Shares of identity and access management giant Okta Inc (NASDAQ: OKTA) are experiencing a significant downturn in midday trading on May 28th. As of 12:42 PM GMT-4, OKTA stock is trading at 17.02, representing a 13.56% drop for the day. This sharp fall has caught the attention of investors and market watchers.
The stock opened the trading session at $109.15, already gapping down from its previous close of $125.50. Throughout the morning, Okta shares have seen considerable selling pressure, reaching an intraday high of $112.08 before succumbing to the downward trend and hitting an intraday low of $107.00. The current price indicates the stock is trading near its session lows.
Key financial data for Okta shows a market capitalization of 1.90KCr. The company’s Price-to-Earnings (P/E) ratio is listed at 678.34, and it does not currently offer a dividend yield. In the broader context of its annual performance, OKTA’s current price is well off its 52-week high of $127.57, though it remains above its 52-week low of $70.56.
Market participants are now closely observing the trading activity around Okta, looking for potential catalysts or signs of stabilization as the session continues.
