Weakness may be opportunity in Docusign (DOCU).
After plunging from $90 to $56.42, the oversold stock is starting to push higher. It’s also rebounding from over-extensions on RSI, MACD, and Williams’ %R.
Helping, CEO Dan Springer just announced he’s stepping down after the stock lost more than 60% of its value this year. Not helping, the stock took a hit on worse than expected earnings. In fact, the company posted adjusted EPS of 38 cents for Q1 2022, which missed expectations for 46 cents a share. Making things worse, the company cut its guidance for fiscal 2023 billings.
While the company didn’t provide a reason for his departure but said Springer “has agreed to step aside,” effective immediately. Chairman of the Board Maggie Wilderotter will serve as interim CEO as the company begins its search for the next executive, said CNBC.
On this news, we’d like to see DOCU refill its bearish gap around $90, near-term.