Signature Bank, Mullen Automotive, Inc., Allegro MicroSystems, Inc. are currently leading the list of down-trending stocks.
Markets were up yesterday; S&P 500 ended the session at 4,135.35 after a 1.96% gain. Dow Jones gained 1.57% and closed at 33,826.
Meanwhile, following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%.
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.
| Signature Bank | 34.91% (6.58 cents) depreciation over 7 days (0.94 cents per day average)
After setting a 12 cents – 13.7 cents range, Signature Bank closed the day 1.18% lower at 12.55 cents. Slightly down but mostly flat: Signature Bank ranged between 12 cents and 13.7 cents before closing at 12.55 cents. Trading volume totalled 3.34 million which equates to around 26% 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 2,231%.
| Mullen Automotive | 34% (2.49 cents) depreciation over 5 days (0.498 cents per day average)
After setting a 6.57 cents – 7.5 cents range, Mullen Automotive closed the day 12.95% lower at 6.79 cents. After ending Wednesday at 7.8 cents, Mullen Automotive dropped to 6.57 cents early in yesterday's session and closed at 6.79 cents. In total, it lost 12.95%. Daily trading volume (572.68 million shares) increased, making up 163% of the 21-day average (350.53 million).
| Allegro | 25.9% ($9.55) depreciation over 19 days (50.2632 cents per day average)
After setting a $35.05 – $38.43 range, Allegro closed the day 7.49% lower at $35.56. After ending Wednesday at $38.44, Allegro declined to $35.05 yesterday before closing at $35.56, thereby losing 7.49% in total. Daily trading volume (5.47 million shares) increased, making up 350% of the 21-day average (1.56 million).