In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. The benchmark index is currently up 1.2% to 7,233 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down almost 2% to $3.69. This may have been driven by profit taking from investors after some exceptionally strong gains in recent sessions. In addition, the team at Citi reiterated its sell rating on the artificial intelligence data services company's shares this morning.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 4% to 16 cents. This is despite the gold developer releasing positive drilling results from the Bankan Gold Project in Guinea this morning. Investors may have been betting on stronger drilling results. In addition, a pullback in the gold price could be weighing on its shares.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake share price is down 3.5% to $1.06. As mentioned above, a pullback in the gold price could be putting pressure on this gold miner's shares today. It isn't just Silver Lake shares that are falling. The S&P/ASX All Ordinaries Gold index is down 1.7% at the time of writing.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down over 7% to $6.37. This is despite there being no news out of the semiconductor company today. However, given how much this meme stock has risen this year, giving it a market capitalisation of $1.2 billion, some investors may be questioning its valuation. Particularly given its lack of revenue and competition with many tech behemoths.
