Asana's most recent earnings confirmed that the stock is a sell; here’s what I'm buying instead

Tech stocks have seen a notable rebound this year — well, most of them have — amidst the buzz around AI and anticipation of rate cuts in 2024. However, standing out in this trend is Asana ($ASAN), once among the top performers in the tech stock arena. Currently, Asana’s stock is lingering near its all-time lows.

The latest earnings report, released last week, didn't do much to bolster confidence. In fact, Asana's stock plummeted over 15% post-earnings, as its quarterly financials left investors wanting more.

There are several red flags in Asana's growth narrative, making its battered stock price less appealing. Meanwhile, direct competitors are snapping up market share, expanding rapidly and efficiently, even amid current economic challenges. Despite Asana's billionaire founder and CEO, and Facebook co-founder, Dustin Moskovitz, aggressively scooping up shares, he's struggled to persuade investors of Asana's allure. Here’s why.

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