Why Audinate, Lynas, Nine, and Xref shares are falling today

These shares are heading lower as the market climbs on Tuesday. But why?

| More on:

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 back on form on Tuesday. In afternoon trade, the benchmark index is up almost 0.5% to 8,419.2 points

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

Lines of codes and graphs in the background with woman looking at laptop trying to understand the data.

Image source: Getty Images

Audinate Group Ltd (ASX: AD8)

The Audinate share price is down almost 3% to $7.12. This morning, analysts at Morgan Stanley retained their buy rating on the audio technology company's shares. However, they have slashed the price target on them by 14% to $9.00 (from $10.50). Morgan Stanley notes that there are concerns that Audinate is facing structural headwinds. While it appears optimistic that the headwinds are cyclical and not structural, it is looking for more colour when the company releases its results later this month.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is down 3% to $6.38. This is despite there being no news out of the rare earths producer on Tuesday. Though, it is worth remembering that its shares did avoid the market selloff on Monday and charged higher. This could mean that some profit taking is happening today. Yesterday's gain appeared to have been driven by news that Gina Rinehart's Hancock Prospecting has increased its stake in the company to 8.21% from 7.14%.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

The Nine Entertainment share price is down almost 2% to $1.29. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded the media company's shares to a neutral rating with a trimmed price target of $1.45 (from $1.65). UBS made the move amid concerns over increasing content costs and a challenging advertising market. Nevertheless, this price target still implies relatively decent upside potential of 12% over the next 12 months.

Xref Ltd (ASX: XF1)

The Xref share price is down over 19% to 12.5 cents. Investors have been selling this human resources technology company's shares after its shareholders voted against being taken over by Seek Ltd (ASX: SEK). The job listings giant commented: "Despite a unanimous recommendation from Xref's Board of Directors and the Independent Expert concluding that the Scheme is fair and reasonable, and in the best interests of Xref shareholders in the absence of a superior proposal, 67.60% of votes cast were cast in favour of the Scheme, falling short of the required threshold of 75%." The two parties have now agreed to terminate the transaction.

Motley Fool contributor James Mickleboro has positions in Seek. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Audinate Group and Xref. The Motley Fool Australia has positions in and has recommended Audinate Group. The Motley Fool Australia has recommended Nine Entertainment. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Market News

This simple ASX ETF strategy could quietly build serious wealth

This ETF strategy focuses on consistency, diversification, and quality over the long run.

Read more »

Magnifying glass in front of an open newspaper with paper houses.
52-Week Lows

REA shares hit a multi-year low. Is the market overreacting?

REA shares hit their lowest level since 2023 as the sell-off deepens.

Read more »

Five happy young friends on the coast, dabbing and raising their arms in the air.
Share Market News

5 of the best ASX ETFs to buy in April

These funds give you low-cost exposure to local and global growth leaders.

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Tuesday

Will the Australian share market end the month on a high? Let's find out.

Read more »

A bright graphic showing neon green and red arrows in a downwards direction with a world map behind them in neon blue
How to invest

ASX share market sell off: Buy in the dip or stay on the sidelines?

The ASX 200 Index is now down 8% in March.

Read more »

A man casually dressed looks to the side in a pensive, thoughtful manner with one hand under his chin, holding a mobile phone in his hand while thinking about something.
Broker Notes

Should you buy Coles, Light & Wonder, and TPG Telecom shares in April?

Let's see if the team at Morgans rates these shares as buys ahead of the new month.

Read more »

Focused man entrepreneur with glasses working, looking at laptop screen thinking about something intently while sitting in the office.
Broker Notes

Buy, hold, sell: Northern Star, Telix, and Virgin Australia shares

Let’s see if they are bullish or bearish on these names.

Read more »

Three children wearing athletic short and singlets stand side by side on a running track wearing medals around their necks and standing with their hands on their hips.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough start to the trading week this Monday.

Read more »