The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 7,388 points.
Four ASX shares that have not been able to follow the market higher today are listed below. Here's why they are sinking:
HUB24 Ltd (ASX: HUB)
The HUB24 share price is down 6.5% to $24.95. In response to this investment platform provider's "weaker than expected" quarterly update on Tuesday, analysts at Citi have retained their neutral rating but cut their price target to $29.00. HUB24's funds under administration was 2% lower than Citi's estimates.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down 2% to $25.29. This morning, analysts at Morgan Stanley downgraded the retailer's shares to an equal-weight rating with a $25.00 price target. The broker has concerns that demand could be easing.
Redbubble Ltd (ASX: RBL)
The Redbubble share price is down 12% to 50 cents. This ecommerce company's shares have been sold off following the release of another disappointing update. Redbubble revealed that trading conditions have been "increasingly challenging" during the first half. This has led to the company reporting an $18 million operating loss for the half, down from an operating profit of $10.5 million a year earlier.
Warrego Energy Ltd (ASX: WGO)
The Warrego Energy share price is down 2.5% to 37 cents. This is despite there being no material news out of the company today. However, investors appear to have been betting on a bidding war inflating the takeover price for the energy explorer. They may now be concerned that the war is over and the takeover offer price won't rise beyond current levels.
