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Why Kogan, Pro Medicus, St Barbara, & Tassal shares dropped lower today

In afternoon trade the S&P/ASX 200 index has fought back from a heavy decline in morning trade but is still currently in the red. At the time of writing the benchmark index down 0.15% to 6,122.1 points.

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

The Ltd (ASX: KGN) share price has dropped 3.5% to $3.45 despite there being no news out of the ecommerce company. This latest decline means that Kogan’s shares have dropped a sizeable 21% since the release of its half year results in February. In the first half of FY 2019 Kogan posted net profit after tax of $7.4 million, which was down almost 11% on the prior corresponding period.

The Pro Medicus Limited (ASX: PME) share price has continued its slide and is down almost 8% to $14.90. This decline means that the healthcare technology company’s shares have fallen almost 15% since this time last week despite there being no news out of it. I suspect this has been driven by profit taking from some shareholders. After all, despite these declines, Pro Medicus’ shares are up 81% since this time last year.

The St Barbara Ltd (ASX: SBM) share price has fallen 3% to $3.41 following a drop in the gold price overnight after risk appetite grew and the U.S. dollar strengthened. St Barbara’s shares have tumbled lower despite Deutsche Bank upgrading them to a buy rating from hold with a $3.80 price target.

The Tassal Group Limited (ASX: TGR) share price which has dropped 8% to $4.55 after the AFR reported that listeria was detected in its salmon when tested at a Queensland warehouse in February. Management didn’t disclose the detection to shareholders as it didn’t feel it was material. Tassal’s CEO told the AFR: “We sell over 33,000 tonnes of product and 2 tonnes of product was not released.”

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended ltd. 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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