The 3 stocks attempting to buck their downtrends

Published: May 27 2023, 02:30 GMT+0

The 3 stocks attempting to buck their downtrends

Churchill Downs Incorporated, Virgin Galactic Holdings, Inc., HEXO Corp. and others have been dropping. Here is what you should know.

Leading equity indices in the US rose as Nasdaq ended the session at 12,976 after a 2.19% gain. S&P 500 closed the day at 4,205.45, having gained 1.3%.

Meanwhile, United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at -0.2%, falling short of the 0% projections and continuing its decline from the previous 0.3% figure.

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. Pronounced bearish sentiment in the market pushed the horse track and gambling operator into a notable 1.62% slide yesterday, falling $2.27 and ultimately closing at $137.57. Daily trading volume (355,668 shares) increased, making up 149% of the 21-day average (239,449).

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

Yesterday's session continued down the same path: early in yesterday's session, Virgin Galactic dropped to $3.31 from $4.05 at the end of Thursday, before closing at $3.38. During the session, it lost 16.54%.
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. Daily trading volume (28.42 million shares) increased, making up 267% of the 21-day average (10.66 million).

Virgin Galactic is currently trading with a market cap of $955.14 million with an average daily trading volume of 10.66 million shares. The spaceflight pioneer has shed 34.36% over the past three months. So far this year, it has been doing worse than the Nasdaq by 23.03%. Trading mostly sideways for 5 months. Virgin Galactic has a forecast of $1.16 million with an EPS of -52 cents.

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

After setting a 98 cents – $1.04 range, HEXO Corp. closed the day 12.82% lower at $1.02. After ending Thursday at $1.17, HEXO Corp. declined to 98 cents yesterday before closing at $1.02, thereby losing 12.82% in total. Daily trading volume (493,411 shares) increased, making up 166% of the 21-day average (297,801).