Asana (NYSE:ASAN) stock is on the rise Thursday as investors react to the CEO share purchase plans and its latest earnings report.
Dustin Moskovitzm chairman and CEO of Asana, revealed his intention to acquire 30 million shares of ASAN stock after markets closed on Wednesday. The trading plan starts as early as June 8, 2023, and will last through Dec. 29, 2023.
When a company executive buys shares of its stock, that acts as a sign of confidence to traders. This can result in a rise in price as it encourages other investors to increase their stakes or take a stake in the company. But that’s not the only good news helping ASAN stock out today.
Asana Earnings Beat Estimates
Results for the fourth quarter of 2022 are also helping ASAN shares today. The company’s adjusted earnings per share of -15 cents were better than the -27 cents Wall Street was expecting. Its revenue of $150.2 million also came in above analysts’ estimate of $145.1 million.
In addition to that, Asana includes a strong outlook in its earnings report. The company expects Q1 adjusted EPS between -19 cents and -18 cents alongside revenue ranging from $150 million to $151 million. Both of these are better than Wall Street’s estimates of -23 cents and $149.97 million.
All of this news has shares of ASAN stock seeing heavy trading on Thursday. As of this writing, more than 11 million shares of the stock have changed hands. That’s a massive surge compared to its daily average trading volume of about 3.3 million shares.
ASAN stock is up 23.8% as of Thursday morning.
There’s even more stock market news traders need to know about on Thursday below!
We’ve got all of the latest stock coverage investors will want to read about today. That includes why shares of Etsy (NASDAQ:ETSY), Cassava Sciences (NASDAQ:SAVA), and SVB Financial (NASDAQ:SIVB) stock are moving today. You can read up on all of that at the following links!
More Thursday Stock Market News
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- Why Is SVB Financial (SIVB) Stock Down 38% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.