Top Five Stock Market Losers of 28/07/23: PRZO, SNBR, ELWS, MRKR, SRFM – CryptoNewsTo

Top Five Stock Market Losers of 28/07/23: PRZO, SNBR, ELWS, MRKR, SRFM

Stock Market Down – Arrow Aiming Down on Display With Red and Green Figures.

WISCONSIN ( — Today, the biggest stock market loser is ParaZero Technologies Ltd. (NASDAQ: PRZO). For no particular reason, shareholders had a big sell-off one day after the company’s IPO.

Why these Stocks Declined:

ParaZero Technologies Ltd. (NASDAQ: PRZO)

ParaZero Technologies Ltd., a leading technology firm, yesterday announced the pricing of its initial public offering (IPO).

The company offered 1,950,000 ordinary shares at $4.00 each to the public. After considering underwriting discounts and other related expenses, the gross proceeds from the IPO are anticipated to be around $7.8 million.

This does not account for any potential exercise of the underwriter’s over-allotment option. The stock price fell for no specific reason or other news outside the IPO.

PRZO daily chart. Credit: Stocktwits

Sleep Number Corp. (NASDAQ: SNBR)

Sleep Number reported a significant decrease in quarterly revenue of 16%, putting it at $459 million, a substantial shortfall from the estimated $471.4 million.

This revenue miss led to a sharp decline in the company’s stock, marking a 20% drop. Demand fell during the quarter but saw an improvement as the second quarter progressed; however, this was not enough to offset the negative impact of changes in inventory on revenues.

The company’s gross margin declined from 59.2% to 57.6% due to higher-than-usual backlog and increased operating expenses relative to revenue. Consequently, Sleep Number’s bottom-line profits plunged from $1.54 per share to just $0.03, surpassing the consensus of a $0.01 loss per share.

SNBR daily chart. Credit: Stocktwits

Earlyworks Co. Ltd. ADR (NASDAQ: ELWS)

Earlyworks Co., Ltd. began public trading three days ago after announcing the pricing of its Initial Public Offering of 1,200,000 American Depositary Shares (ADS) at a public offering price of US$5.00 per ADS. Shareholders sold today as profit-taking took over before the weekend closing bell.

The Japan-based company, known for its proprietary private blockchain technology, GLS, utilizes this technology across various applications in numerous industries. The GLS system is a hybrid blockchain that merges the technical benefits of blockchain and database technology, featuring high-speed processing that reaches 0.016 seconds per transaction.

It is designed with tamper-resistance, security, and reliability capacities, making it a highly competitive offering in the technological market.

ELWS daily chart. Credit: Stocktwits

Marker Therapeutics Inc. (NASDAQ: MRKR)

Marker Therapeutics Inc. is going to release earnings on 14/08/2023. Over the last 12 months, the company has reported EPS of $-4.34. With this significant negative number in mind, shareholders decided today was the day to sell and take whatever profits were available before a possibly worse number was announced.

MRKR daily chart. Credit: Stocktwits

Surf Air Mobility Inc. (NASDAQ: SRFM)

Surf Air Mobility Inc.’s shares made a late debut on the New York Stock Exchange on Thursday, opening at $5.00 with only about an hour left in the trading session.

However, the performance of the electric aviation and air travel company’s stock was less than stellar, tumbling dramatically since it started trading. Interestingly, Surf Air Mobility opted for a direct listing rather than a traditional initial public offering, meaning no funds were raised through the IPO process.

Despite this setback, the company’s 91.93 million outstanding shares still imply a significant valuation.

SRFM daily chart. Credit: Stocktwits

The post Top Five Stock Market Losers of 28/07/23: PRZO, SNBR, ELWS, MRKR, SRFM appeared first on CoinChapter.