HireRight stock opens below the IPO price, and stays there

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HireRight Holdings Corp. HRT, -9.21% was jeered in its public debut, as the stock opened 5.3% below its initial public offering price and slipped a bit further. A disappointing might have been expected, as the Nashville-based employment screening company’s IPO priced overnight at $19 a share, below the expected range of between $21 and $24 a share. The stock’s first trade was at $18.00 at 11:08 a.m. Eastern for 1.97 million shares. At that price, the company was valued at about $1.43 billion. The stock was recently down 7.6% at $17.55, and has traded within a range of $17.50 to $18.18 since its open. The disappointing debut came on a day that the Renaissance IPO ETF IPO, +0.26% rose 0.2% while the S&P 500 SPX, +0.05% tacked on 0.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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