The S&P/ASX 200 Index (ASX: XJO) is bouncing back strongly from yesterday’s selloff. In late morning trade the benchmark index is up 1.6% to 5,909.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Pushpay Holdings Ltd (ASX: PPH) share price is down 1.5% to $8.27. I suspect that this decline has been driven by profit taking after some stellar gains in 2020. Since the start of the year the donation platform provider’s shares have more than doubled in value. Investors have been buying Pushpay’s shares after a very strong result in FY 2020 and positive guidance for the year ahead.
The Ramelius Resources Limited (ASX: RMS) share price is down 3.5% to $1.93. Investors have been selling the gold miner’s shares despite the release of a life of mine update. This new mine plan confirms Ramelius’ ability to produce in excess of 1.4 million ounces of gold at an average all-in sustaining cost of A$1,250 to A$1,350/oz over a six-year mine life. Investors may have been expecting better.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is down 2.5% to $5.28. This appears to have been driven by a broker note out of Macquarie this morning. The broker has downgraded Saracen’s shares to a neutral rating with a $5.40 price target. It made the move due to the strengthening Australian dollar and production growth limitations.
The WiseTech Global Ltd (ASX: WTC) share price has fallen almost 3% to $19.24. Investors have been selling the logistics solutions company’s shares after it revealed heavy insider selling. According to the release, over the past few trading days its founder and CEO, Richard White, has sold almost $46 million worth of shares. No explanation was provided for the sale. Mr White does still own approximately 151 million WiseTech shares.
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- Saracen Mineral and 2 other companies defying the ASX 200
- WiseTech share price on watch after CEO dumps almost $46 million of shares
- These 3 companies have incredible switching cost moats
- ASX 200 drops 1.5% on elevated COVID-19 fears
- Are you in your 20s? Here’s why I would buy these quality ASX shares
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 PUSHPAY FPO NZX. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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 Pushpay, Ramelius, Saracen, & WiseTech are dropping lower appeared first on Motley Fool Australia.
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