Why these 4 ASX shares have dropped lower today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks set for another day in the red and is down 0.3% to 5,809 points in afternoon trade.

Four shares that have fallen more than most on Thursday are listed below. Here’s why they have dropped lower:

The Afterpay Touch Group Ltd (ASX: APT) share price has fallen almost 5% to $5.33. Today’s decline is likely to be attributable to a broker note out of Goldman Sachs this morning. That note revealed that its analysts have downgraded Afterpay Touch from a buy rating to neutral and cut the price target on its shares from $7.90 to $6.30. The broker is concerned that its Australian business is maturing quicker than expected after its quarter-on-quarter sales decline.

The Pushpay Holdings Ltd (ASX: PPH) share price has continued to slide lower and is down a further 5% to $3.73. On Wednesday the donor management system provider released a weaker than expected quarterly update which saw its annualised committed monthly revenue (ACMR) fall to US$86.4 million. Further, the increase in ACMR during the quarter was only US$27.6 million compared to US$36 million in the prior corresponding period. While this is disappointing, investors may want to have a closer look at Pushpay when the dust settles.

The Retail Food Group Limited (ASX: RFG) share price has fallen over 7% to 94.5 cents despite there being no news out of the food and beverage company. On Wednesday Retail Food Group’s shares surged 11% higher on the back of no news. It appears as though some shareholders have decided to take profit today. I would suggest investors stay clear of its shares.

The WAM Capital Limited (ASX: WAM) share price has dropped almost 3.5% to $2.40. Almost all of this 8.5 cents decline can be attributed to the listed investment company’s shares going ex-dividend for its interim fully franked 7.75 cents per share dividend this morning. Eligible shareholders can now look forward to receiving this dividend in their nominated accounts of April 27.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and 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.

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