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June 27, 2023
Virgin Galactic Holdings, Inc., C3.ai, Inc., Mercury Systems, Inc. are at the top of this list of down trending stocks.
Leading equity indices in the US declined as Nasdaq was down 1.16% before closing the session at 13,336. S&P 500 lost 0.45% and ended the session at 4,328.82.
Meanwhile, United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
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.
| Virgin Galactic | 31.11% ($1.67) depreciation over 5 days (33.4 cents per day average)
Yesterday's session continued down the same path: despite the risk-off mood, Virgin Galactic Holdings, Inc. was range-bound between $4.13 to $4.56 and settled at $4.14. After setting a $4.13 – $4.56 range, Virgin Galactic closed the day 4.61% lower at $4.14. Daily trading volume (33.40 million shares) was slightly greater than the current multiday average of 32.15 million.
Currently, the spaceflight pioneer has a market capitalization of $1.17 billion with an average daily trading volume of 32.15 million shares. The spaceflight pioneer is now trading 37.78% above the significant low ($3.15) it slumped to 2 months ago. So far this year, it has been under-performing the Nasdaq by 4.24%. The stock has been trending positively for about 5 months. Virgin Galactic is forecasted to generate revenues of $1.16 million and EPS of -52 cents.
C3.ai continues a 7 day downtrend; descends 4.28% yesterday
After setting a $31.69 – $35.48 range, C3.ai closed the day 4.28% lower at $31.96. Grinding lower but with no clear-cut direction, the enterprise-scale AI application developer closed the session at $31.96 after forming a distinct $31.69 – $35.48 range. Yesterday's trading volume was 25 million shares which is below the 21-day average of 46.73 million.
| Mercury | 26.83% ($8.18) depreciation over 10 days (81.8 cents per day average)
After setting a $28.9 – $33.2 range, Mercury Systems closed the day 9.66% lower at $31.5. Yesterday's session ended at $34.87; today, the aerospace and defense company dropped to its lowest point in 7 weeks at $28.9. It later recovered $2.6 and is now trading at $31.5. After ending Friday at $34.87, Mercury Systems dropped to $28.9 early in yesterday's session and closed at $31.5. In total, it lost 9.66%. Daily trading volume (6.44 million shares) was higher than the current multiday average of 785,940.
