OPRA - Why Opera Stock Sank Today
2023-09-29 16:41:00 ET
Opera (NASDAQ: OPRA) stock sank in Friday's trading. The search and web-service specialist's share price ended the day down 13.6%, according to data from S&P Global Market Intelligence .
On Wednesday and Thursday, Opera published filings indicating that it was moving forward facilitating a secondary public offering that would see roughly 6.88 million American depositary shares (ADSs) sold by a shareholder that had owned a stake in the company since before its initial public offering ( IPO ). Investors seem to worry about one of the company's early backers reducing their position.
In addition to facilitating the stock sale, Opera granted the underwriting purchaser in the deal the option to purchase more than one million additional ADSs after the closing of the secondary offering. With a large number of shares potentially on track to hit the market, investors became worried about Opera's short-term performance outlook.
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Why Opera Stock Sank Today