Why eToro Stock Is Skyrocketing Today
Shares of eToro (NASDAQ: ETOR) are soaring in their trading debut on Wednesday. The stock and crypto trading platform's shares surged 28.2% as of 2:20 p.m. ET after opening at $69.69, which was 34% above its initial public offering (IPO) price of $52. The impressive debut comes as the S 500 was flat while the Nasdaq Composite gained 0.5%.
The trading app's stock began trading today. The successful IPO signals potential renewed interest in public offerings.
eToro's IPO raised nearly $310 million after selling roughly 6 million shares at $52 each, above the expected price range of $46 to $50. An additional 6 million shares were sold by existing investors.
Source Fool.com
