LCID - 2023's Biggest Losers In The Russell 1000
2024-01-03 02:30:00 ET
Summary
- While broad swathes of the equity market rose in 2023, that is not to say there were not areas of weakness.
- 2021 short squeeze and meme stock darling AMC Entertainment was the worst performer of the year in 2023.
- As EV sales decelerated last year, prices of stocks like ChargePoint and Lucid hit major speed bumps, falling by 75.55 and 38.36%.
While broad swathes of the equity market rose in 2023, that is not to say there were no areas of weakness.
Of course there were some major spotlight stocks that investors would have completely lost their shirt on like Silicon Valley Bank had they been invested in the beginning of the year, but for those stocks still standing, below we show the 35 Russell 1000 members that fell by at least 30% during the year.
2021 short squeeze and meme stock darling AMC Entertainment ( AMC ) was the worst performer of the year in 2023. Price action in the stock was actually pretty flat throughout the year up until the summer.
That's when prices plunged on news that the company would be approved to convert its one-year-old preferred shares to common stock and a 1-for-10 reverse split. Ultimately, AMC would go on to finish the year with an 85% loss.
One theme popping up in the biggest losers is clean energy. As EV sales decelerated last year, prices of stocks like ChargePoint ( CHPT ) and Lucid ( LCID ) hit major speed bumps, falling by 75.55 and 38.36%, respectively. Other clean energy names like Enphase ( ENPH ) also faced large losses.
A handful of various retailers also made the list like Petco ( WOOF ), Advanced Auto Parts ( AAP ), and Dollar General ( DG ).
Dollar General possesses the largest market cap of those stocks, but of all the biggest losers, the vaccine makers were the largest in size. Both Pfizer ( PFE ) and Moderna ( MRNA ) fell by over 40%. In the case of PFE, the stock is now below pre-pandemic levels.
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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2023's Biggest Losers In The Russell 1000