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Why is the Life360 share price sinking 9% today?

Life360 shares are having a poor day on Tuesday…

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James Mickleboro
James Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. This was the start of a love affair with Australian equities and he hasn't looked back since. James is part of the CFA Institute's Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. Outside of reading and researching he spends many a late night watching the English Premier League and Seinfeld reruns.
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The rebound from the Life360 Inc (ASX: 360) share price was short-lived.

In afternoon trade on Tuesday, the location technology company's shares are down 6% to $2.90.

One small positive is that this is an improvement from a 9% decline to $2.82 in earlier trade.

Rede arrow on a stock market chart going down.

Image source: Getty Images

What's going on with the Life360 share price today?

The Life360 share price has taken a tumble today despite there being no news out of the company.

Though, it is worth noting that Life360 and a range of tech shares have been sold off again today following a poor night of trade on Wall Street's Nasdaq index.

Here's a summary of some of big declines:

  • The Appen Ltd (ASX: APX) share price is down 7%
  • The EML Payments Ltd (ASX: EML) share price is down 6%
  • The Tyro Payments Ltd (ASX: TYR) share price is down 10%
  • The Zip Co Ltd (ASX: ZIP) share price is down 7%

Anything else?

Something else that could potentially be weighing on the Life360 share price today is tax loss selling.

Life360 and the other tech shares listed above share on thing in common – they are all on course to record sizeable declines for the financial year. This could mean that some investors are selling off their holdings today to claim a loss on their tax returns.

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd, EML Payments, Life360, Inc., Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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