In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.45% to 7,300.9 points.
Four ASX shares that have failed to follow the market higher are listed below. Here’s why they are dropping:
BlueBet Holdings Ltd (ASX: BBT)
The Bluebet share price is down almost 3% to $1.85. This sports betting company’s shares have come under significant pressure this month amid concerns over its US expansion. This follows a couple of unsuccessful state betting license applications. Investors appear concerned that cracking the US market may be harder than anticipated.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price has fallen 2.5% to $1.17. This morning the team at Macquarie released a broker note relating to this gold miner. Although it has retained its outperform rating, it has cut its price target on Gold Road’s shares by 6.5% to $1.40. It notes that issues at its Gruyere operation are impacting production.
Li-S Energy Ltd (ASX: LIS)
The Li-S Energy share price has tumbled 9.5% to $2.18. This decline appears to have been driven by profit taking from investors after a significant gain following its IPO. The battery technology company’s shares are still up 155% since hitting the ASX boards on Tuesday. Li-S Energy raised $34 million at 85 cents per share.
Myer Holdings Ltd (ASX: MYR)
The Myer share price has fallen 6.5% to 58.5 cents. As with Li-S Energy, this decline appears to have been driven by profit taking from investors. For example, even after this decline, the Myer share price is up approximately 90% since the start of the year. A strong turnaround in the department store operator’s performance is behind this gain.
The post Why BlueBet, Gold Road, Li-S Energy, & Myer shares are dropping appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BlueBet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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