The 3 stocks attempting to buck their downtrends

Published: May 26 2023, 23:30 GMT+0

The 3 stocks attempting to buck their downtrends

Churchill Downs Incorporated, Virgin Galactic Holdings, Inc., HEXO Corp. have been the noticable stocks on a downtrend. Here is what you need to know.

Markets closed higher today; Nasdaq gained 2.19% and closed at 12,976. S&P 500 closed the day at 4,205.45, having gained 1.3%.

On the other hand, following a previous reading of 0.3%, Core Durable Goods Orders in United States released today at 12:30 UTC fell short of the 0% figure expected by analysts with an actual reading of -0.2%.

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.

| Churchill Downs Incorporated | 53.56% ($156.42) depreciation over 16 days ($9.78 per day average)

After setting a $137.46 – $141.15 range, Churchill Downs Incorporated closed the day 1.62% lower at $137.57. An influx of sellers pushed the horse racing enabler to end the session lower around $137.57, while establishing a $137.46 to $141.15 session range today. Daily trading volume (355,668 shares) was higher than the current multiday average of 239,449.

| Virgin Galactic | 31.44% (88 cents) depreciation over 4 days (22 cents per day average)

After setting a $3.31 – $4 range, Virgin Galactic closed the day 16.54% lower at $3.38. Virgin Galactic traded at $3.38 after making its biggest single-day drop of 67 cents (16.54%) since Apr 4. Early in today's session, Virgin Galactic dropped to $3.31 from $4.05 at the end of yesterday, before closing at $3.38. During the session, it lost 16.54%.
Daily trading volume (28.42 million shares) increased, making up 267% of the 21-day average (10.66 million).

| HEXO Corp. | 29.17% (27 cents) depreciation over 8 days (3.375 cents per day average)

More of the same from today's session: after ending yesterday at $1.17, HEXO Corp. dropped to 98 cents early in today's session and closed at $1.02. In total, it lost 12.82%. After setting a 98 cents – $1.04 range, HEXO Corp. closed the day 12.82% lower at $1.02. Daily trading volume (493,411 shares) increased, making up 166% of the 21-day average (297,801).

The cannabis product maker's market cap currently stands at $44.88 million with an average daily trading volume of 297,801 shares. The cannabis product maker is now trading 40.15% below its 3-month high of $1.81. HEXO Corp. has a forecast of $27.44 million with an EPS of -22 cents.