Twitter Soars in IPO DebutStock up 93% in early trading 11/07/2013 01:16:27 PM Eastern
Twitter’s initial public offering was met with intense enthusiasm Thursday as the microblogger made its debut on the NASDAQ Exchange, rising as much as 93% ($24.09 each) in early trading.
Twitter priced its IPO on Wednesday night at $26 per share, valuing the social media juggernaut at about $14.4 billion. The stock, which was expected to attract a lot of attention as it made its debut Nov. 7 under the symbol “TWTR,” far exceeded those expectations, opening at $45.10 each and rising as high as $50.09 per share in early trading. The stock lost some of that steam in later trading, priced at $45.84 per share, up 76% ($19.84 each) at 12:37 p.m.
The stock’s performance forced Pivotal Research Group senior research analyst Brian Wieser to downgrade the stock from a “buy” to “sell” after it far exceeded his $30 per share 12-month price target.
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