Why Beach Energy, Life360, Viva Leisure, and Wildcat shares are dropping today

These shares are ending the week in the red. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with another gain. At the time of writing, the benchmark index is up 0.3% to 7,847.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

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Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down almost 2% to $1.60. This appears to have been driven by the release of a bearish broker note this morning out of Citi. According to the note, the broker has downgraded the energy producer's shares to a neutral rating (from buy) and cut its price target to $1.60 (from $1.70). Citi appears a touch nervous ahead of the announcement of the company's strategic review later this month.

Life360 Inc (ASX: 360)

The Life360 share price is down almost 6% to $13.85. This follows the completion of its Nasdaq IPO and its debut on Wall Street overnight. The location technology company's shares had a lukewarm debut and finished the session flat. And then in after hours trade its NASDAQ listed shares dropped 1.3% to $26.65. Investors may have been hoping for an explosive start to life on Wall Street and have been left underwhelmed by day one. Management stated that it views the listing and "increased exposure to U.S. investors as a natural next-step in its growth."

Viva Leisure Ltd (ASX: VVA)

The Viva Leisure share price is down 2% to $1.53. This morning, this health club owner announced the successful completion of its fully underwritten institutional placement. Viva Leisure raised $16 million at a 7.1% discount of $1.45 per new share. Management advised that the placement had strong demand, reflecting support from both existing and new investors. Proceeds will be used to finance the strategic acquisitions of eight health club locations in Western Australia, reimbursement of recent capital expenditure, rebranding, working capital, offer costs, and other strategic initiatives.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat Resources share price is up 5% to 35.5 cents. This is despite there being no news out of the lithium explorer today. However, it is worth noting that a number of ASX lithium stocks are in the red today. For example, lithium giant Pilbara Minerals Ltd (ASX: PLS) is down 1.5% this afternoon. The market appears to believe that lithium prices are not going to be going meaningfully higher any time soon due to a surplus.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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