In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing the benchmark index is up 0.45% to 5,969.9 points.
Four shares that have not been able to follow the market higher today are listed below. Here’s why they are tumbling lower:
The G8 Education Ltd (ASX: GEM) share price is down 1% to 94 cents on the day of its annual general meeting. The childcare centre operator advised that its booked occupancy is currently ~65%, with physical attendance of ~53%. The lower attendance rate is due to some parents continuing to choose to keep their children at home despite having a booking at a centre.
The InvoCare Limited (ASX: IVC) share price has fallen 3% to $11.05. Investors have been selling the funeral company’s shares in response to a broker note out of Macquarie. According to the note, the broker has downgraded InvoCare’s shares to an underperform rating with a lowered price target of $10.20. Macquarie believes the company is losing market share and could fall short of earnings expectations.
The Megaport Ltd (ASX: MP1) share price has dropped 4.5% to $13.38. This follows the sell down of shares by a substantial shareholder. According to the release, Digital Realty has sold 7.7 million Megaport shares for an average of $13.36 per share. This represents a total consideration of approximately $103 million. Digital Realty retains 2 million shares and has advised that it remains committed to its strategic partnership.
The Webjet Limited ASX: WEB) share price is down 2% to $4.02. Investors appear to be taking profit after the online travel agent’s shares rocketed higher on Tuesday. However, as I pointed out here earlier, Webjet now has a market capitalisation greater than its pre-pandemic level. As such, its shares may not be as cheap as you think despite their heavy decline this year.
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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. owns shares of MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended InvoCare Limited and MEGAPORT FPO. 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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