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After hitting its 52-week price low of $12.90 on December 6, 2021, SUMO’s shares surged to hit a $16.44 peak on December 8 because its third-quarter financials exceeded analysts’ expectations. However, the stock has since plunged in price. It has lost 51.9% year-to-date and 18.7% over the past month to close yesterday’s trading session at $13.78.
SUMO also faces intense competition from other players in the software space, such as Splunk Inc . (NASDAQ:SPLK) and Datadog, Inc. (NASDAQ:DDOG). So, SUMO’s near-term prospects look bleak.
