Yup - I got burned - big-time like a bunch of others.
Who's fault? Mine. Reason? Broke one of my Cardinal Rules For Trading, wasn't positioned to be able to pull out that same day if I had to. Ouch. Also being another down day on the market didn't help matters much either.
I think what did this IPO in was the fact that they decided at the last minute to dilute the shares being initially offered by increasing another 32% or so to be available. Had they dropped the price to their low range of $10.50 it might have helped offset the additional shares offered - but either way it's done now and they (and me) blew it. Too bad because the company itself is well inside the 'black' if you look at the numbers and where they are projected to be. I don't feel the slide was related to the company itself - it was the way they offered it. The market wouldn't support it.
Sooo...any comments on where it's headed now? Or not? Anybody seeing plummeting further down or will it hold it's own where it currently is. I don't give any hopes of getting back up to it's original price of $12.50 - not any time soon if it's considered now to be over-valued.
Oh well, another lesson learned once again - guess I'll get ready to put my stop order at it's closing price for Friday Monday morning at the open before it slides down into the $9. to low $10. range!
Also...there are rumors...but why the delay in it's offering to the public after the opening bell sounded on Friday? Do all IPO's delay their start like this?