What happened to the NextDC (ASX:NXT) share price in November?

The Nextdc Ltd (ASX: NXT) share price seemed to be the gift that keeps on giving. Its share price only slumped 23% from peak to trough during the initial March sell-off to a low of $6.59 before running to a record all-time high of $14 in early November. 

However, its success came to a halt in the latter half of November. The NextDC share price is down 15% this month. This compares to the 10% gain for the S&P/ASX 200 Index (ASX: XJO) and 0.62% increase for the S&P/ASX All Technology Index (ASX: XTX) sector.

Growth to value rotation 

ASX data centre companies trade at eye watering valuations despite low double digit revenue growth. NextDC boasts a market capitalisation of $5 billion but in FY20 delivered $205.2 million, $104.6…