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May 21, 2023
Mullen Automotive, Inc., Tandem Diabetes Care, Inc., GrowGeneration Corp. have been the noticable stocks on a downtrend. Here is what you need to know.
Leading equity indices in the US declined as Dow Jones slipped 0.33% and closed at 33,427. Nasdaq shed 0.24% and closed at 12,658.
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 Automotive | 47.16% (83.5 cents) depreciation over 14 days (5.9643 cents per day average)
Friday's session continued the recent downtrend: after ending Thursday at $1.19, Mullen Automotive, Inc. declined to $1 Friday before closing at $1.07, thereby losing 10.08% in total. After setting a $1 – $1.1 range, Mullen Automotive closed the day 10.08% lower at $1.07. The day's trading volume totalled 34.96 million shares — lower than the 21-day average of 210.93 million.
The US automotive and EV manufacturer's market cap currently stands at $184.59 million with an average daily volume of 210.93 million shares. After hitting an important low of 6.79 cents approximately 24 days ago, the US automotive and EV manufacturer has bounced back 1,652.58% since. So far this year, it has performed better than the Nasdaq by 151.64%.
Tandem Diabetes Care continues a 13 day downtrend; dips 5.06% Friday
After setting a $28.03 – $29.77 range, Tandem Diabetes Care closed the day 5.06% lower at $28.12. Pronounced bearish sentiment in the market pushed the US medical device manufacturer into a notable 5.06% slide Friday, falling $1.5 and ultimately closing at $28.12. Trading volume totalled 1.21 million which equates to around 82% of the stock's 21-day average Friday.
| GrowGeneration | 27.9% ($1.12) depreciation over 8 days (14 cents per day average)
More of the same from Friday's session: pronounced bearish market sentiment ensured that the organic gardening store operator made a notable 6.6% loss Friday, declining 25 cents and ultimately closing at $3.54. After setting a $3.5 – $3.8 range, GrowGeneration closed the day 6.6% lower at $3.54. Daily trading volume (1.57 million shares) increased, making up 130% of the 21-day average (1.21 million).
Currently, the organic gardening store operator has a market capitalization of $216 million with an average daily trading volume of 1.21 million shares. The retail hydroponic company is up 32.06% from the significant low of $2.87 it hit 26 days ago. GrowGeneration is forecasted to generate revenues of $55.94 million and EPS of -11 cents.
