Why Coupang Stock Was Down 13.2% in July
Shares of recent IPO Coupang (NYSE: CPNG) fell in July, down 13.2% for the month, according to data from S&P Global Market Intelligence. The stock has gone on a wild ride since debuting in March, shooting up 40% the day of its IPO before falling almost 40% in early May. Currently, shares are down around 25% year to date (YTD).
Coupang stock continues to trade at a discount to its first-day IPO pop when the stock price closed at $49.25. This isn't surprising considering that historically, two-thirds of IPOs underperform the broad market in their first three years of trading.
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Source Fool.com
