It has been a tough start to the month for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is off its intraday lows but still down 0.25% to 7,238.3 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
Australian Ethical Investment Limited (ASX: AEF)
The Australian Ethical share price is down 4% to $14.00 following the release of an update on its earnings expectations for the first half of FY 2022. The ethical-focused fund manager expects its first half underlying profit after tax (UPAT) to come in ~8% above the prior corresponding period. This appears to have fallen short of expectations.
GUD Holdings Limited (ASX: GUD)
The GUD share price has returned from its trading halt and is down 10% to $10.81. Investors have been selling this diversified products company’s shares after it announced the completion of the institutional component of its equity raising. GUD raised $405 million at a 13% discount of $12.03. These funds will be used to acquire Auto Pacific Group for approximately $744.6 million.
Nuix Ltd (ASX: NXL)
The Nuix share price has continued its slide and is down almost 5% to $2.15. This investigative analytics and intelligence software company’s shares have come under pressure since the release of another disappointing trading update this week. That update reveals the Nuix’s revenue was up 10% during the first four months of FY 2022. However, a significant jump in costs means that its pro forma EBITDA has fallen 27% during the same period.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has dropped 4% to $3.39. This is despite there being no news out of the ecommerce company. However, short sellers have been increasing their positions in the company recently, making Redbubble one of the most shorted shares on the Australian share market. They don’t appear to believe that its performance will improve in the near term.