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Was Darktrace’s surge a case of sentiment-driven investing on steroids?
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A loss-making business that uses artificial intelligence to spot cyber abnormalities was never likely to be easy to value but, even with that proviso, Darktrace’s first six months as a public company have been extraordinary.
The story so far is a listing at 250p in May to a rapturous reception. By September, the shares were touching £10, equating to a valuation of £7bn, enough for entry to the FTSE 100 index to replace private equity-bound Morrisons. The decline started almost simultaneously. The shares lost a fifth one day last week as a broker turned bearish, and have mostly kept falling. Wednesday’s 5% tumble took the price to 600p.
That still represents a splendid gain for buyers at IPO. On the other hand, they will be cursing themselves
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