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.
8. QuantumScape Corporation (NYSE:QS)
QuantumScape extended its losing streak to a fourth straight day on Tuesday, dropping 10.11 percent to close at $7.91 apiece as investors reacted to an insider selling spree in the previous trading sessions.
In separate regulatory filings earlier this week, QuantumScape Corporation (NYSE:QS) revealed that five top executives, including chief executive officer Siva Sivaram, disposed of a significant chunk of their shares in the company.
Last Monday alone, Sivaram unloaded 100,178 shares for a total of $904,607, while Chief Legal Officer Michael McCarthy sold 45,371 shares for a total of $409,700.
Chief Financial Officer Kevin Hettrich disposed of 46,837 shares for a total of $422,938, while co-founder and Chief Technology Officer Tim Holme sold 47,727 shares for $430,974.
Meanwhile, Chief Development Officer Singh Mohit made two selling transactions, unloading 47,727 shares for $430,974 on Monday, followed by 23,598 shares for $204,165 on Tuesday, August 19.
No reason was divulged for the selling transactions, except that the officers may have cashed in on gains following QuantumScape Corporation’s (NYSE:QS) climb to almost $10 level last week.
7. Figma, Inc. (NYSE:FIG)
Figma Inc. fell to a new low on Tuesday, as investors appeared to have locked in on gains following its rapid surge while repositioning portfolios ahead of its second quarter earnings performance.
Following its market debut two weeks ago, shares of Figma, Inc. (NYSE:FIG) already dropped by as much as 52 percent to $68.61 from its highest price of $142.92 last August 1.
The company said it is scheduled to release the results of its financial and operating highlights on September 3, 2025, where investors will be closely watching out for its business outlook for the third quarter and the full-year period.
Separately, Figma, Inc. (NYSE:FIG) announced earlier this month the resolution of an intellectual property dispute it filed against Motiff in September last year after the latter and its affiliates allegedly breached its contract alongside a copyright infringement.
Under the settlement agreement, Motiff will cease selling its current Motiff Editor Tool and will not sell any future products derived from it globally, with the exception of mainland China.
In China, Motiff may continue to sell its current Motiff Editor Tool for one year, while it reengineers and redesigns the product.
Motiff has also agreed to reimburse Figma, Inc.’s (NYSE:FIG) legal expenses.
6. SoundHound AI, Inc. (NASDAQ:SOUN)
SoundHound AI extended its losing streak to a third consecutive day on Tuesday, shedding 10.26 percent to close at $13.30 apiece as investors appeared to have taken profits amid the past few weeks’ surge that has already seen the company grow as much as 69 percent month-to-date.
From its closing price of $10.11 last August 1, share prices of SoundHound AI, Inc. (NASDAQ:SOUN) have already gone up to $17.08, with the recent selling sparking a sell-off to cash in on gains.
The recent rally can be attributed to the company’s strong revenue performance in the second quarter of the year, with revenues expanding by 217 percent to $42.68 million from only $13.46 million in the same period last year.
Despite the figures, SoundHound AI, Inc. (NASDAQ:SOUN) remained at a GAAP net loss of $74.7 million, double the $37.3 million registered in the same period a year earlier.
Following the strong revenue performance, SoundHound AI, Inc. (NASDAQ:SOUN) raised its full-year revenue outlook to a range of $160 million to $178 million, versus the $157 million to $177 million expected previously.
5. IREN Ltd. (NASDAQ:IREN)
IREN Ltd. snapped a three-day winning streak on Tuesday, shedding 9.54 percent to close at $18.73 apiece as investors resorted to profit-taking to take advantage of the previous days’ surge.
Additionally, investors appeared to be in a wait-and-see mode ahead of the release of its earnings performance for the full fiscal period of 2025.
According to the company, it is scheduled to report its financial and operating highlights after market close on August 28, a Thursday, alongside an investor call to elaborate on the results.
Investors will be closely watching out for the company’s outlook for fiscal year 2026, having achieved its operating hash rate target of 50 EH/s, which is expected to help bolster revenues from Bitcoin mining moving forward.
According to the company, a 50 EH/s hash rate could generate $830 million in annualized hardware profit.
Further supporting sentiment, IREN Ltd. (NASDAQ:IREN) recently announced that it was able to generate $83.6 million in revenues from 728 Bitcoins mined in July, or 27.6 percent higher than the $65.5 million in revenues from 620 Bitcoins mined in June.
Average Bitcoin prices in July were also 8.66 percent higher at $114,891 versus the $105,730 the month before.
4. Uranium Energy Corp. (NYSEAmerican:UEC)
Uranium Energy saw its share prices drop for a second day on Tuesday, shedding 8.96 percent to close at $9.65 apiece as investors appeared to have taken profits following last week’s rally.
In recent news, Uranium Energy Corp. (NYSEAmerican:UEC) received the US government’s backing for its Sweetwater Uranium Complex after securing a fast-tracking permit US Federal Permitting Improvement Steering Council. The permit supports President Donald Trump’s executive order on immediate measures to increase American mineral production.
“Sweetwater’s selection under FAST-41 reinforces its national importance as a key project to achieve the United States’ goals of establishing reliable infrastructure, supporting nuclear fuel independence. Acquired from Rio Tinto in 2024, Sweetwater will be UEC’s third hub-and-spoke production platform, following operational advancements underway in Wyoming’s Powder River Basin and South Texas,” said Uranium Energy Corp. (NYSEAmerican:UEC) President and CEO Amir Adnani.
“On completing this tack-on permitting initiative, Sweetwater will be the largest dual-feed uranium facility in the United States, licensed to process both conventional ore and ISR resin. This will provide the Company unrivaled flexibility to scale production across the Great Divide Basin, leveraging UEC’s leading domestic resource base. We’re proud of and grateful for the Steering Council’s support under President Trump’s Executive Order to fast-track a secure, predictable, and affordable supply of critical minerals,” he added.
3. Galaxy Digital (NASDAQ:GLXY)
Galaxy Digital saw its share prices drop by 10.06 percent on Tuesday to close at $24.09 apiece, as investors have fully priced in last week’s $1.4-billion data center expansion news.
According to the company, it successfully raised the amount through a debt financing facility, the proceeds of which will be used to develop its Helios data center campus in West Texas.
The debt facility will fully fund the initial retrofit and expansion of Helios to deliver the first phase of power for AI and high-performance computing (HPC) operations under a long-term agreement with CoreWeave Inc.
“This financing marks a major milestone in our transformation of Helios into a next-generation AI and HPC datacenter campus,” said Galaxy Digital (NASDAQ:GLXY) founder and CEO Mike Novogratz.
“We’re on track and excited to deliver the first phase of power to CoreWeave beginning in early 2026. This project is a key step in diversifying Galaxy’s business model as we expand beyond crypto and into the broader AI infrastructure space,” he noted.
Galaxy Digital (NASDAQ:GLXY) has provided the $350 million equity requirement, with the remaining construction costs to be covered by the debt facility.
The $1.4 billion debt facility, which was secured at 80 percent loan to cost, has a 36-month term and is secured by all the assets associated with the first phase of Helios’s buildout.
2. Energy Fuels Inc. (NYSEAmerican:UUUU)
Energy Fuels dropped its share prices by 17.88 percent on Tuesday to close at $8.48 apiece as investors sold off positions amid the broader market pessimism.
Energy Fuels Inc. (NYSEAmerican:UUUU) declined alongside the uranium and energy sectors, which fell by 5.65 percent and 0.25 percent, respectively.
In the second quarter of the year, Energy Fuels Inc. (NYSEAmerican:UUUU) saw attributable net loss widen by 241 percent to $21.8 million from only $6.4 million in the same period last year. Total revenues declined by 51.7 percent to $4.2 million from $8.7 million year-on-year.
In other developments, Energy Fuels Inc. (NYSEAmerican:UUUU) welcomed its new president, Ross R. Bhappu, replacing Mark S. Chalmers, who will remain the company’s chief executive officer.
Bhappu brings over 35 years of experience in mining and private equity, including nearly 25 years with Resource Capital Funds, where he provided both technical and financial evaluation and support in project identification, analysis, development, valuation, project finance, mergers and acquisitions and sourcing of capital from private and public markets exclusively for the mining and minerals sector.
According to the company, the leadership transition was in line with its long-term succession plans.
1. Viking Therapeutics, Inc. (NASDAQ:VKTX)
Viking Therapeutics fell by 42.12 percent on Tuesday to close at $24.36 apiece as investors soured on the high dropout rates in its ongoing clinical trial for its experimental weight loss drug.
In a statement on Tuesday, Viking Therapeutics, Inc. (NASDAQ:VKTX) said that its phase 2 trial for VK2735 tablet saw a 28-percent dropout rate in overall enrollees, after suffering from gastrointestinal (GI)-related adverse effects.
Among subjects receiving VK2735, 98 percent of reported drug-related treatment-emergent adverse events (TEAEs) were categorized as mild or moderate in severity, with participants suffering from both mild to moderate nausea and vomiting.
In a call with analysts, Viking Therapeutics, Inc. (NASDAQ:VKTX) CEO Brian Lian said that GI-related adverse event rates might be further reduced through lower starting doses and or slower dose escalation.
He added that the company was looking to explore it further in an upcoming maintenance dosing study.
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