It has been a disappointing finish to the week for the S&P/ASX 200 Index (ASX: XJO). Following a poor night of trade on Wall Street, the benchmark index is down 0.5% to 7,257.4 points.
While this means the ASX 200 is down over 4% year to date, some ASX 200 shares are faring even worse.
Three ASX 200 shares that have tumbled to 52-week lows are listed below. Here’s what’s happening with them today:
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Soul Patts share price hit a 52-week low of $25.37 this morning. This means that the investment house’s shares have now fallen 17% since the start of 2022. While it remains a little unclear why its shares are falling, it could potentially be due to expectations that its earnings peak in FY 2022 and then halve in FY 2023.
Xero Limited (ASX: XRO)
The Xero share price dropped to a 52-week low of $101.51 on Friday. This latest decline means the cloud accounting platform provider’s shares are now down 30% since the start of the year. This appears to have been driven largely by concerns over tech valuations amid the prospect of rising interest rates. Goldman Sachs is likely to see this as a buying opportunity. It has a buy rating and $158.00 price target on Xero’s shares.
Zip Co Ltd (ASX: Z1P)
The Zip share price is out of form yet again and has tumbled to a new 52-week low of $2.53. This latest decline means the buy now pay later (BNPL) provider’s shares are down over 40% since the turn of the year. Investors continue to sell down BNPL shares amid concerns over regulatory risks, valuations, and increased competition and marketing costs.
The post The ASX 200 is awash with 52-week lows on Friday. Here are some of the biggest names growing smaller appeared first on The Motley Fool Australia.
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More reading
- Down 80% in a year: Can the Zip (ASX:Z1P) share price sink any lower?
- While everyone was focused on growth shares, these ASX value shares have been quietly but significantly gaining over the last 10 years
- This expert says now is the time to buy ASX dividend shares. Here’s why
- How did ASX tech shares perform today?
- The Zip (ASX:Z1P) share price hit another 52-week low this week. Is now the time to buy?
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 and has recommended Washington H. Soul Pattinson and Company Limited, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Washington H. Soul Pattinson and Company Limited and Xero. 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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