We share weekly commentaries with investors on stocks in our strategies that have appreciated or dropped more than 15% in a day during the course of the week. We hope you find this commentary useful.
Shares of Snowflake (SNOW), a cloud based data services company, appreciated 15% on Thursday following better-than-expected earnings and strong fourth quarter guidance. Notably, the company reported a net revenue retention rate of 173%.
Shares of DocuSign (DOCU) traded down 42% on Friday following quarterly earnings that beat on revenue but missed on billings. Management noted a shift in demand as pandemic tailwinds dissipated. We believe the transition from paper to digital agreements is enduring and expect growth to re-accelerate in the long-term as management refocuses go-to-market efforts.
Ginkgo Bioworks (DNA), the leading provider of synthetic biology as a service, traded down roughly 21% on Friday on no specific news. We believe Ginkgo’s price action is algorithmically driven alongside the broader market selloff in high-growth, high-multiple stocks.
Shares of Silvergate (SI) traded down 15% on Friday amidst a selloff of cryptocurrencies as well as innovation stocks in the equity markets. Founded in La Jolla, California in the late 1980s as a traditional commercial bank, Silvergate today is almost entirely focused on providing banking services to cryptocurrency-related companies.