Shares of Asana Inc. (ASAN) plunged nearly $14 a share.
All after competitor, Monday.com (MNDY) posted earnings investors weren’t fans of. While MNDY revenue was up 91% to $95.5 million, guidance wasn’t so hot. In fact, management guided for revenue in a range of $100 million to $102 million, which would be a significant drop in year over year growth.
With that, investors are fearful Asana could also see slower growth rates in 2022, as well. Of course, we’ll learn more when the company posts earnings on March 9 after the bell.
Despite the recent fall, don’t count out ASAN just yet.
CEO Dustin Moskovitz has been investing heavily in the stock, picking up another 1.25 million shares for $88 million between February 16 and 18. Since June 2021, he has now picked up more than $1 billion worth of ASAN stock.
