Clearwater Analytics (CWAN) Falls 6.44% on Dismal Earnings

We recently published 10 Stocks Collapse Overnight. Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is one of the best-performing stocks on Monday.

Clearwater Analytics saw its share prices decline by 6.44 percent on Monday to end at $18.45 apiece as investor sentiment remains dampened by a dismal earnings performance in the second quarter of the year, despite earning a rating upgrade from an investment company.

In an updated report, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) widened its net loss attributable to shareholders in the second quarter of the year by 5,301 percent to $23.2 million from only $430,000 in the same period last year.

Revenues were higher by 70 percent to $181.9 million from $106.79 million year-on-year.

The company also swung to a net loss of $16.5 million in the first half of the year from a net income of $1.47 million in the same comparable period. Revenues grew by 47 percent to $308.8 million from $209.5 million year-on-year.

A man in long sleeves looking at stock market data. Photo by Tima Miroshnichenko on Pexels

Despite the results, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) earned a “buy” recommendation from Goldman Sachs, a revision from the “neutral” stance previously. However, it maintained its price target of $27 for the stock.