Two of 10 Worst-Performing Stocks Fall to All-Time Lows on Tuesday

Wall Street extended a lackluster performance on Tuesday, with two of its major indices ending with marginal movements amid a series of key economic factors dampening investor sentiment.

Only the Dow Jones finished in the green territory, posting a 0.37 percent gain. In contrast, the S&P decreased by 0.47 percent while the tech-heavy Nasdaq fell by 1.37 percent.

Mirroring the mostly broader pessimism are 10 companies, with two even falling to new all-time lows. In this article, we have detailed the reasons behind their drop.

To come up with Tuesday’s worst performers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

A stock market data. Photo by Alesia Kozik on Pexels

10. MARA Holdings Inc. (NASDAQ:MARA)

MARA Holdings Inc. fell to its lowest level on Tuesday, touching $12.05 before early bargain-hunting persisted at intra-day trading, pushing its stock a little higher to end at $12.41 apiece.

Tuesday finished represented a 10.62-percent drop as well as its third consecutive day in the red territory, with the drop in line with other cryptocurrency stocks amid Bitcoin’s downward trajectory.

The cryptocurrency, which was trading at all-time highs following President Donald Trump’s support of the industry, lost as much as 19 percent to just around the $88,000 level as of this writing, from the $109,000 record on January 20 when Trump returned to the White House, as investor caution appeared to have taken center stage amid uncertainties from government policies under his administration.

MARA, a Bitcoin mining company, is currently one of the largest Bitcoin miners and holders, with a total of 44,893 Bitcoins.

9. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing Inc. dropped for a third consecutive day on Tuesday, losing another 10.77 percent to finish at $9.03 as investors sold off positions ahead of the company’s release of its earnings performance on Wednesday next week, March 5.

Investors will be looking out for any cues on the company’s business outlook for the year, especially with the competition heating up from the sudden emergence of quantum computing firms in China.

To recall, several US quantum computing stocks dropped on news last week that a startup Chinese quantum computing company called Origin Quantum Computing has created a prototype machine that features 72 working qubits.

Meanwhile, Rigetti Computing is expected to release a 36-qubit system based on four 9-qubit chips by mid-2025.

By the end of the year, RGTI expects to release a system with over 100 qubits with a targeted 2x reduction in error rates from the current level.