Today’s instrument is the DataDog Inc.‘s stock traded in Nasdaq exchange under the ticker DDOG.
Looking at the DDOG‘s chart, we see that after a long upward movement it reached the lastly traded price of around $88.70.
Today, it is announcing its quarterly earnings, and if the market’s anticipation is positive, then we should expect a further price increase above the level of $90, later this day, with the possibility to approach its resistance level at around $95.
On the other hand, it could test its support level at around $82.
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DataDog Inc., or DDOG, has seen its stock prices rise significantly over the past year, triggered mainly by its second-quarter earnings surprise. The company reported first quarter earnings of $0.33 per share and a revenue growth of 42%, while analysts had been expecting EPS of $0.30 and revenue growth of only 36%. This surprise momentum has sent its share prices up over 70% since the start of 2021, with a recent stock price of $90.67 per share. With that said, could DDOG move towards the 95 level?
On one hand, investors may be optimistic about DDOG as the company’s performance suggests that its share prices could continue to rise. DataDog has seen consistent growth over the past few years, with a revenue growth rate of 41% year-over-year in 2020, and the company is expected to maintain this growth rate in 2021 and beyond. Moreover, DDOG is making strategic investments in technology and products to ensure that the company remains competitive in its field, which could provide further catalysts for share price appreciation in the near future.
On the other hand, there are some risks that could prevent DDOG from reaching or surpassing the 95 level. In particular, the company faces stiff competition in the cloud infrastructure and data analytics space, as other players such as Amazon and Microsoft are heavily investing in the same areas. Moreover, DDOG is yet to release any guidance on its profits and revenue projections for the rest of 2021, leaving investors uncertain about the company’s future prospects.
Overall, DDOG’s stock performance continues to be encouraging and the company’s strategic investments could help it further accelerate its growth. However, given the competition in the space, as well as the uncertainties surrounding the company’s outlook, it is difficult to say for sure whether DDOG can move towards the 95 level. Nevertheless, with careful monitoring and a willingness to take on some risk, investors could potentially benefit from the potential upside in the near term.
