if the buyers get committed to a move up, then the levels of 25.5 and 28 cents may become the new focus.

Much has been made of Australia’s cyber security push.

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Carl Wittkopp,
For Money Morning


Carl Wittkopp writes for Money Morning and has a diploma in Financial Planning. He specialises in technical analysis.

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