Why Appen, DUG, OFX, and WiseTech shares are tumbling today

Why are these shares being sold off today? Let's find out.

| More on:

Should you invest $1,000 in Auscann Group right now?

Before you buy Auscann Group shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Auscann Group wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.

Image source: Getty Images

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 and charging notably higher on Thursday. At the time of writing, the benchmark index is up 0.95% to 8,364.3 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down 3% to $2.11. This appears to have been driven by the artificial intelligence (AI) data services provider's recent institutional placement. Earlier this week, it successfully raised approximately $50 million through the issue of approximately 26 million new shares. These funds were raised at $1.92 per new share, which represented an 11.5% discount to its last close price. The allotment of these new shares took place today, meaning a quick profit was on offer for institutional investors if they wanted to take it.

DUG Technology Ltd (ASX: DUG)

The DUG Technology share price is down 7% to $2.02. This has been driven by the completion of technology company's institutional placement this morning. DUG Technology has received firm commitments for a non-underwritten $30 million institutional placement at $1.90 per new share. This represents a 12.8% discount to its last close price. Management advised that the proceeds raised will be used to accelerate its growth trajectory, including investment in new verticals and geographic expansion.

OFX Group Ltd (ASX: OFX)

The OFX Group share price is down 32% to $1.56. This follows the release of a first half update from the international money services provider. For the six months ended 30 September, OFX expects to deliver net operating income of approximately $111 million and underlying EBITDA of approximately $29 million. Management acknowledges that this outcome is lower than anticipated. It blamed the underperformance partly on the "later than anticipated shifts in the interest rate cycle, and corresponding range-bound key currency corridors as a result of the strong USD, [which] resulted in a slower rebound in Corporate confidence."

WiseTech Global Ltd (ASX: WTC)

The WiseTech Global share price is down 4% to $125.81. This is despite there being no news out of the logistics solutions company today. Though, it is worth noting that its shares have been on fire this year. This could mean that some investors are taking a bit of profit off the table today. For example, despite today's decline, WiseTech Global's shares are up a sizeable 65% since the start of 2024.

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 Appen, Dug Technology, and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Dug Technology. 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

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Share Fallers

Why Appen, Bank of Queensland, Novonix, and Ora Banda shares are falling today

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

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 Brainchip, Catalyst Metals, Northern Star, and Pact Group shares are tumbling today

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

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Share Fallers

Why Brambles, Bravura, Pantoro, and Telix shares are sinking today

These shares are starting the week in the red. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why DroneShield, Generation Development, Oneview, and PWR shares are falling today

These shares are ending the week in the red. But why?

Read more »

plummeting gold share price
Gold

Why are ASX 200 gold stocks getting crushed today?

ASX 200 gold stocks have lost their shine on Wednesday. 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 Aurelia Metals, Cettire, Northern Star, and Woolworths shares are falling

These shares are having a tough time despite the market roaring higher.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Block, Deep Yellow, Perenti, and Zip shares are dropping today

These shares are starting the week in the red. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Imricor, Nanosonics, Perpetual, and Tourism Holdings shares are sinking today

These shares are having a tough finish to the week. But why?

Read more »