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CrowdStrike Stock Tanks 15%, Set For Worst Day Since 2022
Shares of cybersecurity company CrowdStrike Holdings dropped 15% on Friday after the company's software update resulted in what may turn out to be the largest IT outage ever. CrowdStrike stock "is on pace for its steepest daily loss since November 2022 and its $290 low share price is the lowest intr...
CrowdStrike stock "is on pace for its steepest daily loss since November 2022 and its $290 low share price is the lowest intraday mark since April 25," reports Forbes. The CrowdStrike selloff is "an overreaction to a temporary setback," Rosenblatt analyst Catharine Trebnick wrote in a note to clients Friday. To her point, CrowdStrike stock's relative valuation, according to its price-to-earnings ratio (P/E), which compares its market value to its projected profits over the next four quarters, fell Friday to its lowest number since April.
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