PRLB - Why 3D Printing Stocks Crashed Today
Tuesday, for the third straight trading day, 3D printing stocks tumbled. By the time the selling was done, contract 3D prototyper Proto Labs (NYSE: PRLB) had closed 5.8% lower, printer maker 3D Systems (NYSE: DDD) fell 9.5%, and Desktop Metal (NYSE: DM) -- a recent special purpose acquisition company (SPAC) IPO and the newest kid on the 3D printing block -- was down 9.7%.
Why did all these 3D printing stocks collapse today? Good question. Next question, please.
I jest, but there really doesn't seem to be any definitive reason for 3D printing stocks to take it on the chin today. No analyst downgrades (or even reductions to price target) are in evidence. There's no negative news on the wires. Even the economy caught sort of a break, with President Trump having signed the second big coronavirus stimulus bill over the weekend, and Congress now considering amendments to triple the amount of direct stimulus payments to taxpayers -- to $2,000 each -- a move that would put more money in consumers' pockets, and therefore presumably stimulate both consumption and production (and, by extension, 3D printing services for producers).
For further details see:
Why 3D Printing Stocks Crashed Today