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The S&P/ASX 200 Index (ASX: XJO) is bouncing back strongly from yesterday's selloff. In late morning trade the benchmark index is up 1.6% to 5,909.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Pushpay Holdings Ltd (ASX: PPH) share price is down 1.5% to $8.27. I suspect that this decline has been driven by profit taking after some stellar gains in 2020. Since the start of the year the donation platform provider's shares have more than doubled in value. Investors have been buying Pushpay's shares after a very strong result in FY 2020 and positive guidance for the year ahead.
The Ramelius Resources Limited (ASX: RMS) share price is down 3.5% to $1.93. Investors have been selling the gold miner's shares despite the release of a life of mine update. This new mine plan confirms Ramelius' ability to produce in excess of 1.4 million ounces of gold at an average all-in sustaining cost of A$1,250 to A$1,350/oz over a six-year mine life. Investors may have been expecting better.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is down 2.5% to $5.28. This appears to have been driven by a broker note out of Macquarie this morning. The broker has downgraded Saracen's shares to a neutral rating with a $5.40 price target. It made the move due to the strengthening Australian dollar and production growth limitations.
The WiseTech Global Ltd (ASX: WTC) share price has fallen almost 3% to $19.24. Investors have been selling the logistics solutions company's shares after it revealed heavy insider selling. According to the release, over the past few trading days its founder and CEO, Richard White, has sold almost $46 million worth of shares. No explanation was provided for the sale. Mr White does still own approximately 151 million WiseTech shares.
