Why Asana Stock Rebounded 15% Today
Shares of workflow and project management software firm Asana (NYSE: ASAN) jumped 15% higher today as of 1:30 p.m. ET. There was no news from Asana that caused the big uptick. Rather, the stock seems to be benefiting from a general rally in beaten-down technology stocks.
When word of the omicron coronavirus variant arrived around the Thanksgiving holiday last month, high-growth but richly valued names like Asana took one on the chin on worry that another wave of the pandemic could put a damper on economic recovery. As Asana targets businesses with its cloud-based workflow management offering, it got caught up in the market sell-off and fell over 50% from all-time highs -- in spite of a fantastic quarterly earnings update last week.
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Source Fool.com
