Shares of Alteryx (NYSE:AYX) dropped 12.1% on Thursday without any company-specific news to merit the decline. Keep in mind the broader market plunged today over fears of an impending government shutdown and the Federal Reserve's decision on Wednesday to raise interest rates. It appears, then, that Alteryx is once again being dragged down without cause.
Alteryx shareholders saw nearly the exact same scenario play out at the start of this week, enduring a more than 10% drop amid broader market turmoil. Incidentally, with Alteryx shares up over 140% over the past year as of yesterday's close, I seized the opportunity this morning -- just before shares plunged again -- to single out the data science and analytics platform leader as a promising stock that has doubled and still has room to grow.
Investors would do well to note that when stocks retreat as a whole, high-flying tech names tend to get hit the hardest in the process -- and fast-growing, recently IPO'd companies like Alteryx certainly fit that bill. Though it's never fun to see those stocks fall for no reason apart from their recent meteoric gains, this kind of volatility is par for the course when investing in high-growth stocks.