(MENAFN- ProactiveInvestors)
Shares of () have shown a mild recovery gaining 0.93% this afternoon after the American online sales platform for handicrafts took a nose dive on the NASDAQ on Wednesday losing as much as 20 percent of its value after posting a US$37 million or US$0.84/share loss for the first quarter.
Having launched an IPO in mid-April on the Nasdaq at first experienced a dizzying 88% surge in its first session on Wall Street.
But the New York Group’s IPO euphoria was short lived and the stock lost support.
On the revenue side sales rose 44% to $ 59 million in line with the market consensus. When introduced on the NASDAQ last April 16 opened at US$31 almost double the IPO price of US$16 offered.
Wedbush analyst Gil Luria who rated Esty as ‘underperform’ ten days agobelieves that may have been premature about its public offering.
may also have been hurt by its diffidence toward excessive quantitative guidance such as quarterly or annual earnings outlooks believing this to clash with its socially responsible goals.
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