Why Zoom Video Stock Is Falling Today

Zoom Video Communications Inc ZM shares are trading lower Tuesday following bearish analyst coverage from Citigroup.

Citigroup analyst Tyler Radke downgraded Zoom Video from a Neutral rating to a Sell rating and announced a $91 price target.

The downgrade comes a week ahead of Zoom's second-quarter earnings results. The company is scheduled to report its quarterly results after the close on Aug. 22. Zoom is expected to report revenue of $1.11 billion, according to Benzinga Pro.

In other news, a new 13F filing with the SEC showed that Saudi Arabia's Public Investment Fund (PIF) purchased 4.7 million Zoom shares during the last quarter.

Related Link: Saudi Public Investment Fund Picks Shares In Alphabet, Zoom, Microsoft

Zoom provides a communications platform that connects people through video, voice, chat and content sharing.

ZM Price Action: Zoom Video has a 52-week high of $184.91 and a 52-week low of $79.03.

The stock was down 7.88% at $104.32 at time of publication.

Photo: courtesy of Zoom.