These ASX shares are ending the week deep in the red…
The post Why BrainChip, Fortescue, PointsBet, and Zip shares are dropping appeared first on The Motley Fool Australia. –
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The BrainChip share price has dropped 13% to $1.10. This is despite there being no news out of the semiconductor company. Profit taking could be weighing on the companyâs shares today after some strong gains in recent weeks. In addition, with a market capitalisation of $2 billion and quarterly revenue of US$1.2 million, some investors may have concerns with its valuation.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 2% to $18.35. The softening of the iron ore price and a couple of bearish broker notes could be weighing on this mining giantâs shares. In respect to the latter, the team at Macquarie has downgraded Fortescueâs shares to an underperform rating with a $16.00 price target.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is down over 8% to $3.27. This is despite the sports betting companyâs fourth quarter update revealing a 41% year on year increase in quarterly total net win to $85.8 million. This was driven by solid growth in both the Australian and US markets. It appears as though the market may have been expecting even stronger growth.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 20% to $1.21. This buy now pay later providerâs shares appear to have come under pressure from profit taking after some stellar gains over the last few weeks. In fact, even after todayâs decline, the Zip share price is still up over 150% since this time last month.
The post Why BrainChip, Fortescue, PointsBet, and Zip shares are dropping appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd and ZIPCOLTD FPO. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.