In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week with the smallest of gains. At the time of writing, the benchmark index is up a fraction to 8,410.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
The Brainchip share price is down 3.5% to 20.75 cents. This is despite there being no news out of the struggling semiconductor company. Though, it is worth noting that earlier this week the company reported more insider selling. According to change of director interests notices, Antonio Viana sold 130,000 Brainchip shares for a total of $27,950 and Pia Turcinov sold 175,331 Brainchip shares for a total of $37,696.17.
The Findi share price is down 9% to $4.59. Investors have been selling this payments company's shares following the release of its full year results. Findi reported a 13.5% increase in revenue to a record of $75.5 million and a 14.4% lift in EBITDA to $31.4 million. The latter was in the middle of its guidance range. Management advised that this reflects the strong performance of the core ATM business and continued growth of FindiPay's merchant network. Judging by the share price reaction, the market was expecting stronger growth from the India-focused company.
The Lottery Corporation share price is down almost 4% to $5.16. This appears to have been driven by the release of a broker note out of Morgans this morning. According to the note, the broker has downgraded the lotteries company's shares to a hold rating with a trimmed price target of $5.50. Morgans made the move in response to lower jackpot activity. In addition, it highlights that its shares have rallied strongly from recent lows.
The REA Group share price is down 2.5% to $240.30. This property listings giant's shares have come under pressure this week after the ACCC launched an investigation. The company stated: "REA confirms that it has received a s155 Notice from the ACCC, requiring REA to provide information regarding certain subscription offerings." It then adds: "REA is committed to providing choice, value and flexibility to its customers and consumers, and remains focussed on delivering products and services that improve the property experience of buyers, sellers and renters. The value that REA provides is underpinned by the 12.3 million people who visited realestate.com.au each month on average in the March quarter, with 6.4 million exclusively using realestate.com.au."
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