Why Afterpay, Cleanaway, Mosaic Brands, & Perpetual shares are dropping lower

Afterpay Ltd (ASX:APT) and Perpetual Limited (ASX:PPT) shares are two of four dropping lower on Friday. Here’s why…

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on track to end the week in a subdued manner. The benchmark index is down 0.2% to 6,812 points at the time of writing.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping lower:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down 5% to $141.85. This appears to have been driven by profit taking from investors after some stellar gains recently. In fact, at one stage today the Afterpay share price hit a record high of $151.22. When the payments company’s shares hit that level, it meant they were up a massive 37% since last Wednesday. A bullish broker note and Affirm’s successful IPO in the US have helped drive Afterpay’s shares higher this month.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price has fallen a further 1% to $2.35. Investors have been selling this waste management company’s shares this week following the resignation of its CEO. In response to this surprising news, Credit Suisse downgraded the company’s shares to a neutral rating with a $2.45 price target.

Mosaic Brands Ltd (ASX: MOZ)

The Mosaic Brands share price has crashed 11% lower to $1.03. This decline appears to be due to profit taking from some investors after a significant jump in the fashion retailer’s share price on Thursday. The Mosaic Brands share price rocketed 32% higher yesterday after revealing that its performance had improved greatly.

Perpetual Limited (ASX: PPT)

The Perpetual share price is down almost 3.5% to $34.69 following the release of a trading update. According to the release, Perpetual’s total assets under management (AUM) came in at $89.2 billion at the end of the second quarter. This includes AUM from the Barrow Hanley acquisition on 18 November 2020. Perpetual Asset Management Australia’s AUM fell 2% to $22.7 billion.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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