Why Okta Stock Was Bouncing Back Today
After Okta (NASDAQ: OKTA) stock plunged 34% Thursday after management acknowledged in its second-quarter earnings report that it was experiencing integration challenges, the stock was in recovery mode Friday, suggesting that some investors believed the stock had been oversold. An analyst upgrade also seemed to be giving Okta some upward momentum.
As of 12:30 p.m ET, the stock was up by 6.6%.
Several analysts downgraded Okta Thursday, but on Friday morning, Guggenheim's John DiFucci upgraded his rating on the stock from sell to neutral. DiFucci said that with the stock down 34% Thursday and 70% so far this year, the execution issues and other challenges the company faces seem to be priced in. The analyst did lower his price target from $75 to $65 to reflect the sell-off.
Source Fool.com
