IPOS - Arteris' stock price soars another 24% taking chip-tech firm up 60% since Wednesday's IPO

Newly public chip-technology firm Arteris IP (NASDAQ:AIP) rallied Friday for the second session out of the past three, rising nearly 25% on the day and almost 60% since it started trading Wednesday following an IPO. AIP rose to as high as an intraday-record $23.97 before settling back to close at $22.35, up 23.8% for the session and 59.6% from the stock’s $14-a-share IPO price. The stock had already soared 30% in its first session Wednesday, then pulled back just 0.8% on Thursday before resuming its strong upward momentum Friday. The hefty gains marked a sharp reversal from AIP’s seemingly unimpressive initial public offering, which priced at the bottom of the IPO’s expected $14-$16/share range. The strong rally since then has come on no apparent news other than continued enthusiasm for the IPO, which Arteris (AIP) staged amid a worldwide chip shortage that’s hitting the auto industry and other sectors that

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Arteris' stock price soars another 24%, taking chip-tech firm up 60% since Wednesday’s IPO