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Benzinga
Benzinga
Business
Henry Khederian

Why Fastly Shares Are Falling

Shares of several companies in the broader tech sector, including Fastly Inc (NYSE:FSLY), are trading lower amid overall market weakness as growing COVID concerns and omicron variant uncertainty weigh on market sentiment.

Fastly shares were trading lower last week as investors weigh last Wednesday's Fed announcements and assess tapering outlook. Expected rate hikes for 2022 could weigh on tech and growth stocks.

See Also: Why Shopify Shares Are Sliding

Fastly operates a content delivery network (CDN), which is necessary for entities to provide faster and more reliable online content. Fastly's strategy differs from traditional CDNs, which focused on locating servers in as many locations as possible to store copies of files that consumers most use.

Fastly has a 52-week high of $122.75 and a 52-week low of $33.55.

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