The S&P/ASX 200 Index (ASX: XJO) is having a strong finish to the week. In afternoon trade, the benchmark index is up 0.85% to 6,948.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The BrainChip share price has dropped 13% to $1.10. This is despite there being no news out of the semiconductor company. Profit taking could be weighing on the company's shares today after some strong gains in recent weeks. In addition, with a market capitalisation of $2 billion and quarterly revenue of US$1.2 million, some investors may have concerns with its valuation.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 2% to $18.35. The softening of the iron ore price and a couple of bearish broker notes could be weighing on this mining giant's shares. In respect to the latter, the team at Macquarie has downgraded Fortescue's shares to an underperform rating with a $16.00 price target.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is down over 8% to $3.27. This is despite the sports betting company's fourth quarter update revealing a 41% year on year increase in quarterly total net win to $85.8 million. This was driven by solid growth in both the Australian and US markets. It appears as though the market may have been expecting even stronger growth.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 20% to $1.21. This buy now pay later provider's shares appear to have come under pressure from profit taking after some stellar gains over the last few weeks. In fact, even after today's decline, the Zip share price is still up over 150% since this time last month.
