Why CrowdStrike Stock Bounced Back Today
Investors in cybersecurity company CrowdStrike Holdings (NASDAQ: CRWD) had a rough day on Wednesday, as investors failed to reward management's reporting one earnings beat -- and promising another -- with the kind of higher stock price you'd expect. Instead of going up, CrowdStrike went down -- a lot! -- losing about 15% of its market capitalization before the day was done.
That's the bad news. The good news is that today, CrowdStrike is winning back some of its losses, as its stock rises 3.6% through 11:25 a.m. ET. You can thank London-based equity research firm Redburn for that.
As StreetInsider reports, Redburn took advantage of CrowdStrike's new and improved stock price this morning to initiate coverage of the stock. Redburn gave CrowdStrike a buy rating and a $175 price target, suggesting CrowdStrike stock could gain as much as 44% over the next 12 months.
Source Fool.com
