Moving iMage (NYSEAMERICAN:MITQ) stock is taking a beating on Friday after the company saw shares rocket yesterday with its initial public offering (IPO).
Here’s everything potential investors in Moving iMage need to know about it and the recent IPO.
- The company is headquartered in Fountain Valley, Calif.
- This location services as the company’s main corporate office, its engineering and manufacturing, distribution, and integration divisions, as well as service and support offices.
- Moving iMage manufactures and standard and custom equipment for the Motion Picture Exhibition industry.
- Its products and services include custom engineering, systems design, integration and installation, digital technology solutions for 3D, digital cinema, and audiovisual integration.
- To go along with this, its Rydt Entertainment Systems Division offers turnkey FFE solutions for new construction and remodels.
- The Moving iMage IPO saw it offering up 4.2 million shares of MITQ stock at a price of $3 per share.
- This had it expecting to raise $12.6 million from the IPO.
- There’s also a 45-day option for underwriters to buy an additional 630,000 shares at the IPO price.
- However, the stock jumped to $13.20 for its debut and continued to climb higher yesterday.
- This saw it close out the day trading at $24 per share.
- Accompanying that was trading on about 2.4 million shares.
- Moving iMage looks ready to surpass that today with heavy trading of its shares.
- As of this writing, more than 2.1 million shares of the company’s stock have already been traded.
MITW stock was down 26.1% as of Friday morning but is still trading above its IPO price yesterday.
Investors looking for more recent stock market news are in luck!
InvestorPlace offers daily coverage of the market and today is no different. A few stories traders might want to check in on include a recent battery announcement from Nio (NYSE:NIO), Wells Fargo (NYSE:WFC) closing credit lines, as well as Toughbuilt Industries (NASDAQ:TBLT) jumping on sales data. You can learn more about that by checking the links below!
More Friday Stock Market News
- NIO Stock: The Announcement Giving Investors in the Chinese EV Maker Confidence Today
- WFC Stock: Why Is Wells Fargo Closing Lines of Credit?
- TBLT Stock: The Amazon Numbers That Have Toughbuilt Investors Smiling Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.