Primoris Services ( (PRIM) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Primoris Services shares are sliding after the company announced an upsized public stock offering that investors see as sharply dilutive. The deal has put heavy selling pressure on the stock and made it one of today’s biggest losers.
Primoris is selling 4,500,000 new shares at $51.00 each, a steep discount of about 7.6% to the prior close of $55.19. This lower offering price is effectively resetting expectations for the stock in the near term and weighing on market sentiment.
More about Primoris Services
YTD Price Performance: 29.88%
Average Trading Volume: 786,904
Technical Sentiment Signal: Buy
Current Market Cap: $8.74B
For further insights into PRIM stock on TipRanks’ Stock Analysis page.
See more of today’s top stock gainers and losers.