10 Stocks That Vanished in Value

Ten firms finished on a lackluster note on Tuesday, bucking a broader market optimism, amid a series of company-specific developments and industry news dampening investing appetite.

Meanwhile, Wall Street’s major indices all finished in the green, led by the tech-heavy Nasdaq at 1.39 percent, followed by the S&P 500 with a 1.13-percent gain, and the Dow Jones at 1.10 percent.

Indices aside, we name the 10 worst-performers on Tuesday and detail 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 Tima Miroshnichenko on Pexels

10. Hims & Hers Health, Inc. (NYSE:HIMS)

Shares of telehealth company Hims & Hers Health dropped by 4.04 percent on Tuesday as investors mirrored a selloff from key executives of the company, which included none other than its CEO.

In a regulatory filing, Hims & Hers Health, Inc. (NYSE:HIMS) said its CEO, Andrew Dudum, sold $33.4 million of shares in the company, involving 660,000 units at a price of $50.58 apiece.

The transaction was aimed at cashing in on gains from the stock’s recent rally.

Despite the sale, Dudum remains the largest individual shareholder, owning 8 million indirect shares and 92,313 direct holdings in Hims & Hers Health, Inc. (NYSE:HIMS).

Meanwhile, other key executives also resorted to profit-taking in the past trading days.

In separate filings, Chief Legal Officer Soleil Boughton sold 2,572 shares at a price of $51.64 apiece for $132,818, while Chief Medical Officer Patrick Carroll disposed of 60,000 shares for a total of $3.2 million.

Since the start of the month, shares of Hims & Hers Health, Inc. (NYSE:HIMS) have already dropped by 27.5 percent.

9. IonQ, Inc. (NYSE:IONQ)

Shares of IonQ declined by 4.32 percent on Tuesday to finish at $43 apiece amid the lack of catalysts to sustain the recent two-day rally.

In the previous trading days, IonQ, Inc. (NYSE:IONQ) grew alongside its quantum computing peers after a large US pension fund—the New Jersey State Pension Fund—increased its exposure in the quantum computing sector with the acquisition of shares in IonQ, Inc. (NYSE:IONQ), D-Wave Quantum Inc. (NYSE:QBTS), and Rigetti Computing Inc. (NASDAQ:RGTI).

In line with the transaction, the fund divested its stake in Alibaba Group Holding Ltd. (BABA).

In other news, IonQ, Inc. (NYSE:IONQ) filed for a prospectus on behalf of several existing shareholders for the sale of more than 13 million IONQ common shares.

IonQ, Inc. (NYSE:IONQ) said it will not receive any proceeds from the proposed sale.