Down 59% in This Bear Market, Can Datadog Recover in 2023?
Shares of Datadog (NASDAQ: DDOG), a vendor of cloud-based observability software, have fallen 59% since Jan. 3, 2022, according to data from S&P Global Market Intelligence.
Datadog flew high during the pandemic, as cloud-based software-as-a-service (SaaS) stocks rocketed higher amid rapid digitization and the zero-interest-rate environment. However, the tide turned quickly against expensive growth stocks in 2022. As the Federal Reserve implemented aggressive interest-rate hikes last year, Datadog was never really able to mount a rebound, as rapidly rising rates and fears over a software slowdown continued to plague the stock.
Yet having drawn down nearly 60%, has Datadog suffered enough, and can this rising software star make a comeback?
Source Fool.com
