SentinelOne stock plummets more than 30% for worst one-day drop, highest volume, toward lowest close

SentinelOne Inc.’s stock suffered its worst day since its initial public offering after the cybersecurity company struggles to find new business amid a tough business spending environment, prompting one analyst to downgrade the stock.

Shares... SentinelOne Inc.’s stock suffered its worst day since its initial public offering after the cybersecurity company struggles to find new business amid a tough business spending environment, prompting one analyst to downgrade the stock. Shares fell as much as 38% to an intraday low of $12.86, an 83% drop from their all-time high close of $76.30 set on Nov. 12, 2021, and 63% below their higher-than-expected IPO pricing of $35.

“Outside of critical ARR revisions, weakness in the quarter is hard to reconcile with management’s commentary around gross retention being stable, upsell and new business being in line with expectations, and competitive win rates remaining unchanged,” McDonough said in a note. “To us, it looks like new business fell off a cliff.”

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