5 Tech Stocks to Sell in 2022 According to Billionaire Stanley Druckenmiller

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In this article, we discuss 5 tech stocks to sell in 2022 according to billionaire Stanley Druckenmiller. If you want to see more tech stocks to sell according to the billionaire, click 10 Tech Stocks to Sell in 2022 According to Billionaire Stanley Druckenmiller.

5. Fastly, Inc. (NYSE:FSLY)

Number of Hedge Fund Holders: 24

Fastly, Inc. (NYSE:FSLY) was founded in 2011 and is headquartered in San Francisco, California. The company specializes in infrastructure-as-a-service via an edge cloud platform for processing and securing its customer applications. Fastly, Inc. (NYSE:FSLY) has customers in the United States, the Asia Pacific, Europe, and internationally. 

Fastly, Inc. (NYSE:FSLY) reported its financial results for the first fiscal quarter of 2022 on May 4. The company posted a loss per share of $0.15, falling short of analysts’ estimates by $0.01. The revenue grew 20.66% year-over-year to $102.38 million, exceeding market estimates by $3.45 million. 

On May 6, Citi analyst Fatima Boolani lowered the price target on Fastly, Inc. (NYSE:FSLY) to $14 from $22 and reiterated a Sell rating on the shares after the Q1 results. A “decelerating trajectory stuck in the teens against no operating leverage” with gross margins “pit stopping,” this is a “tough asset profile in this market,” Boolani told investors in a research note. The analyst added that a sudden CEO transition “adds more bearish fuel to the investment case”.

According to Insider Monkey’s Q4 database, 24 hedge funds were long Fastly, Inc. (NYSE:FSLY), up from 17 funds in the third quarter of 2021. In Q1 2022, D E Shaw held a $41.1 million stake in the company, among other notable institutional investors. 

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