The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 7,388 points.
Four ASX shares that have not been able to follow the market higher today are listed below. Hereâs why they are sinking:
HUB24 Ltd (ASX: HUB)
The HUB24 share price is down 6.5% to $24.95. In response to this investment platform provider’s âweaker than expectedâ quarterly update on Tuesday, analysts at Citi have retained their neutral rating but cut their price target to $29.00. HUB24âs funds under administration was 2% lower than Citiâs estimates.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down 2% to $25.29. This morning, analysts at Morgan Stanley downgraded the retailer’s shares to an equal-weight rating with a $25.00 price target. The broker has concerns that demand could be easing.
Redbubble Ltd (ASX: RBL)
The Redbubble share price is down 12% to 50 cents. This ecommerce companyâs shares have been sold off following the release of another disappointing update. Redbubble revealed that trading conditions have been âincreasingly challengingâ during the first half. This has led to the company reporting an $18 million operating loss for the half, down from an operating profit of $10.5 million a year earlier.
Warrego Energy Ltd (ASX: WGO)
The Warrego Energy share price is down 2.5% to 37 cents. This is despite there being no material news out of the company today. However, investors appear to have been betting on a bidding war inflating the takeover price for the energy explorer. They may now be concerned that the war is over and the takeover offer price wonât rise beyond current levels.
The post Why HUB24, Lovisa, Redbubble, and Warrego shares are sinking today appeared first on The Motley Fool Australia.
Turn the market pullback to your advantage today
The recent market pullback in stocks has been eye watering…
But there is a silver lining because, historically, some millionaires are made in bear markets.
And when investors can find world-class stocks at severe discounts you have to wonder…
Have you got these four ‘pullback stocks’ in your portfolio?
See The 4 Stocks
*Returns as of January 5 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- 2 ASX shares making big moves following quarterly updates
- Are ASX 200 retail shares on sale in 2023?
- Waiting for ASX shares to bottom? Why you could miss out on a stock market rally
- Still shopping, share price not dropping: Lovisa shines among 3 best ASX 200 retail shares of 2022
- Falling inflation! Could the party be back on for ASX 200 retail shares?
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 positions in and has recommended Hub24, Lovisa, and Redbubble. The Motley Fool Australia has positions in and has recommended Hub24. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/HJY9mMQ
Leave a Reply