Is DigitalOcean Stock a Buy Now?
DigitalOcean (NYSE: DOCN) took investors on a wild ride after its initial public offering (IPO). The small-scale cloud infrastructure services provider went public at $47 on March 24, 2021, but its stock opened at just $41.50 before ending its first day at $42.50. Today, DigitalOcean trades at about $36 a share, with an enterprise value of $4.1 billion, or six times the revenue it expects to generate in 2023.