UTME - UTime shares pull back from massive post-IPO rally

Shares of Chinese mobile phone maker UTime (UTME) are crashing back to earth today after yesterday's stratospheric rally.UTime went public in the U.S. on Tuesday at $4 a share and closed the first day up 875%. The stock rallied almost 2,600% during trading on Wednesday, hitting a peak of $107.33.Shares are currently down nearly 41% to $48.58, which is still a more than healthy upside to the IPO price."UTME has produced uneven results and operates in a low margin, highly competitive business requiring scale it doesn't yet have, so I'll watch the IPO from the sidelines," wrote Seeking Alpha contributor Donovan Jones in a piece published on Monday.

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UTime shares pull back from massive post-IPO rally