In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,435.1 points.
Four ASX shares that have failed to follow the market higher are listed below. Here’s why they are tumbling:
Australian Ethical Investment Limited (ASX: AEF)
The Australian Ethical share price has sunk 13.5% to $9.52 despite there being no news out of the ethical investment company. However, with its shares more than doubling this year prior to today, some investors could be taking a bit of profit off the table.
Brambles Limited (ASX: BXB)
The Brambles share price has fallen 8% to $11.25. Investors have been selling this supply chain logistics company’s shares following the release of an update after the market close on Monday. That update revealed that the company is expecting underlying profit growth of just ~1% to ~2% in FY 2022. This is due to management flagging FY 2022 as an investment year for the company.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 4.5% to $5.57. This battery materials company’s shares were on fire last week but have now run out of fuel. A broker note out of Morgans on Friday could be the reason why. According to the note, the broker has downgraded the company’s shares to a hold rating with a $5.68 price target. Morgans felt that its shares were fully valued following a strong gain.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 2% to $6.88. This is despite the buy now pay later provider releasing its Retail Investor Day presentation this morning. That presentation revealed the company’s plans for savings accounts, rewards, and cryptocurrencies. Investors may be disappointed that no trading update was provided with the release. Especially given concerns that its growth could be slowing.