1 Magnificent AI Stock Down 50% to Buy Before It Quadruples
DigitalOcean Holdings (NYSE: DOCN) stock has been sinking beneath the waves in the past four months. Since hitting a 52-week high in mid-July, the stock has crashed by 50% due to investors' concerns that a slowdown in cloud spending will stymie the company's growth.
That's not surprising. DigitalOcean, which provides on-demand cloud computing infrastructure to start-ups, small and medium-sized companies, and developers, reduced its full-year revenue guidance three months ago. Additionally, in late August, the company abruptly announced that CEO Yancey Spruill will be stepping down once a replacement is found.
However, investors gave the company's latest quarterly report -- which was released on Nov. 2 -- a thumbs up, and since then DigitalOcean stock has surged by 17%. Can DigitalOcean sustain its newly found momentum?
Source Fool.com
