TTGT - Why TechTarget Stock Was Down on Thursday
TechTarget (NASDAQ: TTGT) shares were down sharply on Thursday, falling 14% by noon compared to a 0.3% increase in the S&P 500 . The slump put the marketing analytics provider in negative territory for the year and added to big declines that investors saw in 2022. TechTarget's stock is down over 50% in the past full year.
The slump came as Wall Street reacted to management's new, less optimistic growth outlook.
TechTarget said in a pre-market release that revenue fell 5% to $73 million in the selling period that ran through late 2022. That result surpassed the short-term outlook that management issued in early November calling for sales to land between $70 million and $72 million. However, executives were clear about the fact that the industry has hit a bumpy stretch.
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Why TechTarget Stock Was Down on Thursday