In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. At the time of writing, the benchmark index is down 0.15% to 7,405.8 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price is down 7.5% to 80 cents. This is despite there being no news out of the lithium explorer. However, it is worth noting that the AVZ share price has more than quadrupled in value over the last 12 months. This could have led to some investors taking a bit of profit off the table on Tuesday.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down a further 6.5% to $7.47. Investors have been selling this ecommerce company’s shares following another disappointing update from a peer (more on that below). This follows an update from the Wesfarmers Ltd (ASX: WES) owned Catch business on Monday which revealed sales growth of just 1% during the first half.
Panoramic Resources Ltd (ASX: PAN)
The Panoramic Resources share price is down 2% to 27 cents. This morning analysts at Morgans downgraded this miner’s shares to a hold rating with a 28 cents price target. The broker doesn’t see enough value in its shares following a strong gain over the last 12 months.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has crashed 21% to $2.36. Investors have been selling this ecommerce company’s shares following the release of a disappointing trading update. The heavily shorted company reported gross transaction value (GTV) of $381 million, down 14% decline over the prior corresponding period. Things got worse for its earnings, with EBITDA crashing 84% to just $8 million. Increased competition in the second quarter weighed heavily on its margins.