Klaviyo Stock Down 10.86% Since IPO
Portfolio Pulse from Benzinga Insights
Klaviyo (NYSE:KVYO) went public, offering 19.20 million shares at $30.00 per share. On its first day of trading, the stock fell 10.86% from its opening price of $36.75 to $32.76. The company has an insider lock-up period of 180 days, ending on March 18, 2024, during which major shareholders cannot sell their shares. Traders may short the stock leading up to the lockup-period expiration date.
September 21, 2023 | 9:30 pm
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Klaviyo's stock fell 10.86% on its first day of trading. The company has a 180-day insider lock-up period, which could lead to increased short interest as the expiration date approaches.
The stock's significant drop on its first day of trading indicates a lack of investor confidence. The upcoming end of the insider lock-up period could lead to an increase in the supply of shares, potentially driving the price down further.
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RELEVANCE 100