Why is Webuy Global (WBUY) Stock Down 29% Today?

  • Webuy Global (WBUY) stock is falling after a recent rally.
  • The company’s shares jumped 33.5% during its IPO yesterday.
  • However, the stock is giving up most of those gains on Friday.
WBUY Stock - Why is Webuy Global (WBUY) Stock Down 29% Today?

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Webuy Global (NASDAQ:WBUY) stock is falling on Friday following the e-commerce company’s initial public offering (IPO) yesterday.

Shares of WBUY stock initially jumped 33.5% during its first day of trading. However, the company’s stock is now giving up those gains on Friday. As of this writing, shares of WBUY stock have fallen 28.8%.

This type of movement isn’t all that uncommon during a company’s IPO. Oftentimes, investors push shares higher when the stock debuts, only for that interest to wane in the hours and days after going public.

This sent WBUY stock on a wild ride yesterday, with the company’s shares almost doubling in price at one point. However, it was unable to maintain that inflated price and dropped down to just that 33.5% gain it experienced when markets closed yesterday.

What to Know About WBUY Stock

Webuy Global operates an e-commerce platform that focuses on food and beverages. The company’s main operations are in Singapore, Indonesia and Malaysia. It was founded in 2019 and operates out of Singapore.

As far as trading activity goes, roughly 374,000 shares of the stock have changed hands as of Friday morning. For the record, the company’s trading volume on the day of its public debut was about 5.2 million shares.

With WBUY stock covered, let’s dive into other market stories traders are going to want to know about!

We’re offering up all of the hottest stock market coverage investors will want to read about on Friday! That includes everything happening with shares of Cuentas (NASDAQ:CUEN) stock, Xortx Therapeutics (NASDAQ:XRTX) stock and FaZe (NASDAQ:FAZE) stock today. All of that news is ready to go down below!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/10/why-is-webuy-global-wbuy-stock-down-29-today/.

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