Why is the Pilbara Minerals share price down 6% on Tuesday?

a man clasps his hand to his forehead as he looks down at his phone and grimaces with a pained expression on his face as he watches the Pilbara Minerals share price continue to falla man clasps his hand to his forehead as he looks down at his phone and grimaces with a pained expression on his face as he watches the Pilbara Minerals share price continue to fall

The Pilbara Minerals Ltd (ASX: PLS) share price is sliding, down by 6.2% in afternoon trade on Tuesday.

Pilbara shares have gyrated from the open, trading 10% down at one point before recovering slightly and heading sideways.

In broad market moves, the S&P/ASX 300 Metal & Mining (ASX: XMM) index is down 5.7% at the time of writing.

What’s going down with Pilbara Minerals?

There’s been no price-sensitive news out of Pilbara’s camp today. Instead, investors have likely sold the shares as part of a market-wide sell-off that’s gripped the ASX on Tuesday.

The benchmark S&P/ASX 200 Index (ASX: XJO) is down 4.4% now but was down 5% at the open.

This follows carnage in the US markets overnight, with all major indexes booking substantial losses.

This is despite the price of oil and gas pushing higher into the stratosphere.

The trading volume of Pilbara shares is already at 36.9 million with 90 minutes of trading to go. It’s flying past its four-week average of 33.06 million.

Pilbara Minerals share price snapshot

Today’s selling extends losses to 40% this year to date for the Pilbara share price, after it fell from a peak of $3.86 in January.

Since then, the Pilbara Minerals share price has made two noteworthy attempts to reach that level again — but to no avail. It’s now been trading in a descending channel since January.

The post Why is the Pilbara Minerals share price down 6% on Tuesday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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