Decision Time For Asana – Pop Or Drop On Q2 Earnings

Asana, Inc. (ASAN) will report its second quarter earnings for fiscal year 2024 after the market close on Tuesday, September 5, 2023. (1)

Asana operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

Wall Street expects the software as a service (SaaS) company to lose 11 cents per share (EPS) for the quarter compared to a loss of 34 cents for the same period last year. Sales are projected to rise more than 17 percent to $157.91 million from $134.9 million. (2)

It’s worth noting that Co-Founder, President, Chief Executive Officer (CEO) and Chairman, Dustin Moskovitz has been acquiring company stock like it’s on sale. He’s invested tens of millions of dollars in 2023. (3)

Looking at ASAN’s stock chart, we see the price coming to a point where the top trend line is descending, the bottom trendline is ascending and the two are on a collision course. It’s been our experience that this technical pattern is usually a decision point. A place where a stock price begins a new, extended rally or selloff. Earnings are likely to be a catalyst for Asana shares to pop or drop.

If earnings and guidance are well received, the SaaS company’s stock price could rally to resistance at $30. Should Tuesday’s financial report not make the grade, then a trip to the 200-day moving average of $18.70 might be the first level of support. A close below the key, longer-term benchmark and short-term holders might consider exiting the stock.

Trading earnings is highly speculative and only appropriate for the most aggressive investors who can afford to lose money in short timeframes.

Rich Meyers


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