In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher. At the time of writing the benchmark index is up 0.25% to 6,091 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Audinate Group Ltd (ASX: AD8) share price is down 6% to $5.35. This follows the completion of its institutional placement this morning which raised $28 million. These funds were raised at $5.15 per share, representing a 9.5% discount to its last close price. These funds will strengthen its balance sheet and allow for increased investment in engineering, R&D capabilities, and business infrastructure. This is expected to extend Audinate's market leading position in the audio networking space.
The Nearmap Ltd (ASX: NEA) share price is down almost 3% to $2.42 despite there being no news out of the aerial imagery technology and location data company. This decline may be due to profit taking after some strong gains earlier this week. For example, prior to today, Nearmap's shares were up over 11% since the start of the week.
The Resolute Mining Limited (ASX: RSG) share price has fallen 2% to $1.37. The gold miner's shares have tumbled lower today despite being upgraded by analysts at Macquarie. The broker has slapped an outperform rating on its shares and lifted the price target on them to $1.60.
The TechnologyOne Ltd (ASX: TNE) share price has fallen 1% to $8.57. This enterprise software company's shares have been reasonably volatile in recent weeks after being the subject of a scathing research report. Hong Kong research firm GMT Research alleges that it is using accounting tricks to pull forward revenue and profits. TechnologyOne responded by advising that the claims GMT Research has made are false and misleading.
