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May 14, 2023
Mullen Automotive, Inc., Ubiquiti Inc., Catalent Inc are currently leading the list of down-trending stocks.
Leading equity indices in the US declined as Nasdaq closed at 12,300, a 0.35% change. After dropping 0.16%, S&P 500 closed at 4,124.
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 decline; falls 9.29% Friday
Friday's session continued the recent downtrend: the automotive industry company has recovered almost all of its session losses after dipping down to $1.21 Friday. After setting a $1.21 – $1.37 range, Mullen Automotive closed the day 9.29% lower at $1.27. Friday's trading volume was 20.78 million shares which is below the 21-day average of 255.49 million.
The company's market cap currently stands at $199.57 million with an average daily volume of 255.49 million shares. 17 days ago, the automotive industry company fell to a low of 6.79 cents but has since recovered 1,962%. The Nasdaq has been doing worse in 2022, it has been passing it by 194.69%.
Ubiquiti continues a 30 day downtrend; withdraws 1.59% Friday
After setting a $172.81 – $181.27 range, Ubiquiti closed the day 1.59% lower at $175.43. The wireless equipment maker has recovered almost all of its session losses after dipping down to $172.81 Friday. Daily trading volume (110,510 shares) increased, making up 144% of the 21-day average (76,730). Ubiquiti disclosed a quarterly dividend of 60 cents per share on Friday, May 5th — to be paid on Monday, May 22nd to all shareholders of record up until Monday, May 15th. The company's decision delivers Ubiquiti shareholders with an annual dividend yield of 1.37%.
| Catalent | 34.44% ($15.93) depreciation over 11 days ($1.45 per day average)
After setting a $32.21 – $33.85 range, Catalent closed the day 3.89% lower at $32.86. The pharmaceutical developer has recovered almost all of its session losses after dipping down to $32.21 Friday. Daily trading volume (8.22 million shares) was slightly greater than the current multiday average of 7.49 million. Catalent is scheduled to announce earnings results tomorrow. The consensus Earnings Per Share estimate is 0.43 and the consensus revenue estimate is $1 billion.
Catalent is scheduled to announce earnings results tomorrow. The consensus EPS estimate is 0.43 and the consensus revenue estimate is $1 billion.
