Kogan.com Ltd (ASX:KGN) and this ASX share are trading significantly lower than their highs. Are they too cheap to ignore right now?

Although the Australian share market has climbed to a new high this week, not all shares are performing as positively.
Two ASX shares that are trading significantly lower than their 52-week highs are listed below. Here’s why now could be a good time to invest:
The Bravura share price has underperformed over the last 12 months. It is down a disappointing 39% from its 52-week high.
The provider of software products and services to the wealth management and funds administration industries has had a difficult time over the last two years. This has been driven by Brexit and COVID-19 uncertainty.
The good news, though, is that trading conditions appear to be improving. For example, last week the company was able to reaffirm its guidance for FY 2021 net profit after tax of $32 million to $35 million and second half revenue growth of 10% half on half.
This went down well with Goldman Sachs. In response to its update, the broker retained its buy rating and lifted its price target on the company’s shares to $3.90.
Goldman Sachs believes the opportunity for Bravura remains compelling in the UK and Australia. It also expects its emerging microservices ecosystem strategy to transform the business to a subscription-based model and drive growth.
This ecommerce company’s shares have also fallen heavily from their highs. The Kogan share price is down 60% from its 52-week high.
Investors have been selling Kogan’s shares due to concerns over its valuation and outlook. In respect to the latter, the company’s recent trading update revealed a sharp slowdown in its revenue growth and a reversal in its profit growth. This was driven by COVID-19 tailwinds easing and inventory issues.
However, this could be a buying opportunity for long-term focused investors. Credit Suisse recently retained its outperform rating and trimmed its price target to $17.93.
The broker believes the issues it is facing are only temporary and remains positive on its long term growth potential. And with Credit Suisse forecasting earnings per share of 46.4 cents in FY 2022, Kogan’s shares are changing hands for a respectable 22x FY 2022 earnings now.
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