Why Shares of Velo3D Plummeted 49% in November
Ending October where they began, shares of Velo3D (NYSE: VLD) were ho hum, while the S&P 500 rocketed 8% higher. Last month, however, the 3D printing stock was far from inert. According to data from S&P Global Market Intelligence, Velo3D's stock plunged 48.5%.
After the company reported disappointing third-quarter 2022 earnings -- and cut its 2022 forecast -- investors steadfastly clicked the sell button and exited their positions.
Failing to meet analysts' revenue expectations of $24.2 million, Velo3D reported $19.1 million on the top line. And it wasn't only the top of the income statement that weighed heavily on investors' minds. Whereas Velo3D reported a gross profit of $1.5 million in Q3 2021, a delay in system shipments contributed to the company booking a gross loss of $100,000 in the recently completed quarter. Furthermore, Velo3D reported a non-GAAP loss per share of $0.12, slightly worse than the $0.11 loss per share that analysts had expected.
Source Fool.com
