Why ELMO, iSignthis, LiveTiles, & Rural Funds shares tumbled lower today

The iSignthis Ltd (ASX:ISX) share price and the Rural Funds Group (ASX:RFF) share price are two of four tumbling notably lower on Thursday…

| More on:
a woman

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

In afternoon trade the S&P/ASX 200 index is on course to record a solid gain. At the time of writing the benchmark index is up 0.5% to 6,716.7 points.

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

The ELMO Software Ltd (ASX: ELO) share price is down 5% to $6.19. The catalyst for this decline has been the cloud-based HR and payroll software provider completing a fully underwritten $55 million institutional placement at an offer price of $6.00 per new share. ELMO CEO, Danny Lessem, said: "We are very pleased with the level of institutional support for the raising both from existing and new shareholders, and we welcome our new shareholders to our register. We look forward to the next phase of the company's growth with their support."

The iSignthis Ltd (ASX: ISX) share price has continued its slide and is down a further 20% to 80.5 cents. The payments company's shares have come under pressure this week after a report out of Ownership Matters questioned its accounts. In addition to this, the AFR reported this morning that the company is being taken to court over a share dispute brought by an early investor, David Edmonds, who argues he never received the performance shares owed to him.

The LiveTiles Ltd (ASX: LVT) share price has fallen 6% to 37.5 cents. As with ELMO Software, the catalyst for this decline has been a capital raising. This morning LiveTiles announced that it has successfully raised $50 million via a share placement at $0.35 per share. The proceeds will be used to generate continued strong customer and revenue growth as its targets $100 million in annualised recurring revenue by June 2021.

The Rural Funds Group (ASX: RFF) share price has sunk 12% lower to $1.71 after another short seller attacked the company. This time around a Hong Kong-based advisory firm, Bucephalus Research, has alleged that Rural Funds' assets are being inflated through financial engineering and creative accounting. The report went on to compare the company to a Ponzi scheme that could collapse at any time.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software and RURALFUNDS STAPLED. The Motley Fool Australia has recommended LIVETILES FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 worried man holds his head and look at his computer.
Share Fallers

Why Graincorp, Light & Wonder, Orica, and Wildcat shares are falling today

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

Read more »

A man with his back to the camera holds his hands to his head as he looks to a jagged red line trending sharply downward representing the ASX tech share sell-off today
Share Fallers

Why Insignia, Light & Wonder, Mineral Resources, and Nuix shares are sinking today

These shares are having a difficult time on hump day. 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.
Share Fallers

Why Endeavour, Global Data Centre, OFX, and Paladin Energy shares are dropping today

Why are these shares under pressure today? Let's find out.

Read more »

A man sits wide-eyed at a desk with a laptop open and holds one hand to his forehead with an extremely worried look on his face as he reads news of the Bitcoin price falling today on his mobile phone
Share Fallers

ASX 200 uranium stock alert: Paladin Energy shares just crashed 29%!

Paladin Energy shares are under intense selling pressure on Tuesday.

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 Champion Iron, Endeavour, Infomedia, and Resolute Mining shares are sinking today

These shares are starting the week in the red. 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.
Share Fallers

Why Arcadium Lithium, Block, Jumbo, and Mineral Resources shares

These shares are ending the week in the red. Why are investors selling them?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Clearview, NAB, Resolute Mining, and Westpac shares are dropping today

These shares are under pressure today. But why?

Read more »

A man looking at his laptop and thinking.
Bank Shares

Why is the Bendigo Bank share price tanking today?

There are a few things that could be driving this bank lower today.

Read more »