Shares of Regis Resources Ltd (ASX: RRL) fell behind the pack in May, finishing the month more than 3% in the red.
The Regis Resources share price closed the session down on the day at $2.02 apiece yesterday.
In broader market moves, the S&P/ASX 300 Metals & Mining Index (ASX: XMM) finished the month 33 basis points in the green.
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What's up with the Regis Resources share price?
After a hot run in 2022, resource and mining shares like Regis have cooled off in recent weeks, not in the least helped by a shift in underlying markets.
The price of gold has also slipped from its former high of US$2,052 per troy ounce and now trades at US$1,837/t.oz.
Gold bullion also ended May "more than 2% lower, facing pressure in the first half of the month from expectations of aggressive Federal Reserve interest rate hikes," according to Trading Economics.
Not only that, Regis Resources continues to be one of the top 10 most shorted stocks on the ASX, per ASIC short position data cited by TMF Australia.
Concerns over labour shortages, cost pressures, and lower grades might be spurring on the short interest, reports say.
Meanwhile, Regis still has a number of analysts urging their clients to buy its stock. According to Bloomberg data, 64% of analysts say it's a buy, whereas 36% say it's a hold.
Those numbers have held fairly consistently over the last 12 months despite the Regis share price sliding around 24% into the red during that time.
Bringing it all together and it appears as if a number of factors, including a softening gold price and company-specific headwinds are weighing in on the Regis Resources share price.
Regis' 12-month return against its major ASX benchmarks is seen on the chart below.
