10 Stocks Losing Big Amid Market Boom

Ten stocks lost momentum on Thursday, bucking an overall market optimism after finishing in the red territory during the session on the back of negative developments that triggered sell-offs in their stocks.

Meanwhile, the tech-heavy Nasdaq jumped by 0.94 percent, the S&P 500 grew 0.48 percent, while the Dow Jones increased by 0.27 percent.

In this article, we name the 10 companies that took a beating on Thursday and break down the reasons behind their decline.

To come up with the list, we considered the stocks with more than $100 million in market capitalization and 5 million shares in trading volume.

A person holding a cup of coffee while reading stock market data on the phone. Photo by Anna Nekrashevich on Pexels

10. Viasat Inc. (NASDAQ:VSAT)

Shares of Viasat Inc. rallied to a new all-time high on Thursday, but failed to sustain momentum after finishing the session in the red territory.

In intra-day trading, Viasat Inc. (NASDAQ:VSAT) surged to its highest 52-week price of $34.05 before erasing all gains to end the day down by 6.86 percent at $30.14 apiece after investors took early profits.

Earlier this week, the company partnered with UAE-based company Space42 to expand 5G network services to a wider range, including remote areas, by enabling Direct-to-Device services from its satellites.

This means that devices will no longer be required to tap into cellular towers in order to access network services.

The D2D service, which is targeted to become fully operational in the next three years, is expected to support more than 100 MHz of harmonized MSS spectrum already allocated across over 160 markets.

“Equatys will uniquely make possible a shared multi-orbit network of scale with standards-based open architecture to address the significant D2D and next-generation MSS market opportunity. By leveraging high performance transparent satellite architectures and shared infrastructure, the network will deliver cost efficient capacity and use 5G New Radio standards evolving the existing deployed MSS services including, for example, the safety of air, land, and sea,” said Viasat Inc. (NASDAQ:VSAT) Chairman and CEO Mark Dankberg.

9. Microbot Medical Inc. (NASDAQ:MBOT)

Microbot extended its losing streak to a fourth consecutive session on Thursday, shedding 6.93 percent to close at $3.09 apiece as investor sentiment was dampened by a potential dilution from a fundraising program that could deliver the company worth $63 million.

In a statement earlier this week, Microbot Medical Inc. (NASDAQ:MBOT) said it was able to raise $25.2 million from an options exercise, covering 12.06 million shares at a price ranging from $1.5 to $2.13 apiece.

A second offering is set to close on October 15, with more than 1.9 million shares expected to be exercised at a price of $2.10 apiece, for around $4 million in fundraising potential.

In consideration of the exercise, the company will issue to the said shareholders new short-term series J preferred investment options with an exercise price of $4.5 apiece, exercisable beginning six months after issuance.

Share prices fell on Thursday as investors reacted negatively to the fundraising program, given the potential dilution of existing stocks.

According to Microbot Medical Inc. (NASDAQ:MBOT), net proceeds are intended to be used to continue with the development, commercialization, and regulatory activities for its LIBERTY Robotic System, alongside potential acquisitions of complementary assets or products, expansion and development of additional applications derived from its existing IP portfolio, and for working capital and other general corporate purposes.