TechTarget Shares Plunge 12.75% Amid Filing Delay, Nasdaq Deficiency

TechTarget(TTGT) shares plummeted 12.75% today, marking the second consecutive day of decline, with a total drop of 15.24% over the past two days. The stock price hit its lowest level since August 2016, experiencing an intraday decline of 13.97%.

TechTarget's recent stock performance has been influenced by several significant developments. The company announced a delay in filing its 2024 Annual Report and plans to record a substantial goodwill impairment. This news has raised concerns among investors about the company's financial health and future prospects.

Adding to the challenges, TechTarget received a deficiency notification letter from Nasdaq, indicating non-compliance with certain listing requirements. This notification has further eroded investor confidence, as it suggests potential regulatory issues that the company needs to address promptly.

Analysts have also weighed in on the company's outlook. StockNews.com downgraded TechTarget from a "hold" rating to a "sell" rating, reflecting a more pessimistic view on the stock's performance. Additionally, Lake Street Capital lowered their target price for TechTarget shares from $24.00 to $12.00, although they maintained a "buy" rating. This adjustment indicates concerns over the company's current valuation and potential for future growth.