Shares of HubSpot (NYSE:HUBS) were sliding this morning on seemingly no company-specific news. Some investors may be selling their HubSpot positions after the company's stock has gained 47% over the past three months.
As of 11:50 a.m. EDT, HubSpot's shares were down 3.7%.
Many technology companies have seen their share prices rise over the past few months, as companies have relied on technology to allow their employees to work from home and to keep in touch with existing customers.
With HubSpot's share price climbing 47% since March, some investors may be taking their gains today and looking to invest them elsewhere. Additionally, the company's stock received a downgrade last week, which could be contributing to the sell-off today.
Many companies have seen their share prices make wild swings over the past few months, thanks to the uncertainty the current pandemic has brought to the stock market and the U.S. economy. That's why it's important for investors to know that today's share price slide doesn't appear to have anything to do with HubSpot's underlying business.
HubSpot posted better-than-expected first-quarter results at the beginning of May with sales jumping 31% year over year, subscription revenue climbing 33%, and total customers increasing 30% from the year-ago quarter. But with rising coronavirus cases across the U.S. and millions of Americans out of work because of the pandemic, investors should expect more uncertainty from the stock market.