Overview
- Shares closed at $26.98 on Jan. 6, down 7.86% from the prior session following the equity raise.
- Trading volume hit 118.7 million shares, roughly 74% above the three‑month average, as the stock slipped below the $27.50 offering price.
- The new issuance increased equity supply, a factor that can weigh on near‑term trading, according to the report.
- Options activity has pushed up implied volatility ahead of the upcoming Q4 earnings release, adding to sharp daily moves.
- Context from recent coverage shows a 12% December decline tied to a rich valuation and weaker crypto prices, even as Q3 delivered 905,000 net new members, 38% adjusted revenue growth, and $0.11 in adjusted EPS.