10 Stocks Hammered Harder Than Wall Street

Ten stocks fell sharply on Tuesday, mirroring a broader market pessimism that weighed heavily on trading during the day.

Among Wall Street’s main indices, only the Dow Jones finished in the green, albeit up by only 0.02 percent after enduring a heavy battering at the intra-day session. The tech-heavy Nasdaq was down the most, declining 1.46 percent, while the S&P 500 dropped by 0.63 percent.

Indices aside, we highlight in this article the 10 companies that led the session’s decline on Tuesday, alongside the reasons behind their decline.

To compile the list, we focused exclusively on stocks with $2 billion in market capitalization and at least 5 million shares in trading volume.

Photo by George Morina on Pexels

10. SharpLink Gaming, Inc. (NASDAQ:SBET)

SharpLink Gaming fell by 8.65 percent on Tuesday to close at $18.38 apiece as investors soured on the company’s acquisition of Ethereum last week, which was made well above current market prices.

In a statement on the same day, SharpLink Gaming, Inc. (NASDAQ:SBET) said it purchased 143,593 ETH coins last week at an average price of $4,648, or 11.5 percent higher than the $4,168.7 price as of this writing. The transaction brought the company’s total ETH ownership to 740,760, making it one of the largest owners of the token to date.

To fund the acquisition, SharpLink Gaming, Inc. (NASDAQ:SBET) recently raised $1.001 billion through a series of fundraising activities, of which more than $84 million remained unutilized.

In other news, SharpLink Gaming, Inc. (NASDAQ:SBET) reported a dismal earnings performance in the second quarter of the year, as net loss from continuing operations skyrocketed by more than 11,100 percent to $103.37 million from only $917,000 in the same period last year, primarily due to higher operating losses.

Revenues also declined by 29 percent to $697,291 from $981,272 in the same comparable period.

9. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing dropped for a third day on Tuesday, shedding 8.84 percent to close at $15.16 apiece as investors resorted to profit-taking following a recent surge in share prices.

Last week saw the company jump to the $18 level following earnings and corporate announcements. Since then, share prices have pulled back to the $15 level.

Rigetti Computing Inc. (NASDAQ:RGTI) announced the official launch of its multi-chip quantum computer, Cepheus-1-36Q, bearing a 2x reduction in two-qubit gate error versus its previous Ankaa-3 system with a median two-qubit gate fidelity of 99.5 percent.

“Just 6 months after our record performance with Ankaa-3, we’ve once again halved our error rates with Cepheus-1-36Q. We believe quadrupling our chiplet count and significantly decreasing error rates is the clear path towards quantum advantage and fault tolerance. We intend to continue this momentum with our 100+ qubit system planned for the end of the year,” said Rigetti Computing Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni.

“It’s our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale, and their ability to achieve gate speeds more than 1,000 times faster than other modalities like ion traps and pure atoms. Rigetti’s superconducting qubits leverage technologies, like chiplets, that have been maturing in the semiconductor industry for decades, enabling Rigetti to use well-established methods to scale to higher performance and qubit counts,” he added.