What Went Wrong With Latch Stock?
2020 and 2021 were the years of the SPAC. Called special purpose acquisition companies, these investment vehicles helped hundreds of companies go public quickly in the post-pandemic stock boom. A lot of these stocks put out huge investor presentations saying they would grow revenue in the triple-digits for the foreseeable future, garnering expensive valuations in the process. One of these stocks was Latch (NASDAQ: LTCH), a smart-lock technology company for apartment buildings. But investors have soured on the stock as it has failed to meet its growth projections.
In less than a year, Latch stock has fallen around 80% from its SPAC merger price, and now sits at only $2.13 a share at the time of this writing. What went wrong for Latch in the last 12 months?
Source Fool.com
