In this article, we will take a look at the 10 stocks losing value today. You can skip our detailed analysis of these companies and go directly to These 5 Stocks are Losing Value Today.
Notable stocks, including Walgreens Boots Alliance, Inc. (NASDAQ:WBA), Universal Health Services, Inc. (NYSE:UHS) and RH (NYSE:RH), hit a new 52-week low on Thursday morning. Shares of Universal Health and RH fell after issuing a weak sales outlook. On the other hand, Walgreens stock was moved by its fiscal third-quarter performance.
Photo by Chris Liverani on Unsplash
Many other companies, including online lodging marketplace Airbnb, Inc. (NASDAQ:ABNB) and casino operator Caesars Entertainment, Inc. (NASDAQ:CZR), were also spotted losing value this morning.
We will discuss the reasons behind their downward movement in the remaining article.
10. Canopy Growth Corporation (NASDAQ:CGC)
Number of Hedge Fund Holders: 14
Shares of Canopy Growth Corporation (NASDAQ:CGC) plunged to a new low on Thursday morning after the company inked a deal with Constellation Brands to swap nearly $198 million of its debt with its common stock.
According to the terms of the agreement, Constellation Brands will acquire 21.93 million shares of Canopy Growth Corporation (NASDAQ:CGC). Constellation will buy the stock at a price ranging between $2.50 – $3.50 apiece.
Canopy Growth Corporation (NASDAQ:CGC) said the deal would help it steer through the uncertain economic environment. It will also enable the company to invest in the lucrative areas of its business.
9. SMART Global Holdings, Inc. (NASDAQ:SGH)
Number of Hedge Fund Holders: 16
Shares of SMART Global Holdings, Inc. (NASDAQ:SGH) fell sharply on Thursday morning after issuing a disappointing financial outlook for its fiscal fourth quarter. The company projected adjusted earnings in the range of 55 – 75 cents per share, below the consensus of 84 cents per share.
In addition, SMART Global Holdings, Inc. (NASDAQ:SGH) said that it expects to generate revenue between $420 – $460 million for the current quarter. However, the revenue guidance also missed analysts’ average estimate of $478.77 million.
Separately, SMART Global Holdings, Inc. (NASDAQ:SGH) appeared in the fourth-quarter 2021 investor letter of ClearBridge Investments. Here’s what the first said:
“Fourth quarter outperformance came from a diverse set of sectors. In the information technology (IT) sector, SMART Global Holding’s strategy of diversifying from a legacy commodity memory business in Brazil to a higher-margin specialty computing solution seems to be paying off, with the company reporting significant improvements in profitability that were realized much earlier than anticipated.”
8. Duck Creek Technologies, Inc. (NASDAQ:DCT)
Number of Hedge Fund Holders: 18
Shares of Duck Creek Technologies, Inc. (NASDAQ:DCT) plummeted over 16 percent before the opening bell on Thursday after the company offered a weak sales outlook for the current quarter and full year.
Duck Creek Technologies, Inc. (NASDAQ:DCT) guided for revenue in the range of $72.8 – $74.8 million for its fiscal fourth quarter and between $295 – $297 million for its fiscal 2022. However, the guidance missed analysts’ average estimates of $80.37 million and $302.4 million for the fourth and full year, respectively.
The weak outlook also overshadowed the better-than-expected Q3 results of Duck Creek Technologies, Inc. (NASDAQ:DCT). Duck Creek reported adjusted earnings of 1 cent per share on revenue of $72.4 million, beating the consensus of breakeven earnings per share on revenue of $72.2 million.
7. Carnival Corporation & plc (NYSE:CCL)
Number of Hedge Fund Holders: 32
Shares of Carnival Corporation & plc (NYSE:CCL) extended losses on Thursday, hitting a new 52-week low after Morgan Stanley warned that the cruise operator could incur heavy losses due to softening demand and increasing costs.
Morgan Stanley analyst Jamie Rollo cut his price target for Carnival Corporation & plc (NYSE:CCL) from $13 per share to $7 per share on Wednesday, June 29, 2022. Rollo pointed toward weaker occupancies, dwindling prices and higher fuel costs. He warned that Carnival Corporation & plc (NYSE:CCL) stock could lose substantial value in case of a further economic downturn.
Like Carnival Corporation & plc (NYSE:CCL), Walgreens Boots Alliance, Inc. (NASDAQ:WBA), Universal Health Services, Inc. (NYSE:UHS) and RH (NYSE:RH), also lost substantial value today.
6. SVB Financial Group (NASDAQ:SIVB)
Number of Hedge Fund Holders: 34
Shares of SVB Financial Group (NASDAQ:SIVB) plunged to a new low on Thursday morning after receiving a downgrade from Wedbush. The research firm lowered its ratings for SVB Financial Group (NASDAQ:SIVB) from “Outperform” to “Neutral,” citing decelerating growth amid a recessionary environment.
Wedbush analyst David Chiaverini thinks the uncertain macro environment could affect the bank’s end markets. Chiaverini also referred to the elevated credit costs and weak loan growth for banks, including SVB Financial Group (NASDAQ:SIVB). Nevertheless, Chiaverini maintained his price target of $450 for the stock.
Click to continue reading and see These 5 Stocks are Losing Value Today.
Suggested articles:
- 10 Dividend Stocks to Buy According to Kenneth Tropin’s Graham Capital Management
- 10 Stocks to Profit From Inflation
- Top 10 Stock Picks of Randall Smith’s Alden Global
Disclosure: None. These 10 Stocks are Losing Value Today is originally published on Insider Monkey.
