Why Hub24, Netwealth, Pantoro, and WA1 shares are falling today

These shares are missing out on the good times on Thursday. But why?

| More on:
A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is having a very strong session on Thursday. In afternoon trade, the benchmark index is up 1% to 7,893.8 points.

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

Hub24 Ltd (ASX: HUB)

The Hub24 share price is down 4.5% to $44.26. This decline appears to have been driven by the release of a broker note out of Citi. According to the note, the broker has downgraded the investment platform provider's shares to a neutral rating with a $46.42 price target. The broker appears concerned that recent hiring data points to its rival overtaking it. It has also suggested that consensus estimates are too high.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is down 2.5% to $21.34. After an early gain, investors have sold down this investment platform provider's shares. This follows the release of Netwealth's fourth quarter update. Although it delivered solid quarter on quarter growth in inflows, some comments by management appear to have spooked investors. They said: "Positive market movements of FUA contribute to higher admin fee revenue, however, the impact is significantly diluted due to the structure of tiered administration fees and fee caps. In addition, many ancillaries are unimpacted by market movement. These factors when combined with the lower cash percentage, have resulted in a reduction in average revenue bps for the year, particularly in 2HFY2024."

Pantoro Ltd (ASX: PNR)

The Pantoro share price is down 4% to 9.6 cents. Investors have been selling this gold miner's shares following the release of a quarterly operations update. Management advised that production from the Norseman Gold Project for the quarter was 20,805 ounces. It also notes that quarter on quarter production and cashflow continues to build. However, investors will have to wait until later in the month before finding out its costs for the period.

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is down 8% to $17.26. This has been driven by the niobium explorer raising funds via a placement this morning. WA1 Resources revealed that it has received firm commitments for a placement of 3.5 million new fully paid ordinary shares to raise $60 million before costs. These funds are being raised at a placement price of $17.00 per new share, which represents a 9.8% discount to its last close price. The proceeds will be used to primarily support activities at the Luni deposit and the broader West Arunta Project.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24 and Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

a business man in a suit holds his hand over his eyes as he bows his head in a defeated post suggesting regret and remorse.
Share Fallers

Why Aurelia Metals, Australian Ethical, Lifestyle Communities, and Regis Resources shares are falling

These shares are falling heavily with the market. But why?

Read more »

senior couple disappointed and sad at their financial situation
Share Fallers

Down 26% in 5 days, why is this ASX 200 real estate stock crashing again today?

Investors are displeased with the latest announcement from the ASX 200 real estate stock.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Alumina, Domino's, DroneShield, and WiseTech shares are sinking today

These shares are having a tough session on Thursday. Why are investors selling their shares?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Deep Yellow, DroneShield, Mount Gibson Iron, and Praemium shares are falling

These shares aren't having a good time on hump day. What's going on?

Read more »

woman holding man's hand as he falls representing ups and downs of ASX investing
Share Fallers

What's next for Droneshield stock after Tuesday's 22% drop

DroneShield shares crashed yesterday. What's next for the company?

Read more »

drone stuck in a tree representing crashing Aerometrix share price
Share Fallers

Big ASX news! DroneShield share price crashes 31%

DroneShield shares are enduring a stunning fall from grace today.

Read more »

a business man in a suit holds his hand over his eyes as he bows his head in a defeated post suggesting regret and remorse.
Share Fallers

Why Champion Iron, Core Lithium, Encounter Resources, and Rio Tinto shares are dropping

These shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Real Estate Shares

Why this ASX 200 real estate share is plunging 17% today

The ASX 200 real estate share is taking a beating on Monday. But why?

Read more »