The S&P/ASX 200 Index (ASX: XJO) was on form last week and bounced back from the previous week's selloff. The benchmark index rose 1.6% over the five days to end the period at 7,110.8 points.
Unfortunately, not all shares were able to climb higher with the market. Here's why these were the worst performing ASX 200 shares last week:
Zip Co Ltd (ASX: Z1P)
The Zip share price was far and away the worst performer on the ASX 200 last week with a 22.2% decline. This buy now pay later provider's shares came under pressure for a number of reasons. This includes the completion of a ~$150 million institutional placement at a 14% discount of $1.90 per new share. In addition, the market gave its decision to acquire rival Sezzle Inc (ASX: SZL) a lukewarm response, while analysts at UBS downgraded the company's shares to a sell rating and cut the price target on them by 80% to a lowly $1.00.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was under pressure again last week and dropped 12.9%. Last week the team at UBS responded to Magellan's latest funds under management (FUM) update by retaining its sell rating and cutting its price target to $15.40. UBS has concerns over its falling FUM, which it fears won't be helped by its flagship Global Fund being downgraded by a ratings agency.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price wasn't far behind with a 10.4% decline. On Monday this shopping centre giant revealed that a member of its Supervisory Board had sold ~580,000 euros worth of shares via an on-market trade. In other news, after the market close on Friday, it was announced that Unibail-Rodamco-Westfield would be dumped out of the ASX 200 at the next rebalance. It is possible that some fund managers were anticipating this and sold their shares ahead of the rebalance announcement.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price was a poor performer and tumbled 9.2% over the five days. This was despite there being no news out of the fund manager. However, it is worth noting that its shares traded ex-dividend last week. In addition, at the end of the previous week, analysts at Macquarie retained their underperform rating and slashed their price target by 18%.
