Why Magellan, Origin, Piedmont Lithium, & WiseTech Global are dropping

These ASX shares are in the red…

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share price plummeting down

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back most of its morning gains but remains slightly higher for the day. At the time of writing, the benchmark index is up 0.1% to 7,334.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 4.5% to $51.46. This morning analysts at Morgan Stanley responded to the fund manager’s quarterly update by retaining their underweight rating and $39.60 price target on its shares. It notes that Magellan experienced fund outflows during the June quarter, reversing inflows from the previous quarter.

Origin Energy Ltd (ASX: ORG)

The Origin Energy share price is down almost 2% to $4.57. This may have been driven by further weakness in oil prices overnight. In other news, this morning analysts at Credit Suisse retained their neutral rating and lifted their price target on Origin’s shares to $4.50.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price has continued its slide and is down 4% to 91 cents. This is despite there being no news out of the lithium explorer. This latest decline means the Piedmont Lithium share price is now down over 12% since this time last week. It looks as though this has been driven by profit taking. Even after these declines, its shares are up almost 150% in 2021.

WiseTech Global Ltd (ASX: WTC)

The WiseTech Global share price has fallen 3% to $31.23. Investors have been selling the logistics solutions company’s shares following the release of a broker note out of Macquarie. According to the note, the broker has downgraded its shares to a neutral rating and cut the price target on them to $33.00. Macquarie made the move after reducing its earnings estimates slightly to reflect recent container volumes data.

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Motley Fool contributor 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 and has recommended Piedmont Lithium Inc. and WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. 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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