Pandora, which pre-traded at $16 Tuesday night soared early Wednesday during the official IPO and looked like it was head to $26. But by the close, Pandora had settled back to $17.42 That's a modest 8.9% first day gain over pre-trading and below the $20 targeted. This morning pre-market trading was lower, dropping 3.85% to $16.80.
“Investors had their initial emotional flush with the stock," said David Menlow, head of IPOfinancial.com in Millburn, N.J. told the LA Times. “Then they got a strong dose of reality." Concerns centered around Pandora's high music licensing payment which gobble up 50%+ of the Pandora's revenue. In the long run, I remain a believer as I wite yesterday in “5 Reasons I'd Buy Today's Pandora IPO."
You can track Pandora's current price here.
“Investors had their initial emotional flush with the stock," said David Menlow, head of IPOfinancial.com in Millburn, N.J. told the LA Times. “Then they got a strong dose of reality." Concerns centered around Pandora's high music licensing payment which gobble up 50%+ of the Pandora's revenue. In the long run, I remain a believer as I wite yesterday in “5 Reasons I'd Buy Today's Pandora IPO."
You can track Pandora's current price here.
