COVID-19 Vaccine Efficacy Destroys Work-From-Home Leaders
A recent update from Pfizer and BioNTech regarding the development of a coronavirus vaccine has rocked the markets, as we are seeing gains across the board. However, there are some losers in the mix. Namely, the work-from-home stocks are taking a backseat to the big gains seen on Monday.
Here, 24/7 Wall St. takes a look at some of the biggest losers among the work-from-home stocks. We have included a recent trading history as well as some brief color on each.
Zoom Video Communications Inc. (NASDAQ: ZM) has been widely used for its video conferencing service, but with a vaccine on the table, things could return to business as usual. Zoom Video stock traded down 17% to $415.99, in a 52-week range of $62.02 to $588.84. The consensus price target is $483.77. Excluding Monday’s move, the stock had posted gains of 635% year to date.
Shopify Inc. (NYSE: SHOP) has been a big winner as one of the major e-commerce players in the market. This company has given many companies another route to the online marketplace, rather than having to detour through Amazon. Shopify stock was down about 6% to $980.24, in a 52-week range of $293.46 to $1,146.91. Analysts have a consensus price target of $1,119.98. The stock was up about 163% year to date and up 265% in the past 52 weeks.
Amazon.com Inc. (NASDAQ: AMZN) has been the go-to for many consumers. If anyone has been shopping online, it has been through Amazon. To deal with this increased demand founder Jeff Bezos has expanded his workforce even further. Amazon stock traded down nearly 3% at $3,224.63, in a 52-week range of $1,626.03 to $3,552.25. Excluding Monday’s move, Amazon stock had outperformed the broad markets with a gain of about 79% year to date.
Slack Technologies Inc. (NYSE: WORK) is known for its chat platform, which allows coworkers, employees and others to connect despite not sharing office space. Moving back into the office may lead to more companies deciding to ditch the service. The stock was down about 1% at $26.74, in a 52-week range of $15.10 to $40.07. The consensus price target is $31.10. So far in 2020, the stock was up about 20%.
Netflix Inc. (NASDAQ: NFLX) isn’t necessarily a work-from-home stock, but it is one for the couch potatoes. With more people staying home and not going out, this online streaming service has been leveraged by many to pass the time during this pandemic. Netflix stock traded down about 5% at $488.44, in a 52-week range of $281.14 to $575.37. The consensus price target is $547.22. Excluding Monday’s move, Netflix had gained about 59% year to date and was up closer to 78% in the past year.
Etsy Inc. (NASDAQ: ETSY) has been an outlet for many to sell their goods online. Sometimes referred to as the hipster Amazon, this firm provides a marketplace for people to sell their custom crafts and goods online. Etsy stock was down about 11% at $130.34, in a 52-week range of $29.95 to $154.88. The consensus price target is $160.12. Year to date, Etsy stock was up roughly 230%, as well as up 250% in the past 52-weeks.
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