Why Is Leafly (LFLY) Stock Down 5% Today?


  • Leafly (LFLY) stock is down Monday following a recent rally.
  • The company’s shares jumped on Friday with the release of its annual report.
  • It makes sense that LFLY is giving up some of its gains as a result.
LFLY Stock - Why Is Leafly (LFLY) Stock Down 5% Today?

Source: Chokniti-Studio / Shutterstock.com

Leafly (NASDAQ:LFLY) stock is falling on Monday following a recent rally of the company’s shares.

Leafly lifted investor morale on Friday with the release of its annual filing for 2023. That resulted in heavy trading of the company’s shares, sending LFLY stock higher. This saw some 36 million shares trade hands on Friday. The company’s daily average trading volume is well below that at 742,000 shares.

One highlight from Leafly’s annual report is the expected growth in 2024. The company notes that the cannabis market in the U.S. is expected to continue to see growth. However, it does warn that the market faces some challenges as it is still fairly new.

Here’s a portion of what Leafly said in its annual report:

“Leafly’s marketplace competes for its share of a large and growing audience. Leafly seeks to offer a differentiated experience for every visitor, powered by educational resources, broad selection, data and science. We believe the breadth of verified information, news and selection establishes trust between Leafly and its audience, creating a competitive environment that favors Leafly.”

LFLY Stock Movement Today

LFLY stock isn’t seeing much activity this morning, with only about 65,000 shares traded as of this writing. That’s well below the company’s daily average trading volume. It’s also a far cry from the number of shares that traded on Friday.

It comes as no surprise that LFLY stock is giving up some of its recent gains. This has the company’s shares down 5% as of Monday morning. Investors will also note the stock was down 47% year-to-date when markets closed on Friday.

There are more stock market stories traders will want to know about below!

We have all of the hottest stock market news ready to go on Monday! That includes all of the latest stock market stories that have shares on the move this morning. Traders can catch up on all of these happenings by checking out the links below!

More Stock Market News for Monday

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-leafly-lfly-stock-down-5-today/.

©2024 InvestorPlace Media, LLC