Why Velo3D's Stock Plummeted 30% in May
After plunging more than 62% in April, shares of Velo3D (NYSE: VLD) failed to find any relief and continued to slide last month. A disappointing earnings report and bearish sentiment from Wall Street led investors to turn away from the 3D printing stock; consequently, the stock fell 30% in May, according to data from S&P Global Market Intelligence.
The stock's performance over the past two months is a stark turnaround from the 19% rise it achieved through the first three months of 2022.
After April showers washed away more than 60% of the stock's value, investors hoped the stock would blossom in May. A weaker-than-expected first-quarter earnings report, however, quickly cast doubt that the stock would, in fact, bloom. Failing to meet analysts' top- and bottom-line estimates, Velo3D reported sales of $12.2 million and adjusted earnings per share (EPS) of negative $0.13. Analysts had anticipated revenue and adjusted EPS of $12.4 million and negative $0.10, respectively.
Source Fool.com
