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May 13, 2023
Mullen Automotive, Inc., Ubiquiti Inc., Catalent Inc and others have been dropping. Here is what you should know.
Leading equity indices in the US declined as Nasdaq shed 0.35% and closed at 12,300. S&P 500 closed at 4,124, a 0.16% change.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
| Mullen | 37.28% (62.5 cents) depreciation over 9 days (6.9444 cents per day average)
After setting a $1.21 – $1.37 range, Mullen Automotive, Inc. closed the day 9.29% lower at $1.27. The automotive industry company has recovered almost all of its session losses after dipping down to $1.21 yesterday. Trading volume totalled 20.78 million which equates to around 8% of the stock's 21-day average yesterday.
| Ubiquiti | 35.43% ($93.42) depreciation over 30 days ($3.11 per day average)
After setting a $172.81 – $181.27 range, Ubiquiti closed the day 1.59% lower at $175.43. After ending yesterday at $175.43, the wireless equipment maker dropped $2.84 to $172.81, reaching its lowest point in 2 years. The wireless equipment maker has recovered almost all of its session losses after dipping down to $172.81 yesterday. Daily trading volume (110,510 shares) increased, making up 144% of the 21-day average (76,730). Regarding dividends, the company's quarterly dividend yield now stands at 1.37% after Ubiquiti's board disclosed a dividend of 60 cents per share on Friday, May 5th to be paid on Monday, May 22nd for all shareholders of record up until Monday, May 15th.
Catalent continues an 11 day downtrend; falls 3.89% yesterday
After setting a $32.21 – $33.85 range, Catalent closed the day 3.89% lower at $32.86. Daily trading volume (8.22 million shares) increased, making up 110% of the 21-day average (7.49 million). Catalent is scheduled to announce earnings results Monday. The consensus EPS estimate is 0.43 and the consensus revenue estimate is $1 billion.
The company trades at $32.86 ahead of quarterly performance report which is scheduled to be released Monday.
