We recently published a list of 10 Firms Mirror Wall Street Decline. In this article, we are going to take a look at where Unity Software Inc. (NYSE:U) stands against other firms mirroring Wall Street decline.
Wall Street’s main indices suffered a bloodbath on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
The overall market downturn dragged down the prices of these 10 companies. In this article, let’s explore the reasons behind their decline.
To come up with Tuesday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A software engineer coding while surrounded by the latest industry tools and technology.
Unity Software Inc. (NYSE:U)
Shares of Unity Software (NYSE:U) closed lower on Tuesday, losing 7.46 percent or $1.86 at $23.08 apiece as investors took profits following Monday’s gains.
Unity Software (NYSE:U) also saw its one- and five-year performances decline by 40.79 percent and 66.23 percent, respectively, amid ongoing challenges on its earnings performance.
In its latest quarterly result, Unity reported a loss of $0.31 per share, which was better than analysts’ expectations of $0.39. Despite settling in the red, the figures showed an improvement from the previous quarter, when it beat estimates with a smaller-than-expected loss of $0.32 versus $0.44.
Unity is a game engine company that creates tools that help create and run real-time 3D content, such as video games, interactive experiences, and industrial applications, across different platforms.
Overall, U ranks 8th on our list of firms mirroring Wall Street decline. While we acknowledge the potential of U as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than U but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.