|Bid||28.81 x 900|
|Ask||31.90 x 800|
|Day's Range||30.74 - 31.08|
|52 Week Range||21.63 - 33.60|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.17|
|Expense Ratio (net)||0.60%|
WeWork gets ready for its IPO next month despite losses. Yahoo Finance's Julie Hyman, Adam Shapiro, Brian Cheung, Emily McCormick, Kevin Mahn - Hennion & Walsh Asset Management President & Chief Investment Officer and Kathleen Smith of Renaissance Capital discuss.
What do IPOs, solar and Greece have in common? ETFs tracking hot stocks in those areas were among the best-performing ETFs during the past month.
Cybersecurity company Cloudflare Inc. announced it plans to go public, according to a Securities and Exchange Commission filing Thursday. The company plans on raising $100 million but that number is usually used as a placeholder and is subject to revision. The San Francisco-based company said its service blocks 44 billion cyber threats from 20 million internet properties daily. In 2018, Cloudflare reported a loss of $86.1 million on revenue of $192.7 million, compared with a $10.7 million loss on revenue of $134.9 million in 2017. Cloudflare plans to list under the ticker "NET" on the New York Stock Exchange. Goldman Sachs, Morgan Stanley and J.P. Morgan are among the underwriters. Earlier in the month, Cloudflare dropped 8chan as a customer, condemning the unmoderated message board as "a receptive audience for domestic terrorists" following recent mass shootings. Cloudflare's IPO would follow 2019's other big cybersecurity IPO CrowdStrike Holdings Inc. , which went public in June. While Crowdstrike shares are trading 176% above their IPO price, the ETFMG Prime Cyber Security ETF is up nearly 12% for the year while the Renaissance IPO ETF is up nearly 30%, compared with a 17% gain in the tech-heavy Nasdaq Composite Index .
Kathleen Smith, Renaissance Capital Manager of IPO ETFS, talks to Yahoo Finance’s On The Move about the upcoming WeWork IPO.
WeWork parent the We Co. has publicly filed for an initial public offering of common stock. The provider of shared office spaces said it will offer Class A shares to the public, and that the shares will carry one vote each. The company has not yet provided details on the number of shares it will offer in the IPO, or the expected pricing. It had confidentially filed for an IPO in April, when it was valued at about $47 billion, according to a report in the Wall Street Journal. The company also plans Class B and Class C shares, with 20 votes per share. The lead underwriters of the IPO are J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC. We Co. recorded a net loss of $1.61 billion on revenue of $1.82 billion in 2018, after a loss of $884 million on revenue of $886 million in 2017. The Renaissance IPO ETF has gained 2.7% over the past three months, while the S&P 500 has advanced 3.2%.
Wheels Up, a private aviation start-up, completed a $128 million round of funding that includes a valuation of the company, which is slated to come in at $1.1 billion. This latest funding round could mark an increased interest by investors looking for startup and aviation opportunities in the capital markets. While the trade wars are going on, the private aviation industry is waging a war on its own.
Endeavor Group Holdings Inc., an entertainment powerhouse, is planning an initial public offering that will give investors a rare chance to buy shares in a talent agency.
The slide in BYND shares was not that bad for the IPO ETFs. This is because the funds have spread out exposure to a number of firms in various sectors.
Medallia Inc. launched its life as a public company with it's shares rocketing higher on heavy volume, after its upsized initial public offering priced well above the previously expected range. The first trade for the San Francisco-based experience management enterprise software company's stock was at $34 at 10:58 a.m. Eastern for 2.95 million shares, or 62% above the $21 IPO price. The stock has extend its gains, to be up 64% in recent trading. The stock's gain helped boost its market valuation to about $4.18 billion. Medallia went public at a time the Renaissance IPO ETF has run up 40.3% year to date, more than double the S&P 500's gain of 19.6%.
Investors eyeing the initial public offering of entertainment giant Endeavor Group Holdings Inc. need a strong stomach, as they will be buying into a company with high debt levels and unpredictable and volatile earnings.
Health Catalyst Inc. disclosed Friday terms for its initial public offering, in which the Salt Lake City-based data and analytics technology services for the health care industry is looking to raise up to $138 million. The company is offering 6 million shares in the IPO, which is expected to price between $20 and $23. The stock is expected to list on the Nasdaq Global Select Market under the ticker symbol "HCAT." With 34.1 million shares outstanding after the IPO, the company would be valued at up to $783.8 million. Goldman Sachs, J.P. Morgan and William Blair are the lead underwriters. The company estimates second-quarter 2019 losses from operations of $10.3 million to $9.3 million on revenue of $19.6 million to $20.1 million, after a loss of $18.8 million on revenue of $10.7 million in same period a year ago. The company is looking to go public at a time the Renaissance IPO ETF has gained 4.6% over the past three months, while the SPDR Health Care Select Sector ETF has advanced 3.0% and the S&P 500 has tacked on 3.3%.
Few things say Growth Stock Boom on Wall Street as much as “space ships,” “Sir Richard Branson” and “$100 million in forecast losses.” Let alone all three together. The colorful British tycoon is bringing his space travel venture Virgin Galactic to the stock market in a complex $2 billion merger with a so-called “blank check” public company. Stock in the listing vehicle, called Social Capital Hedosophia (IPOA) jumped 26 cents, or 2.9%, to $10.69 after the announcement on Tuesday.
DouYu International Holdings Ltd. said Monday it has set terms of its initial public offering, in which the China-based game-centric live streaming platform could raise up to $628.95 million. The company said it will offer 44,924,730 American Depositary Receipts in the IPO, while selling stockholders will offer an additional 22,462,380 ADSs. The ADS are expected to price between $11.50 and $14.00 each, and are expected to list on the Nasdaq exchange under the ticker symbol "DOYU." Every 10 ADS will represent one ordinary share. The company said there will be 32,462,368 ordinary shares outstanding after the IPO, suggesting the company could be valued at up to $4.54 billion. the company reported a net loss of RMB876.3 million ($130.6 million) on revenue of RMB3.65 billion ($544.5 million) in 2018, after a loss of RMB612.9 million on revenue of RMB1.89 billion in 2017. The company is looking to go public at a time that the Renaissance IPO ETF has soared 37.5% year to date, while the iShares MSCI China ETF has gained 12.0% and the S&P 500 has rallied 18.6%.
Medallia Inc. set terms for its initial public offering, which would value the San Francisco-based experience management enterprise software company at up to $2.19 billion. The company said it was offering 13,325,000 shares in the IPO, which is expected to price between $16 and $18 a share, to raise up to $239.9 million. Selling stockholders are offering an additional 1,175,000 shares valued at up to $21.2 million. If the underwriters, led by BofA Merrill Lynch, Citigroup and Wells Fargo Securities, exercise all options to buy 1,585,000 additional shares, Medallia could raise up to $268.4 million. The company's stock is expected to be listed on the NYSE under the ticker symbol "MDLA." Medallia recorded a net loss of $70.4 million on revenue of $261.2 million in 2018, after a loss of $82.2 million on revenue of $313.6 million in 2017. The company is looking to go public at a time the Renaissance IPO ETF has gained 4.5% over the past three months and the S&P 500 has advanced 3.3%.
These ETFs focus exclusively on U.S. equities and deserve the attention of investors seeking a domestic tilt to their portfolio ahead of the Jul 4 holiday.
THE RATINGS GAME Only one of the ride-hailing stocks is a buy, according to Stifel analyst Scott Devitt. He initiated coverage of Uber Technologies Inc. shares (UBER) with a hold rating on Tuesday, while raising his price target on buy-rated Lyft Inc.
ProSight Global filed Monday for an initial pubic offering of stock, although details on how many shares will be sold or at what price have yet to be determined. The New Jersey-based specialty insurance company said affiliates of the Goldman Sachs Group Inc. and TPG Capital Management LP and other stockholders will also be offering shares. ProSight said it has applied to list on the New York Stock Exchange under the ticker symbol "PROS." Goldman Sachs, Barclays and BofA Merrill Lynch are the lead underwriters. The company recorded net income of $13.4 million on revenue of $213.0 million for the quarter ended March 31, up from net income of $10.0 million on revenue of $181.0 million a year ago. The company is looking to go public at a time the Renaissance IPO ETF has gained 1.9% over the past three months, while the SPDR S&P Insurance ETF has rallied 8.1% and the S&P 500 has tacked on 2.6%.
A trade impasse in the U.S.-China trade deal and fears of a global economic slowdown are causing markets to fret when it comes to allocating capital into equities, but that hasn't stopped a red hot initial public offering (IPO) market. In fact, some analysts are making it known that an uptick in IPO activity has been correlated with downturns in the S&P 500 over a 12-month period. “Interestingly, the economic expansion which began in late 2016 was not matched by a pickup in IPO activity until early 2019, suggesting that this current wave of IPOs may simply be catching up to growth,” said Bernstein equity strategist Noah Weisberger.
Adaptive Biotechnologies Corp. increased the number of shares it will sell in its initial public offering, and the expecting pricing range increased as well, according to a filing with the Securities and Exchange Commission on Wednesday. The company is now offering 15 million shares, up from 12.5 million shares disclosed last week, while the expected pricing range is now $18 to $19 a share, up from $15 to $17 a share. The developer of immune-system derived disease treatments is now looking to raise $285 million, and be valued at up to $2.30 billion, before underwriters exercise any options to buy up to an additional 2.25 million shares. The upsized IPO comes at a time that the Renaissance IPO ETF has gained 2.0% over the past three months, the iShares Nasdaq Biotechnology ETF has slipped 2.9% and the S&P 500 has advanced 3.9%.