Box Opens At $20.20, A 44% Pop
Its IPO was priced at $14.
It's now up 52%, to $21.44.
It's a nice pop for a company that had a lot of negativity surrounding its IPO.
Box's revenue growth has been slowing down. In the third quarter of 2014, revenue was up 70%. But that's down from 81% in the prior quarter. And that's down from 94% in the quarter prior to that.
On the plus side, Box has gotten its sales and marketing expenses under control. Those expenses were only $55 million during the quarter, less than the $57 million in revenue. Overall net loss was $45 million for the third quarter last year.
On the day before the IPO, Box got a big endorsement from Jim Cramer who argued the stock was worth buying at $18 or less.
We'll be keeping an eye on the stock all day, and will update this post.