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June 14, 2023
Mullen Automotive, Inc., Sundial Growers Inc., DISH Network Corp are at the top of this list of down trending stocks.
Markets completed a mixed session today, as Dow Jones shed 0.68% and closed at 33,979. Nasdaq closed the day at 13,626, having gained 0.39%.
This limbo state is reflected by market data published as United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.
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 continues a 9 day downtrend; dips 30% today
After setting a 22.09 cents – 29.3 cents range, Mullen Automotive, Inc. closed the day 30% lower at 22.5 cents. Mullen plunged by 30% (9.65 cents) today, its largest single-day drop since May 3, and is currently continuing to fall in after-hours trading as it reaches 21.38 cents (-5%). The automotive industry company plunged into the red after losing 30%, declining to 22.5 cents. Daily trading volume (155.31 million shares) increased, making up 266% of the 21-day average (58.28 million).
| Sundial Growers | 23.5% (39 cents) depreciation over 17 days (2.2941 cents per day average)
Today's session continued the recent downtrend: early in today's session, Sundial Growers dropped to $1.37 from $1.44 at the end of yesterday, before closing at $1.4. During the session, it lost 2.78%. After setting a $1.37 – $1.44 range, Sundial Growers closed the day 2.78% lower at $1.4. After closing the previous day at $1.44, the high quality cannabis cultivator dropped to $1.37, hitting its lowest point in 6 weeks. It later recovered 3 cents and is now trading at $1.4. Daily trading volume (3.93 million shares) was slightly greater than the current multiday average of 3 million.
The company has a market cap of $364 million with an average daily volume of 3 million shares. Having soared to a high of $3.17 approximately 9 months ago, the cannabis cultivation company is now trading 54.57% lower. Sundial Growers is forecasted to generate revenues of $175.98 million and EPS of -2 cents.
| Dish Network | 18.89% ($1.24) depreciation over 6 days (20.6667 cents per day average)
Today's session continued down the same path: an influx of sellers pushed the direct-broadcast satellite provider to session lows around $6.17 while establishing a $6.17 to $6.71 session range today. After setting a $6.17 – $6.71 range, DISH closed the day 3.52% lower at $6.31. Daily trading volume (18.17 million shares) increased, making up 122% of the 21-day average (14.89 million).
Dish Network's market cap is currently $3.36 billion with an average daily trading volume of 14.89 million shares. The direct-broadcast satellite provider has shed 59.05% over the past six months. So far this year, it has been doing worse than the S&P by 65.23%. Dish Network expected revenue of $4 billion with an EPS of 36 cents.
