Octa AI Security Stock Loses Over $1 Billion in a Day

Identity security firm Okta, Inc. (NASDAQ: OKTA) closed at $112.99 on the Nasdaq on the 10th, down 5.8%. Trading volume was about 2.41 million shares, and market capitalization stood at roughly $18.8 billion (around ₩26 trillion). In a single day, approximately $1 billion—about ₩1.4 trillion—in market value was wiped out.

Earlier, following its earnings report, Okta’s AI-driven identity security growth prospects had driven its share price sharply higher. However, in early June, Mizuho downgraded its outlook, noting that much of the upside was already priced in, and the stock has since corrected. Still, UBS maintained a “Buy” rating on Okta and raised its price target from $115 to $150, signaling continued confidence in institutional demand and the company’s AI growth story.

Headquartered in San Francisco, Okta is a cloud-based specialist in identity and access management, offering an integrated platform for employee and customer logins, multi-factor authentication, and privilege management. Its platform connects with thousands of cloud and mobile applications worldwide and aims to build a comprehensive identity-security infrastructure that includes AI agents. Among standalone identity-platform providers, Okta is regarded as a market leader.