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Why Magnis, Nanosonics, WiseTech, and Zip shares are dropping

These ASX shares are ending the week in the red…
The post Why Magnis, Nanosonics, WiseTech, and Zip shares are dropping appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is currently on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.2% to 7,395.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Magnis Energy Technologies Ltd (ASX: MNS)

The Magnis share price is down almost 13% to 44.5 cents. Investors have been selling down this lithium battery company’s shares this week amid reports claiming that its chair is being investigated by the Australian Securities and Investments Commission (ASIC). News that a director has resigned suddenly has also weighed on sentiment.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is down 5.5% to $5.76 following the release of its annual general meeting update. At the meeting, management spoke positively about the future and guided to double digit revenue growth in FY 2022. However, it appears as though investors were disappointed that Nanosonics didn’t reveal any new products at the event.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is down 3% to $57.14. This logistics solutions company also held its annual general meeting today. At the event, management reaffirmed its guidance for FY 2022. It continues to expect revenue of $600 million to $635 million and EBITDA of $260 million to $285 million in FY 2022. This represents growth of 18% to 25% and 26% to 38%, respectively. It appears the market was expecting a guidance upgrade.

Zip Co Ltd (ASX: Z1P)

The Zip share price has fallen 3% to $5.72. A number of buy now pay later providers are falling today. This could be due to reports in the United States which suggest that fraud is rising in the industry. An investigation apparently shows that criminals are exploiting weaknesses in the application process for BNPL loans and stealing items. Investors may be worried what impact this will have on margins.

The post Why Magnis, Nanosonics, WiseTech, and Zip shares are dropping appeared first on The Motley Fool Australia.

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More reading

Why is the WiseTech (ASX:WTC) share price having such a lousy end to the week?

Magnis (ASX:MNS) share price falls 40% this week amid ASIC and board woes

Nanosonics (ASX:NAN) share price tumbles despite guiding to strong growth at AGM

ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles

5 things to watch on the ASX 200 on Friday

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. owns shares of and has recommended Nanosonics Limited, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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