Is the Nearmap (ASX:NEA) share price great value? // Motley Fool Australia

The Nearmap Ltd (ASX: NEA) share price was out of form on Thursday and dropped notably lower.

The aerial imagery technology and location data company’s shares dropped over 3% to $2.40.

Why did the Nearmap share price drop lower?

Investors were selling the company’s shares yesterday after the release of an update on its guidance for FY 2021 at its annual general meeting.

Nearmap has provided guidance for annualised contract value (ACV) of between $120 million and $128 million this year. This represents an increase of 12.8% to 20% on FY 2020’s ACV of $106.4 million. Management advised that this forecast is based on constant currency and does not factor in any unforeseen circumstances.

The high end of its guidance range is just…