Why DigitalOcean Stock Was Up 22.5% Last Month
Shares of cloud-computing company DigitalOcean Holdings (NYSE: DOCN) were up 22.5% in March, according to data provided by S&P Global Market Intelligence. There were analysts who downgraded their outlooks for DigitalOcean stock. But even still, someone was buying a lot of DigitalOcean stock during March.
We'll start with the analyst commentary because that came first. On March 17, Timothy Horan of Oppenheimer downgraded DigitalOcean stock, essentially saying he expects it to be an average performer, according to The Fly. Specifically, the analyst doubts the company's forecasted growth rate due to challenges with the economy.
Five days later, Needham analyst Mike Cikos lowered his price target for DigitalOcean stock by 4% to $43 per share. Like Horan, Cikos cited economic uncertainty as a reason for the lower price target.
Source Fool.com
