What Happened?

Shares of work management software maker Asana (ASAN) jumped 12.6% in the morning session after stocks soared, led by the Nasdaq, which climbed 1.2%, while the S&P 500 also increased by 0.5% amid continued positive momentum. Investors are bracing for the outcome of the Fed's policy meeting later in the week, with overall sentiment indicating that markets anticipate no major surprises. The consensus expects the Fed to cut rates by 0.25% during its final committee meeting of the year. Recent economic data, including the November 2024 CPI report, continue to support the soft landing narrative—indicating that the Fed can control inflation without harming the economy. 

The shares closed the day at $27.54, up 14.1% from previous close. 

Is now the time to buy Asana? Access our full analysis report here, it’s free.

What The Market Is Telling Us

Asana’s shares are very volatile and have had 26 moves greater than 5% over the last year. But moves this big are rare even for Asana and indicate this news significantly impacted the market’s perception of the business. 

The previous big move we wrote about was 5 days ago when the stock gained 6.9% on the news that the major indices soared, with the Nasdaq up 1.4%, while the S&P rose 0.7% after the Bureau of Labor Statistics reported the Consumer Price Index (CPI) for November 2024 which was in-line with expectations. The CPI rose 0.3% from the previous month, while headline inflation rose 2.7% year on year, nearing the Federal Reserve's 2% target but not quite there yet.

Asana is up 55.5% since the beginning of the year, and at $27.60 per share, has set a new 52-week high. Investors who bought $1,000 worth of Asana’s shares at the IPO in September 2020 would now be looking at an investment worth $958.33. 

When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we’ve found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback.