Why GigaCloud Stock Plummeted Tuesday
Shares of GigaCloud Technology (NASDAQ: GCT) were getting crushed on Tuesday. The business-to-business (B2B) e-commerce company's shares fell as much as 38.3%. As of 12:45 p.m. ET, however, shares were down about 28%.
The stock's slide is due to continued volatile trading following the company's initial public offering (IPO) last week.
The Hong-Kong based company priced its public offering at $12.25 last week, but early demand for the stock suggests the pricing was conservative. At one point on Friday, shares soared to a high of $62. But the stock fell sharply on Monday and then again today. As of this writing, shares are trading below $30. While this is far below the stock's high last week of $62, it's still far above where the IPO was priced at.
Source Fool.com
