Why BigCommerce Stock Is Falling Today
Shares of BigCommerce Holdings (NASDAQ: BIGC) fell today after the company announced the price of its follow-on stock offering. It's also likely that investors are pushing the stock down after a Citi analyst started coverage of the company today with a sell rating.
The tech stock had fallen by as much as 10.7% today and was down 8.3% as of 11:20 a.m. EST.
BigCommerce announced a follow-on public offering earlier this week, in which the company and some of its management said they would sell some of their Series 1 common stock. Today, the company priced those shares at $68, below yesterday's closing price of $73.32, which appeared to disappoint current shareholders.
Source Fool.com
