Content delivery network and software company Fastly (NYSE:FSLY) reported revenue growth of nearly 23% in its last reported quarter. However, its stock is currently trading near its 52-week low of $33.55. So, let’s find out if it is wise to add the stock to one’s portfolio now even though the smart money’s interest in the name has declined recently. Read on.Real-time content delivery network (CDN) company Fastly, Inc. (FSLY), which is based in San Francisco, operates an edge cloud platform that empowers developers to run, secure, and deliver websites and applications globally. The company announced on October 27 that it was named a Leader in The Forrester New Wave: Edge Development Platforms, Q4 2021 report. However, the stock has declined 20.8% in price over the past month and 54.9% year-to-date to close yesterday’s trading session at $39.45.
The stock is currently hovering near its 52-week low of $33.55, which it hit on December 6, 2021.
FSLY’s CFO Ron Kisling made a large insider stock sale on October 18, selling 5,088 shares. And lately, hedge funds’ interest has declined in the stock. Moreover, the company remained unprofitable in the third quarter. So, FSLY’s near-term prospects look bleak.