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March 04, 2023
Bright Health Group Inc., FIGS, Inc., Sirius XM Holdings Inc and others have been slumping.
Markets were up yesterday; S&P 500 ended the session at 4,045.64 after a 1.61% gain. Nasdaq closed the day at 11,700, having gained 1.97%.
More data out yesterday as United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5.
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 continues a 4 day downtrend; moves 8.16% yesterday
After setting a 45 cents – 50 cents range, Bright Health Group Inc. closed the day 8.16% lower at 45.47 cents. Bright Health dropped to 45 cents, its lowest point in 2 months. It later recovered 0.47 cents and closed at 45.47 cents. Daily trading volume (4.87 million shares) was higher than the current multiday average of 1.81 million. Bright Health reported inconclusive earnings results Wednesday, with revenue at $551.42 million, compared to a consensus of $1.77 billion. Since the publication of its earnings report, Bright Health has declined 47.74%.
Bright Health reported earnings results Wednesday; with EPS at -0.34 and revenues at $551.42 million, these results are mixed compared to a consensus of -0.54 Earnings Per Share and $1.77 billion revenue. Since the release of its earnings report, Bright Health lost 47.74%.
| FIGS | 31.56% ($2.81) depreciation over 12 days (23.4167 cents per day average)
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 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.
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 | 29.17% ($1.7) depreciation over a month (4.8571 cents per day average)
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 yesterday. The day's trading volume totalled 14.35 million shares — slightly under 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.
