Shares of cybersecurity company IronNet (IRNT) have declined significantly since hitting its 52-week high of $47.50 on September 16. The stock is currently trading below $15. Can the stock rebound as the company expands its reach? Read more to find out.Cybersecurity company IronNet, Inc. (IRNT) made its stock market debut on August 27, 2021, via special purpose acquisition company (SPAC) LGL Systems Acquisition Corp. The company made its flagship Collective Defense solution available to all Singapore enterprises in August 2021. The stock soared to hit its 52-week high of $47.50 on September 16, 2021, primarily due to social media hype.
However, similar to many other meme stocks, it plunged significantly since hitting its high and is highly volatile. The stock has lost 54.3% since hitting its 52-week high and 22% over the past month to close yesterday’s trading session at $12.99. IRNT is still in its early stages of development and faces intense competition from other top players in the cybersecurity industry. In addition, its top-line declined in the fiscal second quarter, and its losses widened. So, its near-term prospects look bleak.
Here’s what could shape IRNT’s performance in the near term: