Tremor International Ltd (TRMR) has been making headlines recently due to its significant drop in stock price following its earnings report. As of March 07, 2023, TRMR moved below its 50-day moving average, indicating a change from an upward trend to a downward trend.
The dismal earnings announcement for TRMR is to blame for the stock's decline. The company's $0.10 earnings per share was below analysts' expectations of $0.15 per share. Furthermore, the company's revenue of $65 million fell short of analysts' forecasts of $70 million.
TRMR's poor earnings report has led to a drop in investor confidence, resulting in a decline in the company's stock price. As of March 07, 2023, TRMR's stock price was trading at $6.56, down from its previous closing price of $8.45.
The fact that TRMR moved below its 50-day moving average on March 07, 2023, is a significant indicator of a change in trend. This indicates that the stock is now in a downward trend, which could result in further declines in the stock price.
According to historical data, in 31 of 35 similar instances where a stock moved below its 50-day moving average, the stock price decreased further within the following month. This means that there is an 89% chance that TRMR's stock price will continue to decline in the coming weeks.
TRMR's recent drop in stock price following its earnings report and the fact that the stock has moved below its 50-day moving average are significant indicators of a change in trend.