Why BlueBet, Fortescue, Hansen, & Pro Medicus shares are sinking

These ASX shares are starting the week in the red…

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The S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but remains on course to start the week with a decline. In afternoon trade, the benchmark index is down 0.3% to 7,500.5 points.

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

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price has crashed 19% to $2.00. Investors have been selling the sports betting company’s shares after it was dealt another blow with its US expansion plans. On advice from the regulator, Virginia Lottery, BlueBet has withdrawn its application for a Sports Betting Permit in the US State of Virginia. All application fees will be refunded.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has crashed 10.5% to $18.64. The iron ore giant’s shares have come under significant pressure on Monday after they traded ex-dividend for its fully franked $2.11 per share final dividend. Eligible shareholders can now look forward to receiving this dividend on 30 September.

Hansen Technologies Limited (ASX: HSN)

The Hansen share price has tumbled 9% to $5.61. Investors have been selling the billing technology company’s shares after BGH Capital withdrew its takeover proposal. While the private equity firm didn’t provide a reason for withdrawing its offer, it comes following the conclusion of its extensive due diligence.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price has dropped 5% to $59.00. The catalyst for this was news that the health imaging company’s shares have been downgraded by a leading broker. According to a note out of Goldman Sachs, it has downgraded the company’s shares to a sell rating with a $54.00 price target. The broker made the move on valuation grounds. It believes it is hard to justify the premium the Pro Medicus share price is trading on.

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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 shares of and has recommended Hansen Technologies and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended BlueBet Holdings 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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