10 Stocks Record Biggest Double-Digit Drop on Friday

1. Globant SA (NYSE:GLOB)

Globant fell to its lowest level in eight months—a fifth straight day of decline—following a mixed earnings performance last year coupled with a rating downgrade from an investment research firm.

At intra-day trading, GLOB touched its lowest price of $151.38—or a 27.9-percent decline from its previous close of $210.17—before gaining a little momentum to end the day down 27.81 percent at $151.72 apiece.

In the fourth quarter of 2024, net income dropped by 4 percent to $39.5 million from $41.3 million in the same period in 2023, but net profit for the full year remained at a growth of 6.9 percent to $169 million from $158.5 million year-on-year.

Revenues for the last quarter increased by 10.68 percent to $642 million from $580.7 million, while revenues for the full year grew 15 percent to $2.4 billion from $2.09 billion in 2023.

Following its earnings announcement, TD Cowen maintained a “buy” rating on the stock but reduced its price target to $245 from $270 previously.

While we acknowledge the potential of GLOB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as GLOB but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.