BZFD - Why BuzzFeed Stock Plunged 33% Last Month
2023-03-06 11:10:13 ET
Shares of BuzzFeed (NASDAQ: BZFD) plunged 32.6% in February, according to data provided by S&P Global Market Intelligence . There is some news that might somewhat explain the drop during the month. However, I think February's decline should be kept in context: BuzzFeed stock was up over 200% in January, and it seems some of the buzz has worn off.
In January, BuzzFeed reportedly landed a new partnership with Meta Platforms . And it also announced that it was going to lean on OpenAI's artificial-intelligence tools for content generation, which could make its operations more efficient in theory. The market loved these developments and sent the stock soaring .
In February, Comcast cashed in on January's gains. On Feb. 1, Comcast owned over 25.1 million shares of BuzzFeed -- nearly 20% of the company. However, regulatory filings on Feb. 6 revealed that Comcast had sold over 5 million shares of BuzzFeed.
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Why BuzzFeed Stock Plunged 33% Last Month