Trulieve Cannabis Corp., Cresco Labs Inc., Novavax, Inc. have been the noticable small cap stocks on a downtrend. Here is what you need to know.
Markets did not have a clear cut direction — Nasdaq shed 0.18% and closed at 11,300. S&P 500 closed at 4,016.22 after a flat day.
This limbo state is reflected by market data published as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.
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.
| Trulieve Cannabis | continues a 17 day decline; drops 5.26% yesterday
More of the same from yesterday's session: after ending Tuesday at $6.66, Trulieve Cannabis Corp. declined to $6.26 yesterday before closing at $6.31, thereby losing 5.26% in total. After setting a $6.26 – $6.66 range, Trulieve Cannabis closed the day 5.26% lower at $6.31. Daily trading volume (742,075 shares) was above the current multiday average of 369,345.
The leading CBD products developer's market cap currently stands at $1.17 billion with an average daily volume of 369,345 shares. Having set a significant high of $26.27 11 months ago, the medical and recreational cannabis provider is trading 74.65% lower. Trulieve Cannabis expected revenue of $308.42 million with an EPS of -5 cents.
Cresco Labs continues a 6 day downtrend; slips 1.62% yesterday
After setting a $1.81 – $1.88 range, Cresco Labs closed the day 1.62% lower at $1.82. Pronounced bearish sentiment in the market pushed the consumer lifestyle brand developer into a notable 1.62% slide yesterday, falling 2.99 cents and ultimately closing at $1.82. The day's trading volume totalled 393,143 shares — slightly under the 21-day average of 576,469.
| Novavax | continues a 5 day decline; decreases 3.81% yesterday
After setting a $10.91 – $11.43 range, Novavax closed the day 3.81% lower at $11.11. Early in yesterday's session, Novavax dropped to $10.91 from $11.55 at the end of Tuesday, before closing at $11.11. During the session, it lost 3.81%.
Yesterday's trading volume was 6.72 million shares which is slightly below the 21-day average of 6.95 million.