In late morning trade the S&P/ASX 200 Index (ASX: XJO) is back on form and charging notably higher. At the time of writing, the benchmark index is up a sizeable 0.8% to 6,229 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The IDP Education Ltd (ASX: IEL) share price is down 7% to $18.75. Investors have been selling the language testing and student placement services company's shares after it revealed that its largest shareholder was considering a further sell-down. Education Australia owns approximately 40% of IDP Education. It notes that its shareholders, 38 universities, are struggling during the pandemic and in need of funds.
The WiseTech Global Ltd (ASX: WTC) share price is down 1.5% to $27.70. This appears to have been driven by a spot of weakness in the tech sector on Thursday. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down approximately 0.2%. In addition to this, this morning the logistics solutions platform provider released its annual report.
The Zip Co Ltd (ASX: Z1P) share price has fallen 2.5% to $7.39. This morning analysts at UBS retained their sell rating and $5.50 price target on the buy now pay later provider's shares. It has reduced its first half forecasts for Zip's ANZ business following softer than expected transaction numbers during the first quarter of FY 2021. This price target implies potential downside of over 25%.
The Zoono Group Ltd (ASX: ZNO) share price has dropped a further 5% to $1.59. Investors have been selling the antimicrobial solutions provider's shares since the release of its first quarter update. Zoono, which sells antimicrobial hand sanitisers and sprays, reported first quarter sales of NZ$15 million. This was down 28.2% from the NZ$20.9 million it achieved in the fourth quarter of FY 2020.
