Why Globant S.A. (GLOB) Crashed on Friday

We recently compiled a list of the 10 Stocks Record Biggest Double-Digit Drop on Friday. In this article, we are going to take a look at where Globant S.A. (NYSE:GLOB) stands against the other stocks.

The stock market ended the trading week in a bloodbath, with major indices registering losses amid concerns over a slowing economy and sticky inflation.

The Dow Jones fell by 1.69 percent, the S&P declined by 1.71 percent, while the tech-heavy Nasdaq nosedived by 2.20 percent.

Ten stocks mirrored a broader market decline, posting double-digit losses, with sentiment for most of the companies dampened by dismal earnings performance.

To come up with Friday’s biggest losers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

Is Globant S.A. (GLOB) the High Growth International Stock to Invest in Now?

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Globant S.A. (NYSE:GLOB)

Globant S.A. fell to its lowest level in eight months—a fifth straight day of decline—following a mixed earnings performance last year coupled with a rating downgrade from an investment research firm.

At intra-day trading, Globant S.A. touched its lowest price of $151.38—or a 27.9-percent decline from its previous close of $210.17—before gaining a little momentum to end the day down 27.81 percent at $151.72 apiece.

In the fourth quarter of 2024, net income dropped by 4 percent to $39.5 million from $41.3 million in the same period in 2023, but net profit for the full year remained at a growth of 6.9 percent to $169 million from $158.5 million year-on-year.

Revenues for the last quarter increased by 10.68 percent to $642 million from $580.7 million, while revenues for the full year grew 15 percent to $2.4 billion from $2.09 billion in 2023.

Following its earnings announcement, TD Cowen maintained a “buy” rating on the stock but reduced its price target to $245 from $270 previously.


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This article is originally published at Insider Monkey.