In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course start the week with a gain. At the time of writing, the benchmark index is up 0.3% to 7,512.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling:
Altium Limited (ASX: ALU)
The Altium share price is down 14% to $29.93. This follows the release of the electronic design software company’s full year results. Investors have been selling Altium’s shares despite it achieving its full year revenue guidance with a 1% lift to US$191.1 million. It also upgraded its outlook for FY 2022 and now expects revenue growth of 16% to 20%. It has, however, pushed back its US$500 million revenue target by a year to FY 2026 due to COVID-19.
BlueBet Holdings Ltd (ASX: BBT)
The BlueBet share price has tumbled 10% to $2.53. This morning the sports betting company revealed that it has missed out on a sports betting license. According to the release, BlueBet and its partner Colorado River Indian Tribes (CRIT) were overlooked for one of the 10 licences to operate an online sportsbook in the state of Arizona. Although it met the requirements of a qualified event wagering operator, it missed out after a competitive process which considered a range of factors.
Healius Ltd (ASX: HLS)
The Healius share price is down 7% to $4.68. Investors have been selling the healthcare company’s shares after the release of a very strong (but not quite strong enough) full year result. In FY 2021, Healius doubled its underlying EBIT to $266.5 million. This was 3.5% short of the analyst consensus estimate of $276 million. COVID-19 testing was a key driver of its growth.
HUB24 Ltd (ASX: HUB)
The HUB24 share price has dropped 6% to $29.71. This decline appears to have been driven by news that the investment platform provider’s chairman has been selling shares. According to a change of director’s interests notice, Chairman Bruce Higgins sold a total of 269,700 shares for approximately $8.1 million last week.