We recently published a list of These 10 Stocks Were Wednesday’s Worst Performers. In this article, we are going to take a look at where Datadog, Inc. (NASDAQ:DDOG) stands among Wednesday’s worst-performing stocks.
The stock market declined on Wednesday, with all major indices finishing in the red, driven by losses in technology stocks.
The Nasdaq dropped 0.51%, while the S&P 500 and Dow Jones fell 0.47% and 0.31%, respectively.
Ten companies, mostly from the technology sector, led the downturn. In this article, we will highlight the biggest decliners and examine the factors driving their performance.
To identify Wednesday’s biggest losers, we focused on stocks with a market capitalization of at least $2 billion and a daily trading volume of over $5 million.
A close-up of a laptop with a software engineer coding on the monitor.
DataDog, Inc. (NASDAQ:DDOG)
Datadog, Inc. saw its share prices drop by 4.06 percent on Wednesday to close at $145.72 each after investment bank Stifel downgraded its rating on the stock from “buy” to “hold,” saying that the company is expected to face new margin pressures. Stifel also cuts its price target for DataDog by 15 percent to $140 from the $165 previously.
DataDog has been serving up encouraging sales growth, with revenues rising as much as 26 percent year-on-year to $690 million in the third quarter of the year. However, Stifel believed that the potential downside risks are coming in its quarterly reports this year amid margin pressures.
DataDog is expected to release its earnings results for the fourth quarter of the year on February 13, with a guidance of $709 million to $713 million for the full year 2024.
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This article is originally published at Insider Monkey.
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