Tech Firms Dominate Monday’s 10 Worst Performers

4. Nebius Group NV (NASDAQ:NBIS)

Nebius Group dropped its share prices by 3.63 percent on Monday to end at $20.73 apiece as investors sold off positions after an investment firm significantly reduced its price target for the company by 40 percent.

On Monday, DA Davidson reduced its price target for NBIS to $30 from $50 previously, while maintaining a Buy rating for the stock.

The new price target, however, represented a 44.7-percent upside from NBIS’ closing price on Monday.

According to DA Davidson, the adjustment was part of the broader coverage of the software group, saying that the US may experience one or two quarters of negative GDP growth that is likely to impact both consumer spending and corporate investment.

NBIS is a European company building one of the largest commercially available AI infrastructure businesses. Its core business is an AI-centric cloud platform built to support intensive AI workloads.