These were the worst performing ASX 200 shares last week

Appen Ltd (ASX:APX) and Nearmap Ltd (ASX:NEA) shares were among the worst performers on the ASX 200 last week. Here’s why…
The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia. –

Thumbs down Facebook icon over dark screen

Thanks to solid gains by the banks and miners, the S&P/ASX 200 Index (ASX: XJO) recorded a solid gain last week. The benchmark index rose 55 points or 0.8% to end the period at 7,080.8 points.

Unfortunately, not all shares were able to climb higher with the market. Here’s why these were the worst performers on the ASX 200 last week:

Appen Ltd (ASX: APX)

The Appen share price was the worst performer on the ASX 200 last week with a 21.5% decline. Investors were selling off the artificial intelligence (AI) data services company’s shares following the release of a presentation which provided colour on industry conditions. While management spoke positively about its position in the industry, it also revealed that its customers are changing the ways in which they develop projects. This has resulted in changing data volumes on a handful of large projects, impacting Appen’s revenue. The failure of management to comment on its guidance for FY 2021 also hit investor sentiment.

Nearmap Ltd (ASX: NEA)

The Nearmap share price wasn’t far behind with a disappointing 19.3% decline last week. This decline is all the more worse when you consider that the aerial imagery technology and location data company’s shares were up 14% on Wednesday following a strong trading update. The reason Nearmap’s shares gave back those gains and then fell further was news that it has been hit with legal proceedings. Rival Eagle View alleges patent infringement in relation to its roof estimation technology. While Nearmap has denied any infringement and will defend the complaint, it hasn’t stopped some shareholders from exiting.

Afterpay Ltd (ASX: APT)

The Afterpay share price was a very poor performer last week and dropped 18.9% over the five days. Weakness on Wall Street’s tech-focused Nasdaq index appears to have spooked investors. Particularly in the buy now pay later sector. The shares of rival US-based Affirm lost a quarter of their value between Friday 30 April and Thursday 7 May, dropping to a record low in the process.

Altium Limited (ASX: ALU)

The Altium share price was out of form and dropped 15% last week. This decline appears to have been driven by the aforementioned weakness in the tech sector. In addition to this, a number of shares that trade on high PE ratios came under pressure last week. Altium’s shares were trading at 60x estimated FY 2021 earnings at the end of the week.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd and Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Altium. The Motley Fool Australia owns shares of AFTERPAY T FPO and Altium. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!