Shares of Asana (NYSE:ASAN) jumped as much as 14.2% in trading early Monday as the market pushed growth stocks higher. Shares were up 11.8% at 2:20 p.m. EST and bouncing near a 52-week high.
There wasn't any Asana-specific news released today, but there are a number of high-profile growth stocks moving higher today. And a company like Asana that's just beginning to gain traction in the corporate world as a productivity tool is naturally a hot name.
We may also be seeing investors position themselves ahead of earnings, which will be released on Wednesday. Analysts are expecting $54.1 million in revenue for the quarter and a loss of $0.37 per share.
Tech stocks, in particular, have been extremely volatile in 2020. And for the most part, that's worked out well for investors because shares are moving higher. That's the case for Asana today, and investors are clearly pushing growth stocks higher and may be getting out in front of what they hope is a good quarter. I think Asana is well positioned to be a growth stock for a long time, and after Wednesday's results, we'll know a little more about how the company sees its traction taking hold now that it's a public company.