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June 25, 2023
Skillz Inc., Sundial Growers Inc., Canopy Growth Corporation and others have been dropping. Here is what you should know.
Leading equity indices in the US declined as S&P 500 lost 0.77% and ended the session at 4,348.33. Nasdaq was down 1% before closing the session at 13,500.
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.
| Skillz | 32.45% (9.96 cents) depreciation over 5 days (1.992 cents per day average)
After setting a 47.1 cents – 51.98 cents range, Skillz Inc. closed the day 21.2% lower at 47.1 cents. After ending Thursday at 59.77 cents, Skillz dropped to 47.1 cents early in Friday's session and closed at 47.1 cents. In total, it lost 21.2%. Daily trading volume (53.49 million shares) increased, making up 552% of the 21-day average (9.68 million).
| Sundial Growers | 31.69% (45 cents) depreciation over 23 days (1.9565 cents per day average)
Friday's session continued down the same path: early in Friday's session, Sundial Growers dropped to $1.25 from $1.38 at the end of Thursday, before closing at $1.25. During the session, it lost 9.42%. After setting a $1.25 – $1.36 range, Sundial Growers closed the day 9.42% lower at $1.25. Daily trading volume (5.86 million shares) was above the current multiday average of 2.81 million.
Sundial Growers has a market cap of $325.32 million with an average daily volume of 2.81 million shares. 10 months ago the cannabis cultivation company reached a significant high of $3.17 but has consequently lost 56.47% since then. On a negative trend for around a month. Sundial Growers expected revenue of $175.98 million with an EPS of -2 cents.
| Canopy Growth | 29.1% (12.85 cents) depreciation over 9 days (1.4278 cents per day average)
After setting a 50 cents – 56.3 cents range, Canopy Growth closed the day 13.95% lower at 51.75 cents. After ending Thursday at 60.14 cents, Canopy Growth declined to 50 cents Friday before closing at 51.75 cents, thereby losing 13.95% in total. Canopy Growth reported inconclusive earnings results Thursday, with revenue at $98.15 million, compared to a consensus of $73.19 million. Since the release of its earnings report, Canopy Growth lost 13.72%.
Canopy Growth reported ambiguous earnings results Thursday, with revenue at $98.15 million, compared to a consensus of $73.19 million. Since the release of its earnings report, Canopy Growth lost 13.72%.
