Why Yalla Stock Just Went Up 11%
Dubai-based Middle Eastern social networking company Yalla (NYSE: YALA) -- which (according to Google) roughly translates from the Arabic as "Hurry up" or "Let's go" -- is a new stock that had its IPO a week ago.
And what a week it's been! After trading began at an offer price of $7.50 per American depositary share, Yalla opened at $9.75 (30% above the offer price) then closed the day at $7 (7% below the offer price). The stock continued to fall in subsequent days, ultimately bottoming out Monday 12% below its offer price at $6.60. It closed today up 11.2% from yesterday's close.
Things have improved recently. Despite no obvious news of note, Yalla shares began turning around on Monday, and are now up more than 40% off their lows. At its recent share price of $9.05, Yalla was finally back up above its offer price, even if not quite as high as the price at which it began trading a week ago.
Source Fool.com
