Pegasystems (NASDAQ: PEGA) investors lost ground to a falling market this week as shares declined 13% through Thursday trading compared to a 3% slump in the S&P 500, according to data provided by S&P Global Market Intelligence. The drop added to big short-term losses for owners of the software-as-a-service specialist, whose shares have dropped 71% so far in 2022.

It was sparked by generally weaker earnings expectations for tech stocks.

The tech-heavy Nasdaq index, which is Pegasystems' trading home, dove 6% through Thursday. Pega's decline doesn't seem as bad in that context, especially considering that most of its peers also fell hard.

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Source Fool.com