What’s going on with the Nuix (ASX:NXL) share price?

Promising young ASX tech company Nuix Ltd (ASX:NXL) has had a rocky start to life on the share market. After first listing on the ASX in early December, its share price soared as high as $11.855, before plunging more than 60% to a low of just $4.20. And even after a modest recovery more recently, its shares are down another 3% today and are currently trading at only $4.47.

Let’s first take a look at what Nuix does, and then investigate the reasons for the massive decline in its share price.

Company background

Nuix is a data analytics company. Its software is designed to help its clients sift through massive amounts of data – including things like social media posts and emails – to deliver insights and actionable solutions….