The S&P/ASX 200 Index (ASX: XJO) has started 2021 in style and stormed notably higher last week. The benchmark index rose a sizeable 2.6% to end the five days at 6,757.9 points.
Unfortunately, not all shares on the index climbed higher with the market. Here's why these ASX 200 shares were the worst performers last week:
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Link Administration Holdings Ltd (ASX: LNK)
The Link share price was the worst performer on the ASX 200 last week by some distance with a 16.2% decline. Investors sold off the administration services company's shares after its released an update on a takeover approach by SS&C Technology Holdings. Last month the NASDAQ listed global provider of investment and financial software made a conditional offer of $5.65 per share to acquire 100% of Link. While management felt the offer undervalued the company, it granted SS&C Technology due diligence. However, last week it revealed that the takeover proposal has now been withdrawn.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was out of form and dropped 9% lower over the five days. This was despite there being no news out of the medical device company. However, it is worth noting that the PolyNovo share price was an exceptionally strong performer in 2020, so this decline could be due to profit taking. PolyNovo's shares recorded a gain of 97% last year.
EML Payments Ltd (ASX: EML)
The EML Payments share price wasn't far behind with an 8.9% decline last week. This decline may have been driven by concerns that its gift card segment will struggle for longer than expected due to lockdowns in the UK, growing COVID cases in the US, and recent outbreaks in New South Wales and Victoria. Brokers remains positive on the company, though. Last month Wilsons put an overweight rating and $4.55 price target on its shares.
Megaport Ltd (ASX: MP1)
The Megaport share price was out of form last week and dropped 8.5% over the five days. This was despite there being no news out of the global provider of elastic interconnection services. Though, with its quarterly report potentially going to be released in the coming days, some investors may be nervous. Megaport's first quarter update was a touch weaker than many were expecting.
