In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.45% to 7,300.9 points.
Four ASX shares that have failed to follow the market higher are listed below. Here's why they are dropping:
BlueBet Holdings Ltd (ASX: BBT)
The Bluebet share price is down almost 3% to $1.85. This sports betting company's shares have come under significant pressure this month amid concerns over its US expansion. This follows a couple of unsuccessful state betting license applications. Investors appear concerned that cracking the US market may be harder than anticipated.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price has fallen 2.5% to $1.17. This morning the team at Macquarie released a broker note relating to this gold miner. Although it has retained its outperform rating, it has cut its price target on Gold Road's shares by 6.5% to $1.40. It notes that issues at its Gruyere operation are impacting production.
Li-S Energy Ltd (ASX: LIS)
The Li-S Energy share price has tumbled 9.5% to $2.18. This decline appears to have been driven by profit taking from investors after a significant gain following its IPO. The battery technology company's shares are still up 155% since hitting the ASX boards on Tuesday. Li-S Energy raised $34 million at 85 cents per share.
Myer Holdings Ltd (ASX: MYR)
The Myer share price has fallen 6.5% to 58.5 cents. As with Li-S Energy, this decline appears to have been driven by profit taking from investors. For example, even after this decline, the Myer share price is up approximately 90% since the start of the year. A strong turnaround in the department store operator's performance is behind this gain.
