QUICK BUY ALERT: DOUBLING DOWN ON DOCN
Updated: Feb 2, 2022
As the market heads down, we’ve decided to double down on a stock in our portfolio: DigitalOcean (DOCN). We’ve doubled our position at the price of $51.52 today. The company is a great cloud computing play that’s consistently increasing its revenue and growth every year. They’re set to report a 65% increase in revenue since last year in quarter one of 2022. Their chart is also at an attractive level, which I will show below.
(Source: TradingView)
Furthermore, the tech sector of the market is currently more oversold than it was even during the beginning of the pandemic. This price seems like an excellent zone for DOCN to potentially reverse. We strongly believe that the downward action we’re seeing across the entire stock market is very much temporary. Investors are pulling out of stocks to preserve their capital as inflation continues to raise the cost of our day-to-day lives. As companies report stellar earnings, we’ll most likely see some stabilization. It’s also more than likely that as COVID continues to peter out, people will return to work and therefore increase the supply of goods—only time will tell.
We thank you for reading, and happy investing.