Why BlueBet, Fortescue, Hansen, & Pro Medicus shares are sinking

These ASX shares are starting the week in the red…
The post Why BlueBet, Fortescue, Hansen, & Pro Medicus shares are sinking appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but remains on course to start the week with a decline. In afternoon trade, the benchmark index is down 0.3% to 7,500.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price has crashed 19% to $2.00. Investors have been selling the sports betting company’s shares after it was dealt another blow with its US expansion plans. On advice from the regulator, Virginia Lottery, BlueBet has withdrawn its application for a Sports Betting Permit in the US State of Virginia. All application fees will be refunded.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has crashed 10.5% to $18.64. The iron ore giant’s shares have come under significant pressure on Monday after they traded ex-dividend for its fully franked $2.11 per share final dividend. Eligible shareholders can now look forward to receiving this dividend on 30 September.

Hansen Technologies Limited (ASX: HSN)

The Hansen share price has tumbled 9% to $5.61. Investors have been selling the billing technology company’s shares after BGH Capital withdrew its takeover proposal. While the private equity firm didn’t provide a reason for withdrawing its offer, it comes following the conclusion of its extensive due diligence.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price has dropped 5% to $59.00. The catalyst for this was news that the health imaging company’s shares have been downgraded by a leading broker. According to a note out of Goldman Sachs, it has downgraded the company’s shares to a sell rating with a $54.00 price target. The broker made the move on valuation grounds. It believes it is hard to justify the premium the Pro Medicus share price is trading on.

The post Why BlueBet, Fortescue, Hansen, & Pro Medicus shares are sinking appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Which ASX shares are leading the way on the ASX 300?

ASX 200 midday update: Fortescue & Pro Medicus sink, gold miners rise

Hansen (ASX:HSN) share price sinks 13% after withdrawn acquisition proposal
Why the Fortescue (ASX:FMG) share price is crashing 11% today
Pro Medicus (ASX:PME) share price down 5% on broker downgrade

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. owns shares of and has recommended Hansen Technologies and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended BlueBet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!