The Kogan.com Ltd (ASX: KGN) share price was out of form again in June.
During the month, the struggling e-commerce company's shares dropped 22% and hit a multi-year low.
This stretched the year-to-date decline for the Kogan share price to a disappointing 68%.
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Why did the Kogan share price sinking in June?
There were a few catalysts for the weakness in the Kogan share price in June.
The first was the broad market sell-off caused by recession fears, surging inflation, and rising interest rates.
The selling was particularly hard in the ASX tech sector and particularly among e-commerce companies.
This saw fellow e-commerce shares Cettire Ltd (ASX: CTT) and Temple & Webster Group Ltd (ASX: TPW) record equally painful declines during the month.
What else?
Also putting pressure on the Kogan share price were a couple of bearish broker notes.
Hot on the heels of a downgrade to underperform from Credit Suisse in May, UBS downgraded Kogan's shares to a sell rating and slashed its price target by 33% to $2.90.
The broker has concerns over supply chain challenges, consumer spending, and margin pressures from elevated inventory levels.
In addition, the team at Jarden retained its underweight rating and cut its price target on the company's shares by 45% to $3.52.
Jarden highlights the same headwinds as UBS and suspects they could lead to Kogan falling well short of consensus expectations. So much so, it is expecting the company to record a loss after tax in FY 2022.
Investors may not have long to find out if this is the case. The company traditionally releases a business update in the middle of July.
