In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a small gain. At the time of writing, the benchmark index is up 0.15% to 7,228.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Audinate Group Ltd (ASX: AD8)
The Audinate share price is down almost 4% to $7.44. Although Audinate delivered a 31.6% increase in first half revenue to $20.2 million, investors appear concerned by its outlook. The audio-visual media networking solution provider revealed that it intends to increase its headcount materially and warned that supply chain issues will limit its second half growth.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5.5% to $3.04. This is despite there being no news out of the lithium miner today. However, it is worth noting that Pilbara Minerals isn’t the only lithium share falling today. The ETFS Battery Tech & Lithium ETF (ASX: ACDC) unit price is down a little under 2% today.
Praemium Ltd (ASX: PPS)
The Praemium share price is down 11.5% to $1.08 following the release of its half year results. For the six months ended 31 December, the investment platform provider reported a 25% increase in revenue to $39.2 million but a loss after tax of $2.8 million. The latter was down from a profit of $2.6 million in the prior corresponding period.
SKYCITY Entertainment Group Limited (ASX: SKC)
The SKYCITY share price is down 3.5% to $2.68. This morning the casino and resorts operator released its half year results and revealed a 35.6% decline in revenue to NZ$289.8 million and a loss of NZ$33.7 million. Management advised that its performance was materially impacted by COVID-19 disruptions.
The post Why Audinate, Pilbara Minerals, Praemium, and SKYCITY shares are falling appeared first on The Motley Fool Australia.
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More reading
- These 3 ASX 200 shares are topping the volume charts on Monday
- Audinate (ASX:AD8) share price lower despite stellar sales growth
- Ups and downs: Praemium (ASX:PPS) share price tumbles 12% following half-year results
- ASX 200 (ASX:XJO) midday update: JB Hi-Fi impresses, Crown accepts $8.9bn Blackstone bid
- Here are the 3 most heavily traded ASX 200 shares this Friday
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. owns and has recommended AUDINATEGL FPO and Praemium Limited. The Motley Fool Australia owns and has recommended AUDINATEGL FPO. The Motley Fool Australia has recommended Praemium Limited. 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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