Shares of nCino, Inc. (NCNO), a financial technology company, tumbled 14.3% in September, according to data provided by S&P Global Market Intelligence, as technology stocks in the broader market took a hit at the beginning of the month.
nCino has only been a publicly traded company since mid-July. Ever since it went public, the company's share price has experienced some wild swings. For example, on the company's first day of trading, nCino's stock spiked more than 150%. nCino's shares climbed higher leading up to September, but tech investors were ready to take the gains that stocks had made in the previous months and sold off some of their shares.
nCino's stock took a hit as a result and fell last month along with many other tech companies' stocks. The company's share price bounced back up slightly when nCino released its second-quarter fiscal 2021 results in which its sales increased 52% from the year-ago quarter. The company also narrowed its non-generally accepted accounting principles (GAAP) earnings per share loss to $0.01, up from a loss of $0.08 per share in the second quarter of fiscal 2020.
But the company's second-quarter results weren't enough to push nCino's stock into positive territory in September.
Unfortunately for its investors, nCino's stock has continued to fall in the first few days of October. Shares are down more than 10% so far this month, and they fell most recently on news that the company is offering 5.5 million shares of common stock. nCino is still a new publicly traded company, which can often bring volatility to its share price, and with the U.S. still in the middle of a pandemic and recession, investors could likely experience more instability from nCino stock in the coming months.