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June 21, 2023
Sundial Growers Inc., HEXO Corp., Canopy Growth Corporation and others have been slumping.
Leading equity indices in the US declined as Nasdaq lost 1.21% and ended the session at 13,500. S&P 500 closed at 4,365.69, a 0.52% change.
Meanwhile, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million.
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.
| Sundial Growers | continues a 20 day decline; moves 0.72% today
A slight improvement can be seen from today's session: after dropping down to $1.35, the cannabis cultivation company recovers some losses and is currently trading at $1.37. After setting a $1.35 – $1.41 range, Sundial Growers closed the day broadly flat at $1.37. Trading volume totalled 2.83 million which equates to around 92% of the stock's 21-day average today.
Sundial Growers's market cap currently stands at $356.2 million with an average daily trading volume of 3 million shares. The cannabis cultivation company is now trading 56.47% below the significant high of $3.17 it set around 10 months ago. Trending downwards for around 30 days. Sundial Growers has a forecast of $175.98 million with an EPS of -2 cents.
| HEXO Corp. | 19.42% (15 cents) depreciation over 5 days (3 cents per day average)
After setting a 66.6 cents – 72.41 cents range, HEXO Corp. closed the day 2.39% lower at 69.3 cents. The cannabis product maker has recovered almost all of its session losses after dipping down to 66.6 cents today. Daily trading volume (664,281 shares) was above the current multiday average of 424,852.
| Canopy Growth | 17.82% (12.69 cents) depreciation over 6 days (2.115 cents per day average)
After setting a 58.8 cents – 63.2 cents range, Canopy Growth closed the day 0.53% lower at 59.98 cents. Grinding lower but with no clear-cut direction, the cannabis producer closed the session at 59.98 cents after forming a distinct 58.8 cents – 63.2 cents range. Daily trading volume (17.15 million shares) increased, making up 146% of the 21-day average (11.75 million).
