In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.7% to 7,378.9 points.
Four ASX shares that are falling more than most today are listed below. Here’s why these ASX shares are sinking:
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price has tumbled 11% to $23.55 following the release of its quarterly update. Investors may be concerned with the digital speaker development company’s balance sheet. At the end of the period, the company had cash of just under $500,000 and a $2 million loan facility. This gives it just 1.7 quarters worth of funding.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price has crashed 31% to $1.04. This follows the release of the meal kit delivery company’s quarterly update. Due to volatile consumer behaviour, the company has downgraded its full year revenue growth guidance. It now expects growth of 26% to 28% compared to previous guidance of 30% to 35% growth.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 6% to $8.11. Investors have been selling the sports betting company’s shares since the release of its first quarter update yesterday. That update revealed softer growth than the market was expecting. Goldman Sachs believes the selloff is a buying opportunity.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is sinking 14% to $12.89. This morning this lithium developer’s shares returned to trade after responding to a scathing report from short-focused activist investor J Capital. In response, Vulcan stated that the report contains many claims that are wrong and misleading. Despite this, a good number of investors appear to have been spooked and have been rushing to the exits on Friday.