Antero Resources (AR) went public at a price that management felt was good for the current shareholders. The price action since that initial sale of stock to the public should have surprised no one. After all, if management felt they received a good price for the shareholders, then it is very likely that long-term buyers overpaid for the stock. Therefore, the only buyers of the initial public offering should have been short-term traders and people that hedge professionally for a living.
Oftentimes, though, there are purchasers at that initial stock price that blame management for