HUBS - Why HubSpot Plunged Almost 20% on a Good Week for the Markets
2024-07-12 14:51:00 ET
Shares of digital-marketing software company HubSpot (NYSE: HUBS) fell 19.1% this week as of 12:30 p.m. EDT Friday, according to data from S&P Global Market Intelligence .
HubSpot fell even though the broader markets were positive this week. But in this case, HubSpot's weekly decline didn't have anything to do with fundamentals but rather a rumored acquisition of the company that now appears to be off the table. But is the pullback a buying opportunity?
Back in April, a Reuters report said that HubSpot and Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) were in advanced talks around an acquisition. Unsurprisingly, HubSpot rallied on the news back then, as it was anticipated the deep-pocketed Google would pay a substantial premium. Then in late May, CNBC also confirmed the talks between Alphabet and HubSpot were still on.
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Why HubSpot Plunged Almost 20% on a Good Week for the Markets