Darktrace may be the darling of the UK tech scene, but their shares are continuing to plummet, falling 2.33% lower today at 732.5p.
The cybersecurity company suffered a blow after analysts at Peel Hunt said the company is only worth half of its market value, just days before it joins the FTSE 100, replacing Morrisons as a result of the grocer’s acquisition.
Darktrace shares had almost quadrupled since its £1.7bn listing in May, the company’s latest quarterly sales hit $93m (£79m), up 59 per cent on a year earlier.
However, the slump on Monday wiped more than $1bn off the company’s market cap, and has continued to fall ever since.
This comes after Darktrace actually responded to the analysts’ comments, denying that the company had been overhyped, and emphasising their immense potential.
A spokesperson from the company said: “Darktrace’s self-learning AI protects organisations against cyberattacks across the full breadth of digital environments of which network is one of many. Darktrace technology therefore cannot be described as network only.”