Zscaler Stock Soars Above IPO Price

PRPL is one of the worst stocks today

Mar 16, 2018 at 1:57 PM
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The Dow is maintaining a solid lead today, but is still heading for a weekly loss. Among individual names making notable moves are direct-to-consumer mattress company Purple Innovation Inc (NASDAQ:PRPL), cosmetics ingredients expert Amyris Inc (NASDAQ:AMRS), and cloud issue Zscaler Inc. (NASDAQ:ZS). Here's a quick look at what's driving shares of PRPL, AMRS, and ZS. 

PRPL Stock Plunges

Purple Innovation stock is making a lot of traders uncomfortable today. At last check, it was trading down 25.4% at $9.76 -- near the bottom of the Nasdaq -- earlier touching a record low of $9.00, after the company offered a weak outlook for 2018 and said CEO Sam Bernards has resigned. The move comes just one day after the share price hit an all-time high of $13.90.

AMRS Stock Jumps After Revenue Wows

AMRS shares are up 16.5% today at $6.50, after the company's fourth-quarter revenue came in at $80.6 million -- up from $22.2 million last year, and well above the average estimate of $68.1 million. This outperformance is nothing new, though, as Amyris stock has been trending higher since its August bottom below $2, recently taking back the 320-day moving average and, maybe more importantly, the $6 level -- an area that contained the equity last month.

Sentiment is mixed on the small-cap stock. While both covering analysts have "strong buy" ratings in place, short interest accounts for almost 18% of the float. Going by average daily volumes it'd take these bears eight days to cover their positions.

ZS Stock Shines On First Trading Day

Zscaler is the newest tech stock on Wall Street, with shares of the cloud security issue opening for trading this morning at $27.50 -- well above their initial public offering (IPO) price of $16 -- and hit an intraday high of $28.02. They were last seen sporting a 71% gain to trade at $27.39, following what seems like a closely watched IPO.


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