In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a soft start and is charging higher. At the time of writing, the benchmark index is up 0.35% to 6,710.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price is down 6% to 53.7 cents despite there being no news out of the artificial intelligence technology company. However, with its shares rocketing 18% on no news on Friday, it appears as though profit taking has been weighing on its shares this week. The BrainChip share price is now down 18% from Monday's high.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down almost 2% to $1.13. This morning the lithium miner announced the completion of its retail entitlement offer. Pilbara Minerals raised $60.6 million from the offer, bringing the total raised from its capital raising to $240.2 million. These funds are to be used to acquire the Pilgangoora Lithium Project in Western Australia.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down close to 3% to $24.67. This appears to have been driven by profit taking and a couple of bearish broker notes. In respect to the latter, this morning Goldman Sachs retained its sell rating and put a $20.80 price target on its shares. Elsewhere, UBS has downgraded the retail conglomerate's shares to a neutral rating with a $24.50 price target. Both brokers expect a strong result in FY 2021, but then a sharp decline in earnings in FY 2022.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has fallen almost 7% to $2.64. This morning Goldman Sachs retained its neutral rating but cut its price target on the payments company's shares to $3.15. The broker has concerns over the outage that has been impacting some of Tyro's customers since last week. It fears these temporary terminal connectivity issues could weigh on medium-term growth and possibly lead to compensation claims.
