Is a Good Tech Stock to Add to Your Portfolio?

imageStock Markets2 hours ago (May 18, 2021 06:30PM ET)

(C) Reuters. Is a Good Tech Stock to Add to Your Portfolio? (AI) attracted significant investor attention during its IPO last December in-part because the company was founded by renowned tech entrepreneur Tom Siebel. However, the tech industry’s slump, coupled with the company’s poor financials, caused the stock to lose momentum this year. So, will AI be able to recover? Read more to find, Inc. (AI) is the brainchild of billionaire tech tycoon Tom Siebel, who is known for his previous business venture Siebel Systems. Following the acquisition of Siebel Systems by Oracle Corporation (NYSE:ORCL) in 2006, Tom Siebel founded AI as an artificial intelligence software-as-a-service (SaaS) company in 2009. AI went public on December 9 last year, raising $651 million by floating 15.50 million shares priced at $42. Shares of AI soared 173.8% on the first day of trading, making it one of the most successful tech IPOs in 2020.

The stock hit its all-time high of $179 on December 22.

However, AI has been losing momentum since. It has declined 39% since its IPO and 59.2% year-to-date. This price retreat can be attributed primarily to investors’ rotation to stocks that are well positioned to benefit from the fast-paced economic recovery.

Continue reading on StockNews

Is a Good Tech Stock to Add to Your Portfolio?

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.