Shares of Zoom Video Communications Inc. sank 1.0% in afternoon trading Tuesday, putting them on track to suffer the longest losing streak in 18 months. The stock, which as shed 19.3% amid a nine-session stretch of declines, was headed for the lowest close since Jan. 6, 2020, which about the 2 1/2-months before the COVID-19 outbreak was declared a pandemic. That would be the longest stretch of losses since the nine-day stretch ending May 6, 2021 when it fell 13.0%. Zoom Video was a major beneficiary of the pandemic, with the stock skyrocketing 415% from when it closed at $110.30 on March 11, 2020, the day the World Health Organization declared the pandemic, to the Oct. 19, 2020 record close of $568.34, before falling sharply as COVID restrictions were gradually lifted. The stock has plunged 61.6% year to date, while the S&P 500 has lost 17.1%.
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