Why Dubber, Johns Lyng, Seek, and St Barbara shares are sinking today

The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 1.4% to 6,669.3 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Dubber Corp Ltd (ASX: DUB)

The Dubber share price is down 25% to 41.5 cents. This follows the release of the call recording software provider’s audited results for FY 2022. Dubber shocked investors by revising its revenue lower by $10.3 million from unaudited levels to $25.3 million and increasing its costs by $8 million. The company’s CFO has resigned with immediate effect.

Johns Lyng Group Ltd (ASX: JLG)

The Johns Lyng share price is down 13% to $5.78. The catalyst for this has been news that the building services company’s CEO, Scott Didier, has sold 4 million shares in the company. It appears as though the CEO received $6.25 per share, which equates to a total consideration of $25 million. The company explained: “This share sale has been undertaken to fund Mr Didier’s relocation and living expenses, including the acquisition of a family home in Denver Colorado, along with certain tax liabilities.”

SEEK Limited (ASX: SEK)

The Seek share price is down 3% to $20.11. This may have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its sell rating and trimmed its price target on the company’s shares down to $20.70. It is worth noting that the Seek share price is now trading below this level.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 6.5% to 72 cents. Investors have been selling St Barbara’s shares after the gold price pulled back on Friday night amid concerns over rising interest rates. It isn’t just St Barbara that is falling today. The S&P/ASX All Ordinaries Gold index is down 4.2% this afternoon.

The post Why Dubber, Johns Lyng, Seek, and St Barbara shares are sinking today appeared first on The Motley Fool Australia.

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More reading

• Share market sell-off: 3 top ASX shares to buy now
• Why did this ASX 200 CEO just sell $25 million worth of his company’s shares?
• Why did the Dubber share price just crash 35%?
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has positions in SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Dubber Corporation and Johns Lyng Group Limited. The Motley Fool Australia has positions in and has recommended Dubber Corporation. The Motley Fool Australia has recommended Johns Lyng Group Limited and SEEK Limited. 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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