Why Bubs, Kogan, Lake Resources, & Western Areas shares are sinking lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.7% to 6,697.5 points.

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

The Bubs share price is down 8% to 68.5 cents. This morning analysts at Citi responded to Bubs’ second quarter update by reiterating their sell rating and cutting their price target by 16% to 51 cents. Bubs fell short of its sales estimates and spent far more cash than it was forecasting. Citi appears concerned the third quarter could be another tough one for the company.

The Kogan share price is down 5.5% to $18.57. Investors have been…