image credit: Unsplash

Zoom Video’s stock sinks below 50-day moving average after Salesforce unloads stake

August 12, 2020


Shares of Zoom Video Communications Inc. sank for a fourth-straight day Tuesday, falling below some key chart levels in the process, after Inc. disclosed that it recently sold off its entire stake in the video-conferencing company.

Zoom’s stock ZM, -7.58% dropped 7.6% to close at $231.04, and has tumbled 15.3% since it last gained ground five sessions ago.

The stock, which was once the darling of the work-from-home trend resulting from the COVID-19 pandemic, has now shed 16.4% since closing at a record $275.87 on July 10. It has still more than tripled (up 239.6%) this year, however.

Read More on Market Watch