Why DigitalOcean Stock Sank on Monday
Shares of DigitalOcean (NYSE: DOCN) slumped on Monday, falling as much as 15.3%. As of 2:11 p.m. ET, the stock was still down 14.1%.
The catalyst that sent the cloud-computing stock lower was negative analyst commentary that painted a pretty bearish picture.
Morgan Stanley analyst Josh Baer downgraded DigitalOcean to underweight (sell) from equal weight (hold), while simultaneously lowering the stock's price target to $45, down from $61, according to The Fly. For context, the adjusted price target was below DigitalOcean's closing price of $46.30 on Friday.
Source Fool.com
