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June 24, 2023
Skillz Inc., Sundial Growers Inc., Canopy Growth Corporation have been the noticable stocks on a downtrend. Here is what you need to know.
Leading equity indices in the US declined as after dropping 0.77%, S&P 500 closed at 4,348.33. Nasdaq was down 1% before closing the session at 13,500.
While price action maintains a negative bias, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9.
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.
| Skillz | 32.45% (9.96 cents) depreciation over 5 days (1.992 cents per day average)
After setting a 47.1 cents – 51.98 cents range, Skillz Inc. closed the day 21.2% lower at 47.1 cents. After ending Thursday at 59.77 cents, Skillz declined to 47.1 cents yesterday before closing at 47.1 cents, thereby losing 21.2% in total. Daily trading volume (53.49 million shares) increased, making up 552% of the 21-day average (9.68 million).
| Sundial Growers | continues a 23 day decline; dips 9.42% yesterday
After setting a $1.25 – $1.36 range, Sundial Growers closed the day 9.42% lower at $1.25. After ending Thursday at $1.38, Sundial Growers dropped to $1.25 early in yesterday's session and closed at $1.25. In total, it lost 9.42%. Daily trading volume (5.86 million shares) was above the current multiday average of 2.81 million.
Canopy Growth continues a 9 day downtrend; plunges 13.95% yesterday
After setting a 50 cents – 56.3 cents range, Canopy Growth closed the day 13.95% lower at 51.75 cents. Early in yesterday's session, Canopy Growth dropped to 50 cents from 60.14 cents at the end of Thursday, before closing at 51.75 cents. During the session, it lost 13.95%. Daily trading volume (26.50 million shares) increased, making up 211% of the 21-day average (12.55 million). The company reported earnings results Thursday; with EPS at -0.42 and revenues at $98.15 million, these results are mixed compared to a consensus of -0.15 Earnings Per Share and $73.19 million revenue. Since the release of its earnings report, Canopy Growth lost 13.72%.
Canopy Growth reported earnings results Thursday; with EPS at -0.42; these results are inconclusive when compared to a consensus of -0.15 Earnings Per Share. Since the release of its earnings report, Canopy Growth lost 13.72%.
