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Carvana Co. (NYSE: CVNA) once again leads the list of winners in our recent IPO* movers of the week, topping the previous week's gain of 39.6% with a 45.2% gain last week. The surge comes after a roller-coaster ride following the used car e-commerce platform's IPO in April. After opening at $15, the stock twice plunged to $9 or below. It closed last week at $19.31.
Impinj Inc. (Nasdaq: PI) benefited from the announcement of Amazon.com Inc.'s (Nasdaq: AMZN) acquisition of Whole Foods Market Inc. (Nasdaq: WFM), as investors speculated that Impinj would be a beneficiary of the merger. The Seattle-based company makes RFID tags for retail inventory, a technology Amazon already supports. Impinj soared 30.7% to close at $55.71. The stock is up 54% on the year, and has tripled in price since it went public last July.
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P10 Industries Inc. (OTCMKTS: PIOE) announced on Friday that its common stock would begin trading on the OTC Pink Market after the Financial Industry Regulatory Authority (FINRA) authorized the resumption of publishing quotations for the company's common stock. The stock immediately fell 22.8%. Formerly known as Active Power Inc., P10 aims to monetize intellectual property and acquire profitable businesses.
Swiss pharmaceuticals company ObsEva SA (Nasdaq: OBSV) makes the list of losers for the second week in a row. It fell 19.3% after a 22.7% drop the week before. The stock closed the week at $5.45, down more than 60% from its January IPO price of $15. The plunge for the fertility-focused pharmaceutical company comes in spite of positive analyst ratings. Zacks Investment Research upgraded the stock from "Sell" to "Hold" on May 30. Credit Suisse Group and Leerink Swann & Co. have both issued an "outperform" rating and set price targets above $20.
*Stocks are listed on a U.S. exchange with an initial public offering in the last year. Data and analytics provided by FactSet.
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About the Author
Stephen Mack has been writing about economics and finance since 2011. He contributed material for the best-selling books Aftershock and The Aftershock Investor. He lives in Baltimore, Maryland.