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Why these 4 ASX shares tumbled lower today

fall down

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for a third consecutive day in the red and is down 0.3% to 5,951 points in afternoon trade.

Four shares which have fallen more than most today are listed below. Here’s why they have tumbled lower:

The Australian Agricultural Company Ltd (ASX: AAC) share price is down 10% to $1.40 after the cattle farmer reported a statutory half-year EBITDA loss of $36.5 million following a write down in the value of some of its cattle inventory. The company also saw its operating EBITDA margin fall to a disappointing 8.2% due to higher input costs.

The Bubs Australia Ltd (ASX: BUB) share price is down 8% to 79 cents. The baby food and goat’s milk infant formula company’s shares have now lost 22% of their value since this time last week. The catalyst for this was the sale of 6.8 million shares by one of its major shareholders.

The Healthscope Ltd (ASX: HSO) share price is down almost 3.5% to $1.81. Today’s decline is likely to be attributable to a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the healthcare services company to a hold rating and cut its price target to $1.95 following the release of weak private hospital cover data.

The Pilbara Minerals Ltd (ASX: PLS) share price has plunged 6.5% to 94 cents despite there being no news out of the lithium miner. But with its shares more than doubling in value in the last three months, I suspect today’s decline could be related to profit-taking from traders.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.

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