The main small cap stocks that are plunging: Tilray, Inc., FIGS, Inc., Similarweb Ltd.
Markets completed a mixed session yesterday while Nasdaq gained 0.63% and closed at 10,636. Dow Jones closed at 33,518, a 0.34% change.
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.
Tilray continues a 4 day downtrend; withdraws 6.44% yesterday
After setting a $2.64 – $2.88 range, Tilray, Inc. closed the day 6.44% lower at $2.76. The US pharmaceutical and consumer packaged goods company plunged into the red after losing 6.44%, declining to $2.76. Daily trading volume (27.80 million shares) was above the current multiday average of 18.29 million.
| FIGS | continues a 4 day decline; decreases 1.82% yesterday
After setting a $7.55 – $7.89 range, FIGS closed the day 1.82% lower at $7.57. Slightly down but mostly flat: FIGS ranged between $7.55 and $7.89 before closing at $7.57. Trading volume totalled 1.52 million which equates to around 43% of the stock's 21-day average yesterday.
| Similarweb | 5.28% (29 cents) depreciation over 5 days (5.8 cents per day average)
After setting a $6.09 – $6.38 range, Similarweb closed the day 0.81% lower at $6.1. Despite the risk-off mood, Similarweb was range-bound between $6.09 to $6.38 and settled at $6.1. Yesterday's trading volume was 67,341 shares which is lower than the 21-day average of 179,417.