It’s a day Revolve Group (NYSE:RVLV) will remember for a long time. Today, after it came out yesterday that the Revolve Group IPO had received a price of $18 a share, the e-commerce retailer had its first day of trading on the New York Stock Exchange. And it went even better than forecasted: RVLV stock is currently trading around $34.
Here’s everything we know.
Revolve Group IPO and RVLV Stock: A Day to Remember
Founded 16 years ago, Revolve Group is a company that targets shoppers that use technology to find their items. These shoppers are primarily millennials, and Revolve Group focuses on both men and women. Its mission is to become “the next-generation fashion retailer for millennial consumers.”
On June 6, Revolve Group announced the price of its IPO. While it had set a $16 to $18 price range, the company decided to go with the high end of the range, pricing the Revolve Group IPO at $18 a share. And today, the company began trading on the New York Stock Exchange, under the exchange ticker “RVLV.”
Setting the Revolve Group IPO at the high end of its price range indicates the company felt confident about its initial public offering. But did it expect RVLV stock to do as well as it did today? Maybe not. Either way, RVLV stock is making huge waves on the New York Stock Exchange.
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According to Yahoo Finance, as of 3:20 PM EDT, RVLV stock is trading at $34.18; this puts RVLV up 89.81%.
It’s hard not to be impressed with RVLV stock today. In fact, even Citron Research feels the same, predicting that it will hit $50.
Citron has never commented on an IPO but LONG $RVLV. Profitable at IPO AND growing E-commerce with best unit economics and massive growth ahead. Citron expects to see the stock trade to $50. $mywifeisalwaysright
— Citron Research (@CitronResearch) June 7, 2019
Takeaway
How do you feel about the Revolve Group IPO? Did you expect RVLV stock to trade above the $18 range? More importantly, do you think this streak of good luck will last?
Let us know in the comments below!
Featured image: DepositPhotos © sepavone
