In afternoon trade the S&P/ASX 200 index is on course to record another solid gain. At the time of writing the benchmark index is up 0.3% to 6,983.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Cann Group Ltd (ASX: CAN) share price is down 3.5% to $1.08. This decline appears to be due to profit taking from traders after a strong gain over the last 30 days. Even after accounting for today's decline, the cannabis company's shares are up 157% since this time last month. Investors have been buying its shares due to its positive manufacturing progress.
The Gentrack Group Ltd (ASX: GTK) share price has crashed 25% lower to $2.79. This follows the release of another disappointing market update this morning. Having previously guided to a flat result in FY 2020, management now looks set to downgrade its guidance due to difficult market conditions. In addition to this, UK utility giant E.ON has indicated that it intends to suspend the deployment of its new Gentrack billing platform. Management will provide an update on its guidance next week.
The Pendal Group Ltd (ASX: PDL) share price is down a further 3% to $8.26. Investors have been selling the fund manager's shares after a disappointing quarterly update on Tuesday. One broker that wasn't overly impressed was Morgans. This morning it downgraded Pendal Group's shares to a hold rating and cut the price target on them to $8.83.
The Pilbara Minerals Ltd (ASX: PLS) share price has tumbled 6.5% lower to 36.5 cents. A number of lithium miners have come under pressure today and are trading notably lower. This appears to be down to profit taking from traders after some very strong gains in 2020. Improving investor sentiment in the lithium industry means that Pilbara Minerals' shares were up over 25% year to date prior to today's decline.
