Twitter Inc. (TWTR) broke its $26 initial public offering price for the first time ever today. The name began trading this morning at $27.21 to currently trade 5.80% lower from the prior days close of $27.61. On an intraday basis it has gotten as low as $25.92 and as high as $27.48. The break below the IPO price, a key psychological level, could portend further technical downside for the stock.
Twitter is down 28% year-to-date, 38.77% year-over-year, and 65% from its all-time high of $74.73 reached on Dec. 27, 2013.
The microblogging service went public on November 8, 2013. That means even the earliest TWTR buyers are now in the red.
Trip Chowdhry, a managing director at Global Equities Research, recommended in a research note on Aug. 10 selling Twitter on any spike. He believes the stock could fall to between $15 and $18 within the next 12 months.