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

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

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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

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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.

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