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the S&P/ASX 200 Index (ASX:XJO) was in good shape last week and rebounded from the previous week’s selloff. The benchmark rose 1.6% over the five days to end the period at 7,110.8 points.
Unfortunately, not all stocks were able to rise with the market. Here’s why these were the worst performing ASX 200 stocks of the past week:
Zip’s share price was by far the worst performer on the ASX 200 last week with a 22.2% decline. This buy now pay later supplier stock has come under pressure for a number of reasons. This includes completing an institutional placement of approximately $150 million at a 14% discount of $1.90 per new share. In addition, the market gave its decision to acquire its competitor Sezzle Inc. (ASX:SZL) a lukewarm response, while UBS analysts downgraded the company’s shares to a sell rating and cut their price target by 80% to a modest $1.00.
Magellan Financial Group Ltd (ASX:MFG)
Magellan’s stock price was under pressure again last week and fell 12.9%. Last week, the UBS team responded to Magellan’s latest funds under management (FUM) update by maintaining its sell rating and lowering its price target to $15.40. UBS is concerned about the fall in its FUM, which it says will not be helped by the downgrading of its flagship Global Fund by a rating agency.
Unibail Rodamco Westfield (ASX:URW)
The Unibail-Rodamco-Westfield share price is not far behind with a drop of 10.4%. On Monday, this shopping center giant revealed that a member of its supervisory board had sold around 580,000 euros worth of shares via a market transaction. Furthermore, after the market closed on Friday, it was announced that Unibail-Rodamco-Westfield would be eliminated from the ASX 200 at the next rebalancing. It is possible that some fund managers anticipated this and sold their shares before the rebalancing announcement.
Platinum Asset Management Ltd (ASX:PTM)
Platinum’s stock price was poor and fell 9.2% over the five days. And this despite the lack of news from the fund manager. However, it should be noted that its shares traded ex-dividend last week. Additionally, at the end of the previous week, Macquarie analysts maintained their underperforming rating and cut their price target by 18%.