In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.1% to 7,082.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Image source: Getty Images
Atlantic Lithium Ltd (ASX: A11)
The Atlantic Lithium share price is down 3% to 48 cents. This is despite there being no news out of the lithium explorer. Though, it is worth highlighting that its shares have been under considerable pressure recently. For example, following today's decline, they are down 20% since this time last month.
Integral Diagnostics Ltd (ASX: IDX)
The Integral Diagnostics share price is down 4% to $3.04. This appears to have been driven by a broker note out of Morgan Stanley today. Its analysts have downgraded the company's shares to an underweight rating with a $2.70 price target. The broker has concerns over the medical imaging company's margin outlook.
Nexted Group Ltd (ASX: NXD)
The Nexted share price is down a further 5% to $1.17. Investors have been selling this education services company's shares since the release of an update on its performance in FY 2023 on Monday. Although Nexted has delivered strong growth in FY 2023, it fell short of the market's expectations. This led to Ord Minnett retaining its buy rating but slashing its price target from $1.90 to $1.65 today.
Serko Ltd (ASX: SKO)
The Serko share price is down 4% to $3.59. This is despite there being no news out of the travel technology company. However, it is worth noting that its shares are up strongly this year and have just hit a 52-week high. This could have led to some investors taking a bit of profit off the table today.
