RBLX - Squarespace stock falls on open following NYSE direct listing

Web-hosting firm Squarespace (SQSP) opened below its reference price Wednesday after going public via an eagerly anticipated direct listing that market watchers expected to value the firm at about $10B.SQSP fell to as low as $47.16 after opening shortly after 1 p.m. ET, some 5.7% below a $50 reference price that the New York Stock Exchange had given the shares. The stock later partly recovered, but was still changing hands at $49.13 shortly before 1:30 p.m. ET, down 1.8%.Squarespace offers small businesses and other clients an all-in-one solution for creating websites -- offering domains, hosting, e-commerce solutions and more. The firm competes against firms like Shopify (SHOP) and Wix (WIX).However, rather that staging a traditional initial public offering, SQSP hit the market via a direct listing, with some of its private investors simply offering the public up to 40.4M shares via the New York Stock Exchange.Other hot tech stocks like Roblox (RBLX), Spotify

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Squarespace stock falls on open following NYSE direct listing