Why Riskified Stock Crashed Down 17% in December
Shares of Riskified (NYSE: RSKD) crashed down 17.2% in December, according to data provided by S&P Global Market Intelligence. And January hasn't started any better considering it's already down 13% year to date as of this writing. And the stock is now down a cringeworthy 81% from its all-time high just a few months ago. For those keeping score at home, that's ouch, ouch, and more ouch.
Image source: Getty Images.
Let's talk about what happened on Dec. 10. That day, Goldman Sachs analyst Will Nance started covering Riskified stock and recommended investors sell it, according to The Fly. Nance foresees macroeconomic issues challenging revenue growth and worsening profit margins as Riskified expands its product offering. For these reasons, Nance gave it a price target of just $9 per share, 57% below its July initial public offering (IPO) price of $21 per share.
Source Fool.com
