Why is there POI shift with moderator?

Other than the weight lowering the POI if you have a floppy barrel, there should be no change in POI. If there is, something is wrong. 

The way I look at it, if the Moderator changes the POI, then it’s affecting the pellet as it exits the gun. It might not be totally concentric, or something is affecting the flight of the pellet. And every time thats happened to me I either reamed out the moderator an extra mm or so, or replaced the moderator. On any of my guns if the moderator affected the POI, I wouldn’t use it unless I could fix it. 
 
The unsupported length of my barrel ,for example a Kral Puncher Breaker, is less than 4 inches (actually 2 inches). I highly doubt that would account for much barrel droop from the tightly shimmed barrel band to the crown. The Ronin dropped my POI 2 full mil at 40 yards.
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I am usually wrong though....

The way to tell is to dynamic tune your pellet. Speed it up and slow it down to measure the difference made by changing velocity. Droop won't change your groups, harmonic difference will.

I am usually wrong... 
 
It is possible that the moderator may be hit by the pellet, but if it is, the gun will not group very well. If the POI shift is due to the weight of the moderator, the gun will still group well, but simply in a different place.

It is also normal that the pellet velocity be slightly reduced when a moderator is mounted. This is caused by the column of air in front of the pellet is attenuated by the moderator lowering the differential pressure across the pellet. On my 25 cal.Crown the repeatable difference is 40 fps (940 without and 900 with).
 
I've used five different moderators now, from .22 to .30, on two different Impacts and all show they same general downward shift of POI. I even ran it without a LDC and just hung a FX Chrono on and the POI dropped too. It seems its more likely barrel droop on the longer 700 barrels and possibly a harmonic issue as well. The velocity only varies a couple FPS so I don't think there is a any pressure differential at play. Its not an issue because I still can shoot decent groups in calm to light wind.

Thanks for all the feedback folks.