Shares of Fastly, Inc. (FSLY) plummeted 5.06% in intraday trading, following multiple analysts initiating coverage of the company with neutral ratings. The cloud computing services provider faced downward pressure as investors reacted to the lukewarm reception from Wall Street analysts.

Oppenheimer was among the first to weigh in, initiating coverage of Fastly with a Perform rating. The firm acknowledged some success in Fastly's recent quarters but suggested that these early wins need to persist for a more positive outlook. Additionally, Mizuho Securities also initiated coverage with a Hold rating, further contributing to the cautious sentiment surrounding the stock.

The neutral stance from these respected financial institutions appears to have dampened investor enthusiasm, leading to the significant drop in Fastly's stock price. As the market digests these new analyst perspectives, investors may be reassessing their positions in light of the tempered growth expectations for the cloud computing company.