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Our latest list of new IPO* movers of the week includes some familiar faces, and therefore some of the most volatile stocks on Wall Street right now.
Veritone Inc. (Nasdaq: VERI) leads the winners list for the third time in the last five weeks. And the gains each time have been head-and-shoulders above the rest of the competition. After gaining 75.6% in one week in late August and 50.1% the week before last, Veritone led last week's pack with an 87.2% jump. The stock, which went public in May at $15, is now up more than 600% since a feature by Barron's on Aug. 18. On Wednesday, the company's artificial intelligence platform, aiWARE for Xcellis, won a NewBay Best of Show Award at IBC2017, propelling the stock even higher. VERI shares closed the week at $56.28.
After a three-week run in August, ADOMANI Inc. (Nasdaq: ADOM) is on the movers list for the second straight week in September. It gained 16.9%, recovering a portion of its 45.6% drop from the week before. The Newport Beach-based company converts school buses and other transportation fleets into zero-emission electric and hybrid vehicles. ADOM has been on a roller coaster ride ever since it went public in June at $5. The stock climbed as high as $17.15 in July, before dropping to $6.39 the following month. Shares closed last week at $8.18.
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Tintri Inc. (Nasdaq: TNTR) led the losers with a 29.6% drop, just as it did two weeks earlier. The cloud services provider is under investigation for possible securities fraud after a disappointing quarterly report released Sept. 7. Plaintiffs have alleged that the company was not sufficiently forthright in the lead-up to its June 30 IPO, at which shares sold for $7. TNTR closed last week at $3.02.
Kala Pharmaceuticals Inc. (Nasdaq: KALA) dropped 18.1% for the week. The stock had been enjoying a steady ride upward since its July 20 IPO. Debuting at $15 per share, KALA climbed as high as $26.20 before last week's fall. There was no major news from the Massachusetts-based company, which specializes in the treatment of eye diseases. This sudden drop just illustrates how volatile new IPO stocks can be. Shares closed the week at $20.69.
*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.
