Why Opera Limited Stock Was Down on Friday
Opera (NASDAQ: OPRA) investors had a rough day on Friday. Their stock was down 22% by 11 a.m. compared to a 0.3% increase in the wider market. The drop didn't erase much of their short-term returns, though. The mobile browser specialist is still up by over 200% so far in 2023 while the S&P 500 has gained 18%.
Friday's slump came after Opera announced a new stock issuance.
Opera said in an early morning filing with the SEC that it is seeking to raise as much as $300 million by issuing approximately 140 million new shares. For context, the company's current market capitalization is nearly $2 billion.
Source Fool.com
