5 Biggest Tech Stock Drops in 2022

3. Asana, Inc. (NYSE:ASAN)

Number of Hedge Fund Holders: 21

Year to  Date Share Price Drop: 73%

Asana, Inc. (NYSE:ASAN) provides a work management platform that allows companies and workers to conduct their daily tasks, manage product launches, and run marketing campaigns. It serves the needs of both the public and private sectors.

The short interest in Asana, Inc. (NYSE:ASAN)’s shares reached a five month high in October 2022, as the shorted shares represented 26% of the company’s shares outstanding. This comes after the company’s shares have bled 73% of their value on the stock market this year, and Morgan Stanley warned in October that Asana, Inc. (NYSE:ASAN) is operating in a crowded environment. The bank reduced the company’s share price target to $28 from $35. 21 out of the 895 hedge funds part of Insider Monkey’s second quarter of 2022 survey had invested in the company.

Asana, Inc. (NYSE:ASAN)’s largest investor is Jay Chen’s Himension Capital which owns 4.2 million shares that are worth $74 million.