VELO is trading 5.1% down at $17.46 as investors lock in gains following a sharp run-up tied to its June 29 inclusion in the Russell 3000 and Russell Microcap indices.
- The recent rally was driven by significant index-fund buying and momentum flows resulting from the company's addition to the Russell indices.
- Today's decline appears to be a period of normal volatility and profit-taking following the index-driven spike.
- Despite the daily drop, shares continue to trade well above mid-June levels, even amid broader market strength.