Why is the Life360 share price sinking 9% today?

Life360 shares are having a poor day on Tuesday…

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The rebound from the Life360 Inc (ASX: 360) share price was short-lived.

In afternoon trade on Tuesday, the location technology company’s shares are down 6% to $2.90.

One small positive is that this is an improvement from a 9% decline to $2.82 in earlier trade.

What’s going on with the Life360 share price today?

The Life360 share price has taken a tumble today despite there being no news out of the company.

Though, it is worth noting that Life360 and a range of tech shares have been sold off again today following a poor night of trade on Wall Street’s Nasdaq index.

Here’s a summary of some of big declines:

  • The Appen Ltd (ASX: APX) share price is down 7%
  • The EML Payments Ltd (ASX: EML) share price is down 6%
  • The Tyro Payments Ltd (ASX: TYR) share price is down 10%
  • The Zip Co Ltd (ASX: ZIP) share price is down 7%

Anything else?

Something else that could potentially be weighing on the Life360 share price today is tax loss selling.

Life360 and the other tech shares listed above share on thing in common – they are all on course to record sizeable declines for the financial year. This could mean that some investors are selling off their holdings today to claim a loss on their tax returns.

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd, EML Payments, Life360, Inc., Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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