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March 06, 2023
Bright Health Group Inc., FIGS, Inc., Sirius XM Holdings Inc and others have been slumping.
Markets were up Friday; S&P 500 ended the session at 4,045.64 after a 1.61% gain. Nasdaq gained 1.97% and closed at 11,700.
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.
| Bright Health | 47.74% (37.49 cents) depreciation over 4 days (9.3725 cents per day average)
After setting a 45 cents – 50 cents range, Bright Health Group Inc. closed the day 8.16% lower at 45.47 cents. An influx of sellers pushed the US health insurance company to session lows around 45 cents while establishing a 45 cents to 50 cents session range Friday. Daily trading volume (4.87 million shares) increased, making up 268% of the 21-day average (1.81 million). Bright Health reported ambiguous earnings results Wednesday, with EPS at -0.34 and revenues at $551.42 million. Since the release of its earnings report, Bright Health lost 47.74%.
Bright Health reported ambiguous earnings results Wednesday, with revenue at $551.42 million, compared to a consensus of $1.77 billion. Since the release of its earnings report, Bright Health lost 47.74%.
FIGS continues a 12 day downtrend; stumbles 4% Friday
Friday's session continued the recent downtrend: an influx of sellers pushed the US apparel company to session lows around $6.63 while establishing a $6.63 to $7.04 session range Friday. After setting a $6.63 – $7.04 range, FIGS closed the day 4% lower at $6.7. Daily trading volume (5.70 million shares) was slightly above the current multiday average of 4.46 million.
FIGS is currently trading with a market cap of $1.11 billion with an average daily trading volume of 4.46 million shares. The US healthcare apparel brand reached a significant high of $23.19 around 11 months ago but has lost 69.9% since then.
FIGS was down, even though its quarterly earnings released on Tuesday beat the analysts’ estimates. The reported earnings of 0.05 per share on revenue of $144.90 million, topping estimates of 0.01 per share on revenue of $134.16 million.
| Sirius XM | continues a month decline; slips 1.16% Friday
After setting a $4.24 – $4.3 range, Sirius XM closed the day 1.16% lower at $4.25. The satellite and online radio company has recovered almost all of its session losses after dipping down to $4.24 Friday. Friday's trading volume was 14.35 million shares which is slightly below the 21-day average of 18.59 million. Also, the firm paid out a quarterly dividend of 2.42 cents per share on Friday, February 24th to all active shareholders as of Thursday, February 9th. Eligible investors secured a quarterly dividend yield of 2.28% for this year.
