The S&P/ASX 200 Index (ASX:XJO) is on course for a disappointing decline. In afternoon trading, the benchmark was down 0.95% at 7,165 points.

Four ASX stocks that fell more than most today are listed below. Here’s why they’re dropping:

Nanosonics stock price is down 5.5% at $3.49. This appears to have been prompted by a brokerage note from Citi. According to the note, its analysts kept their sell rating and cut their price target on its shares to $3.65. Citi has lowered its earnings estimates for the coming years on the belief that the company’s costs will rise due to the transition of its direct selling model in North America.

REA’s stock price is down 3.5% at $109.35. This follows the release of the real estate company’s Investors Day Update this morning. Investors do not appear confident in management’s plan to deliver double-digit revenue and earnings growth in the years ahead. The latter is despite management anticipating that its Indian EBITDA losses will widen in fiscal 2023 before narrowing in subsequent years.

Sayona Mining’s stock price fell 5.5% to 17 cents. Sayona recently released the Pre-Feasibility Study (PFS) for the North American Lithium (NAL) operation in Canada. This PFS found that the transaction had a pre-tax net present value (NPV) of approximately A$1 billion based on a long-term lithium spodumene price of $1,242 per tonne. Given recent developments in the industry, investors may doubt the price estimate on which its valuation is based.

Zip’s stock price fell another 5.5% to a new multi-year low of 79 cents. This follows widespread weakness in the tech sector, with lossmakers like Zip among the hardest hit. This led the S&P/ASX All Technology Index to lose 2.1% of its value this afternoon.