Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping

These ASX shares are dropping on Thursday…

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share price plummeting down

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing notably higher. At the time of writing, the benchmark index is up 0.8% to 7,329.7 points.

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

Adriatic Metals (ASX: ADT)

The Adriatic Metals share price is down 16% to $2.80. This morning the base and precious metal explorer announced the completion of a US$52 million placement. These funds were raised at $2.81 per share, which represents a 15.6% discount to its last close price. The company also raised gross proceeds of US$50 million via a conditional equity subscription from Orion Partners.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 2% to $3.18. Investors have been selling this fund manager’s shares this week following another disappointing funds under management (FUM) update. Platinum reported net outflows of $292 million during September.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has crashed over 13% lower to $3.96. This morning the ecommerce company released a first quarter update which revealed a sizeable decline in sales, revenue, and earnings. Redbubble reported a 21% decline in gross transaction value to $142 million and a 28% reduction in marketplace revenue to $106 million. This led to an 85% decline in first quarter EBITDA.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 2% to $3.23. This follows the release of the coal miner’s quarterly update this morning. For the three months ended 30 September, the miner’s total managed coal sales were down 23% to 4.6 million tonnes. Positively, though, this was offset by a significant increase in thermal and metallurgical coal realised prices during the quarter.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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