It’s a new year, and apparently, the equity markets are retaining their gravy train status for companies looking to go public. Hour Loop (NASDAQ:HOUR) is a rather intriguing company which has decided to go public today. On the company’s first day of trading, investors have saw fit to bid up HOUR stock to more than double the company’s IPO price, signaling extremely high interest in Hour Loop.
Hour Loop is essentially a third-party seller on Amazon (NASDAQ:AMZN). This company focuses on specific retail categories, spanning the kitchenware, apparel, home and garden, and electronics segments. According to various sources, this company provides more than 100,000 stock keeping units on Amazon.
Obviously, given the growth Amazon has seen, investors looking to profit from this in unique ways may be intrigued by HOUR stock. Let’s dive into some of the details of this offering, and what investors are looking at with this stock right now.
What to Know About Hour Loop and HOUR Stock
- Hour Loop went public under the HOUR ticker on the Nasdaq today at $4 per share.
- Shares of HOUR stock hit an intraday high at $10.31 per share, representing a peak gain of 158% today.
- The company raised gross aggregate proceeds of $6 million as a result of the offering.
- According to the company’s filings, Hour Loop produced net income of $2.3 million on revenue of $31.4 million over the most recent nine-month period.
- The company’s revenue and earnings both grew substantially year over year, increasing 80% and 83%, respectively.
- An over-allotment option was provided for an additional 225,000 shares, which is likely to be filled.
- Total volume at the time of writing for HOUR stock has been 42 million shares, orders of magnitude larger than the 1.5 million shares issued today.
On the date of publication, Chris MacDonald 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.
