Why Okta Stock Was Up on Monday
Okta (NASDAQ: OKTA) investors trounced the market early Monday as the stock gained 7% by 12:30 p.m. ET, compared to a 2.7% spike in the S&P 500. That boost erased some of the identity management software specialist's recent losses, but shares remain in deeply negative territory for the year. Okta is down 77% since the start of 2022, in fact.
That wider decline set the stage for today's stock price spike, which appeared as investors turned more optimistic about stocks in general.
Okta benefited from a wide market rally that lifted many other hard-hit stocks. The Nasdaq index had shot higher by 3.6% by 12:30 p.m. ET, with many of its constituents posting sharp rebounds. Wall Street celebrated positive earnings news from Bank of America as an early part of Q3 earnings season. Given Okta's slump of nearly 80% in 2022 heading into this week, it makes sense that the stock would see a bigger lift once investors' sentiment shifted back toward the positive.
Source Fool.com
