The most sought after Initial Public Offering of 2019, Zoom and Beyond Meat suffered a plunge on Monday, which is more than what it had experienced in the broader market. Some other shares also experienced a fall on Monday. These include Uber, Pinterest, Slack, CrowdStrike, Lyft, PagerDuty, and Fastly. However, Fiverrstock was somewhat brighter spot and was an exception, with the shares experienced a rise of 5.3%.
This was the fall of the most recent technologies of the market, and their performance eclipsed than the major indexes, lagging behind the broader and more boisterous tech sector.
Shares of Zoom, which is essentially a video-chat company, which has stepped in the market with a 72% pop in April, ended the day at $89.11 after witnessing a drop of 11% in its price. The plunge resulted in the fall of $2.8 billion from the market cap it enjoys, which now comes at $22.9 billion.
Beyond Meat, which is the star IPO of 2010 suddenly plummeted 8.5% on Monday, which resulted in the drop of $700 million in the market cap. Now, Beyond Meat market cap is valued at $8.2 billion. However, the stock is still sustaining a steady condition with the growth maintaining a steady $140.99 all throughout.
However, some of the most promising and growing tech companies are amongst the best performers of 2019. For instance, the Tech-Giant Nasdaq Composite Index shares suffered just a meager 0.3% drop on Monday, while that of the S&P 500 slipped only by 0.2%.
Others who suffered major or minor drops include PagerDuty, which saw a drop of 7.7%. CrowdStrike, on the other hand, had lost only 5.9%. Another company, Fasty, dropped 3.9 % as Pinterest shares dropped 3.9%, Lyft and Uber suffered a loss of 0.8% and 2.1 % respectively. On Monday, Market sentiment remained slight negative for these promising tech companies.