Why DroneShield, Graincorp, Metals Acquisition, and Webjet shares are falling today

Let's see why investors are hitting the sell button on Thursday.

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher on Thursday. At the time of writing, the benchmark index is up 0.5% to 8,230.6 points.

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

DroneShield Ltd (ASX: DRO)

The DroneShield share price is down almost 3% to $1.27. This has been driven by the release of a broker note out of Bell Potter this morning. According to the note, the broker has downgraded the counterdrone technology company's shares to a hold rating with a $1.35 price target. It said: "Our CY24 revenue forecast assumed a greater value of contracts (>$40m) being announced by this stage in the year and therefore the downside risks to our forecasts have increased. As such, we have reduced our CY24 revenue estimate by -15% to $82.4m, which has driven more substantial downgrades to bottom line earnings based on the significant scaling of the business in CY24."

Graincorp Ltd (ASX: GNC)

The Graincorp share price is down 1.5% to $9.00. This may also have been caused by a broker note out of Bell Potter today. This morning, the broker downgraded the grain exporter's shares to a hold rating with a trimmed price target of $9.80. It said: "Post the [September] crop report we have seen some risk enter southeastern production forecasts and varied movements in basis across east coast markets. On face value we are now likely approaching the peak in positive consensus earnings revisions and reweight our rating accordingly."

Metals Acquisition (ASX: MAC)

The Metals Acquisition share price is down 11% to $18.35. The catalyst for this has been the copper miner receiving firm commitments for an oversubscribed placement to raise $150 million before costs. It is raising the funds through the issue of 8,333,334 Metals Acquisition shares at a 13% discount of $18.00 per new share. This will allow Metals Acquisition to optimise its balance sheet and de-lever following the acquisition of the CSA Copper Mine from Glencore in mid-2023.

Webjet Group (ASX: WJL)

The Webjet share price is down 2% to 98 cents. This may have been driven by profit taking after some strong gains this week. For example, even after today's weakness, the online travel agent's shares remain up approximately 14% since this time last week. Webjet Group was spun out of Web Travel Group Ltd (ASX: WEB) at the start of this month.

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 DroneShield. 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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