The S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is dropping lower this afternoon. At the time of writing the benchmark index is down 0.7% to 6,011.7 points.
Four shares that are falling more than most today are listed below. Here's why they are tumbling lower:
The Audinate Group Ltd (ASX: AD8) share price is down 5% to $5.10 following the release of a trading update. That update reveals that the audio solutions company posted flat unaudited revenue of approximately US$20.4 million in FY 2020. Unaudited EBITDA came in 28.5% lower at A$2 million for the 12 months. Demand for Audinate's products has been impacted significantly by the pandemic.
The Breville Group Ltd (ASX: BRG) share price is down almost 6% to $24.02. This decline appears to be down to profit taking after the appliance manufacturer's shares stormed notably higher earlier this week. Investors were buying Breville's shares after Morgan Stanley initiated coverage on the company with an overweight rating and $28.00 price target.
The Zip Co Ltd (ASX: Z1P) share price is down 7.5% to $6.08. Investors have been selling the buy now pay later provider's shares after it was downgraded by analysts at UBS. According to the note, the broker has downgraded Zip Co to a sell rating with a $5.70 price target. It doesn't believe the risk/reward on offer with its shares is enough to invest.
The Zoono Group Ltd (ASX: ZNO) share price has crashed 11% lower to $2.63. This follows the release of the biotech company's fourth quarter update this morning. According to the release, unaudited fourth quarter revenue came in at NZ$20.9 million. This compares to negligible sales in the prior corresponding period and sales of NZ$15.7 million in the third quarter of FY 2020. This was driven by increasing demand for its antimicrobial solutions during the pandemic. Investors appear to have been expecting even stronger sales.
