Asana reported better-than-expected first-quarter earnings and revenue
Software stock Asana Inc (NYSE:ASAN) was last seen down 17.3% at $15.71, despite better-than-expected first-quarter results, as revenue growth slowed. The company also warned that its retention rate could take a hit in the second quarter.
The stock saw price-target adjustments in either direction after the event, while KeyCorp reaffirmed its "sector weight" rating. Currently, five analysts rate ASAN a "buy" or better, 10 a "hold," and three a "sell," while the 12-month consensus price target of $16.69 is a at 5.8% premium to current levels.
Before today's drop, ASAN had been climbing since its March 11 bear gap of 24.2%, which brought shares all the way down to $11.58. The 320-day moving average, which has acted as both resistance and support since November, appears to be keeping losses in check. Year to date, the equity is down 16.4%.
In the options pits, ASAN has already seen 13 times the overall options volume it typically sees at this point, with calls and puts running at about an even pace. The weekly 6/6 15-strike put is the most popular, followed by the weekly 6/6 16-strike call, with new positions opening at the latter.