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Why Limeade, Oil Search, Platinum, & Whispir shares are sinking

a trader on the stock exchange holds his head in his hands, indicating a share price drop
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In late morning trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.45% to 6,820 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:

Limeade Inc (ASX: LME)

The Limeade share price has continued its slide and is down a further 3% to 97 cents. Investors have been selling the employee experience software company’s shares since the release of its full year results last week. Investors appear disappointed with its guidance for FY 2021. Management expects revenue of US$50 million to US$53 million. This is a decline on FY 2020’s revenue of US$56.6 million. Falling customer numbers is weighing on its performance.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is down 1.5% to $4.25. Investors have been selling the energy producer’s shares following a pullback in oil prices overnight. It isn’t just Oil Search that is under pressure today. The S&P/ASX 200 Energy index is down 1% at the time of writing.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price has fallen 3.5% to $4.60. Today’s decline has little to do with the fund manager’s performance and is predominantly due to its shares trading ex-dividend this morning for its 12 cents per share fully franked interim dividend. Eligible shareholders can look forward to receiving this dividend in a couple of weeks on 18 March.

Whispir Ltd (ASX: WSP)

The Whispir share price is down 4% to $3.72. Investors have been selling the communications workflow platform provider’s shares following the completion of a $45.3 million placement to new and existing institutional investors. Whispir raised the funds at an offer price of $3.75 per share, which represents a 3.6% discount to its last close price. The proceeds will be used to accelerate its growth strategy in key markets.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Whispir Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Limeade, Inc. The Motley Fool Australia has recommended Whispir 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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