Signature Bank, Cloudflare, Inc., Enphase Energy Inc and others have been dropping. Here is what you should know.
Markets did not have a clear cut direction — Dow Jones closed at 34,052, a 0.14% change. Nasdaq closed 12,200 after a stable day.
This limbo state is reflected by market data published as United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8.
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.
| Signature Bank | continues a 9 day decline; tumbles 15.79% yesterday
After setting a 6.6 cents – 9.3 cents range, Signature Bank closed the day 15.79% lower at 7.84 cents. Signature Bank lost 1.47 cents and now trades below the 9 cents level for the first time in 5 weeks. Trading volume totalled 6.23 million which equates to around 88% of the stock's 21-day average yesterday. Signature Bank disclosed a quarterly dividend of 70 cents per share on Thursday, January 12th that was paid on Friday, February 10th to all shareholders of record up until Friday, January 27th. Based on current prices, the company's decision thereby provides Signature Bank investors with an annual dividend yield of 3,571.43%.
| Cloudflare | 31.07% ($17.83) depreciation over 13 days ($1.37 per day average)
More of the same from yesterday's session: an influx of sellers pushed the US content delivery network to end the session lower around $44.72, while establishing a $44.23 to $46.81 session range yesterday. After setting a $44.23 – $46.81 range, Cloudflare closed the day 4.95% lower at $44.72. Daily trading volume (10.19 million shares) was higher than the current multiday average of 5.67 million.
Cloudflare is currently trading with a market cap of $14.84 billion with an average daily volume of 5.67 million shares. Cloudflare has shed $45.19 points and is languishing 49% lower over the past year, leaving its yearly highs around $90.4 in the rear-view mirror. So far this year, it has been doing worse than the Nasdaq by 11.18%.
| Enphase Energy | 29.53% ($63.67) depreciation over 10 days ($6.37 per day average)
After setting a $159.7 – $166.64 range, Enphase Energy closed the day 2.2% lower at $160.59. Despite the risk-off mood, Enphase was range-bound between $159.7 to $166.64 and settled at $160.59. Daily trading volume (5.20 million shares) was slightly greater than the current multiday average of 4.86 million.