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Why BrainChip, Evolution, Nearmap, & Zip shares are tumbling lower

BrainChip Holdings Ltd (ASX:BRN) and Nearmap Ltd (ASX:NEA) shares are two of four that are tumbling notably lower on Friday. Here’s why…
The post Why BrainChip, Evolution, Nearmap, & Zip shares are tumbling lower appeared first on Motley Fool Australia. –

shares lower

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very disappointing note. At the time of writing the benchmark index is down 0.85% to 5,858.7 points.

Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:

The BrainChip Holdings Ltd (ASX: BRN) share price has crashed 13.5% lower to 65.5 cents. This decline appears to have been driven by profit taking after some stellar gains by the artificial intelligence technology company’s shares. While BrainChip is an exciting company, it still has an enormous amount to prove. So, it isn’t at all surprising to see its shares come crashing lower. Especially given its billion-dollar market capitalisation on next to no revenue.

The Evolution Mining Ltd (ASX: EVN) share price is down almost 3% to $5.62. This follows a pullback in the spot gold price overnight. It isn’t just Evolution that is under pressure. A number of popular gold miners are dropping notably lower today. This has led to the S&P/ASX All Ordinaries Gold index dropping 1.9% this morning.

The Nearmap Ltd (ASX: NEA) share price has returned from its trading halt and is down over 11% to $2.56. This morning the aerial imagery technology and location data company announced the successful completion of its fully underwritten institutional placement. Nearmap raised $72.1 million at a 4.2% discount of $2.77. These funds will be used to support its growth. In addition to this, Goldman Sachs downgraded its shares to a neutral rating this morning.

The Zip Co Ltd (ASX: Z1P) share price has continued its slide and is down a further 7.5% to $5.94. As well as getting caught up in the tech selloff, concerns over increasing competition appear to be weighing on Zip’s shares. Two of the big four banks have announced interest free credit cards this week to compete with buy now pay later providers.

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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 Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why BrainChip, Evolution, Nearmap, & Zip shares are tumbling lower appeared first on Motley Fool Australia.

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