|Bid||29.05 x 900|
|Ask||31.00 x 900|
|Day's Range||29.68 - 30.30|
|52 Week Range||21.63 - 31.67|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.28|
|Expense Ratio (net)||0.60%|
Fastly Inc. has filed Friday for an initial public offering of class A shares. The "edge cloud" platform company, which allows developers to deliver digital experiences "at the edge of the internet," hasn't determined the number of shares it will sell. Fastly will have a dual class share structure, with class A shares entitled to one vote and class B shares entitled to 10 votes. The company has applied to have its class A shares listed on the New York Stock Exchange, under the ticker symbol "FSLY." Fastly recorded a net loss of $30.9 million on revenue of $144.6 million in 2018, after a loss of $32.5 million on revenue of $104.9 million in 2017. The lead underwriters of the IPO are BofA Merrill Lynch, Citigroup and Credit Suisse. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 29% year to date and the S&P 500 has gained 16%.
Pinterest Inc. shares are up 24% in their first day of trading after the company's initial public offering. The first trade was executed for $23.75 at 11:27 ET. Pinterest listed on the New York Stock Exchange and priced its IPO late Wednesday at $19 a share, above its expected range of $15 to $17 a share. The online image-sharing company saw its revenue jump to $755.9 million last year from $473 million a year prior. While it's posted a profit in its last two holiday quarters, it has yet to record a profit on an annual basis. Pinterest's IPO comes amid a 28% rise for the Renaissance IPO ETF so far this year and a 16% climb for the S&P 500 in that time.
Shares of Zoom Video Communications Inc. have jumped 75% in their first day of trading on Thursday. The first trade was executed for $65 at 11:23 ET. Zoom priced its initial public offering at $36 a share late on Wednesday, above an already-increased range of $33 to $35 a share. The videoconferencing company, which listed its shares on the Nasdaq, earned an adjusted profit of 3 cents a share in its latest fiscal year, on revenue of $330.5 million. Zoom's IPO comes as the Renaissance IPO ETF has gained 29% so far this year and as the S&P 500 has risen 16%.
Ridesharing companies Lyft and Uber have been igniting interest the past couple of weeks in the initial public offering space (IPO) with the former debuting earlier this month and the latter set to launch mid-May. Amid a week of more first-quarter corporate earnings reports, three other IPOs are set to debut and get their taste of the public limelight. 1. Digital scrapbooking site Pinterest is set to debut its initial public offering (IPO) at an initial price of $15 to $17 a share, according to its latest prospectus, which will peg the value of the company at roughly $11 billion. The Pinterest IPO follows the ridesharing company Lyft, which made its debut at $72 a share before falling in the following days after initial trading. 2.
Zoom Video Communications raised the expected range for the pricing of its initial public offering to $33 to $35 a share from $28 to $32 a share. The videoconferencing company reduced the number of shares it was offering to 9,911,434 shares from 10,877,446 shares, which would lower what it could raise to up to $346.9 million from $348.1 million, while selling shareholders increased the number of shares they were offering to 10,958,131 from 9,992,119. The total number of shares being sold remained the same at 20,869,565. If the IPO prices at the top of the range, the company is looking at a market capitalization of just over $9 billion. Zoom Video is looking to go public at a time the Renaissance IPO ETF has rallied 32.5% year to date while the S&P 500 has gained 15.9%.
D.A. Davidson analyst Tom Forte began coverage of Pinterest Inc. with a neutral rating and $16.50 price target. The company is expected to go public later this month. Pinterest "provides consumers an impressive visual-based discovery platform for merchandise and advertisers a large and growing global base of consumers with purchase intent," wrote Forte, which is a "powerful combination" that could drive revenue and profit growth over the long run, in his view. However, Forte argued that the midpoint of the company's expected price range of $15 to $17 a share "already reflects our favorable view of Pinterest including its growth prospects." As Pinterest prepares for an initial public offering, the Renaissance IPO ETF is up 34% on the year and the S&P 500 has gained 16%.
Investing in multiple IPOs at the same time can be a difficult task; however, investors can easily tap the IPO resurgence with the two domestic-focused ETFs.
Axcella Health Inc., a Cambridge, Mass.-based biotechnology company, has filed for an initial public offering. The company has applied to list its shares on the Nasdaq Global Market under the ticker symbol "AXLA," while using place-holder amount of $86.25 million for the value of the proposed IPO. The company focuses on developing "multifactorial interventions" to address dysregulated metabolism. Axcella recorded a net loss of $36.1 million in 2018, after a loss of $30.9 million in 2017. The joint book-running managers of the IPO are Goldman Sachs, J.P. Morgan and SVB Leerink. The company is looking to go public at a time the Renaissance IPO ETF has rallied 32.6% year to date, the iShares Nasdaq Biotechnology ETF has climbed 16.0% and the S&P 500 has advanced 15.2%.
PagerDuty Inc.'s stock shot higher out of the gate Thursday, as the first trade was at 35% above its initial-public-offering price. The San Francisco-based cloud computing company's IPO priced late Wednesday at $24, above the expected range that was recently raised to $21 to $23. The first trade on the NYSE was at $36.75 at 11:37 a.m. Eastern for 1.9 million shares. It has since extended gains to trade up 56% at $37.40. The company offered 8.5 million shares to raise $204 million, with the company valued at about $1.8 billion at the IPO price. The company has gone public at a time the Renaissance IPO ETF has run up 33% year to date and the S&P 500 has climbed 15%.
Lyft shares are taking a hit as investors turn to rival ride-hailing company Uber's prospective IPO filing. The development puts these ETFs in focus.
Shares of ridesharing company Lyft hit fresh lows on Wednesday, falling as much as 6 percent as skepticism regarding its valuation continues to put downward pressure on its stock price. After debuting with an opening price of $72, Lyft continues to struggle with analyst downgrades early on in its publicly-traded existence. Lyft was already in a tenuous position prior to its IPO debut--according to S&P Global Market Intelligence, Lyft posted a loss of $911 million in 2018, making it the most any U.S. startup has lost in the 12 months leading up to its IPO. Lyft did post a record $2.16 billion in revenue, but according to Ilya Strebulaev, a Stanford University business professor who studies late-stage startups, that doesn’t necessarily translate to success once going public.
Uber Technologies is looking to offer around $10 billion worth of stock in its initial public offering, with most of the shares being sold directly by the company, according to multiple media reports. The ride-hailing company is seeking a valuation of up to $100 billion after the IPO, the reports say, which would make it the biggest IPO this year. In comparison, rival Lyft Inc. , which went public on March 29, raised $2.2 billion in its IPO. With Lyft's stock closing Tuesday at $67.44, or 6.3% below its $72 IPO price, Lyft's market capitalization is about $19.3 billion. Uber is expected to make its registration public as early as Thursday. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 32% year to date and the S&P 500 has climbed 15%.
Atlantic Equities analyst James Cordwell initiated coverage of Pinterest with an overweight rating and a $23 year-end price target on Tuesday. Pinterest is expected to go public soon. The online photo-sharing company set a price range of $15 to $17 a share on Monday, which would give the company a valuation of up to $11 billion, below the $12.3 billion it fetched in a 2017 private funding round. "We believe the company's unique and broadly appealing proposition, offering consumers the ability to view and collate visual recommendations, will enable ongoing robust user growth," Cordwell wrote. "Moreover, we expect significant monetization upside given the higher purchasing intent of the user base, yet lower current [average revenue per user] than other ad-supported platforms." He said that profitability on an adjusted basis seems "likely" this year while he expects GAAP profitability in 2021. Pinterest's expected IPO comes as the Renaissance IPO ETF has gained 32% on the year and as the S&P 500 has risen 15%.
Probably taking cues from the Lyft IPO debacle, Pinterest has toned down its IPO pricing. This might help the company maintain its IPO price once public, benefitting these ETFs.
Digital scrapbooking site Pinterest is set to debut its initial public offering (IPO) at an initial price of $15 to $17 a share, according to its latest prospectus, which will peg the value of the company at roughly $11 billion. The Pinterest IPO follows the ridesharing company Lyft, which made its debut at $72 a share before falling in the following days after initial trading. After recovering from its debut price of $72 a share, Lyft fell over 5 percent on Monday.
Renaissance Capital's early 2019 research portended good things for the IPO market. In January, the financial firm cited a “large backlog” of U.S. IPOs that grew during the federal shutdown. In February, it found more than 220 private companies looking to go public this year, including Uber, GE Health Care, WeWork and Airbnb.
Zoom Video Communications set terms of its initial public offering, with 20.9 million shares to be sold at an expected pricing of $28 to $32 a share. The San Jose, Calif.-based video-first communications platform provider is offering 10.9 million Class A shares in the IPO to raise $348.1 million, while selling stockholders are offering 10 million Class A shares. After the IPO, the company will have 24.7 million Class A shares outstanding, which will entitle holders to one vote, and $233.2 million Class B shares outstanding, which will have 10 votes and will be convertible to Class A shares. The company roughly broke even in the year ended Jan. 31, 2019 on revenue of $330.5 million, after recording a net loss of $8.2 million on revenue of $151.5 million a year ago. Zoom is looking to go public at a time the Renaissance IPO ETF has rallied 24% over the past three months and the S&P 500 has climbed 12%.
Palomar Holdings Inc. set term of its initial public offering, which is expected to price between $15 to $17 a share, to value the specialty insurance company at up to $384.6 million. The specialty insurance company is offering 5.625 million shares in the IPO to raise up to $95.6 million, or up to $110 million if the underwriters exercise all the options to buy additional shares. The lead underwriters of the IPO are Barclays, J.P. Morgan and Keefe, Bruyette & Woods. The company had net earnings of $18.2 million on revenue of $72.3 million in 2018, compared with net income of $4.9 million on revenue of $56.7 million a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 33% year to date and the S&P 500 has gained 15%.
Scientific Games Corp. subsidiary SciPlay Corp. filed Friday to go public. The developer and publisher of digital games on mobile platforms has not yet determined the number of shares it will offer to the public or the expected pricing of the initial public offering, and has not provided the number of Class A or Class B shares that will be outstanding after the offering. The company has applied to have its Class A shares listed on the Nasdaq under the ticker symbol "SCPL." The Class A shares will entitle holders to have one vote, while Class B shares will have 10 votes. Scientific Games will indirectly own all of the Class B shares. SciPlay had earnings of $39.0 million on revenue of $416.2 million in 2018, compared with earnings of $23.1 million on revenue of $361.4 million in 2017. BofA Merrill Lynch, J.P. Morgan and Deutsche Bank Securities are the lead underwriters of the IPO. SciPlay is looking to go public at a time that the Renaissance IPO ETF has rallied 32% year to date while the S&P 500 has gained 15%.
Shares of Silk Road Medical Inc. soared in their public debut Thursday, enough to pace all gainers on the major U.S. exchanges. The first trade was at $33.15, or 66% above the $20 initial public offering price, at 11:36 a.m. Eastern. Since then, the stock has traded in a range of $32.73 to $37.30, and was recently 85% above its IPO price at $36.96. The medical device company sold 6 million shares in the IPO to raise $120 million, and could raise up to $138 million if the underwriters exercise all the options granted to buy additional shares. At the IPO price, the company was valued at $604.2 million. The IPO priced at the top of the expected range of $19 to $20, up from original expectations of $15 to $17, when the company said it has expected to offer 4.7 million shares for sale. The company went public at a time that the Renaissance IPO ETF has run up 32% year to date, while the S&P 500 has gained 15%.
After debuting last week with an opening price of $72, Lyft continues to struggle with a 3 percent drop on Tuesday with analyst downgrades putting pressure on the ridesharing company early on in its publicly-traded existence. Michael Ward, an analyst at Seaport Global Securities, issued Lyft a sell rating and a 12-month price target of just $42 a share--a drop of over 40 percent from its opening price. Ward cites the company's valuation as a cause for skepticism.
In only its second day of trading, the Lyft IPO fell 10 percent, falling below its initial $72 per share offering while the Renaissance IPO ETF (IPO) gained 1.20 percent--a prime example for choosing ETFs over individual stocks in a hit-or-miss IPO sector. IPO is up over 31 percent year-to-date. Its top holdings speak to the diversity of its portfolio, which includes Elanco Animal Health, VICI Properties, Spotify Technology, and Okta--all from various sectors.