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Paylocity Software Inc (NASDAQ: PAYC) opened for trading Tuesday morning shortly after 9:30 am EST, facing heavy selling pressure.
Paylocity quickly sold off, shedding 15 percent by 10:30 a.m. Trading was delayed since Friday.
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Despite a volatile session experienced by the S&P 500, Paylocity's day was relatively subdued after finding its low. Paylocity tested the low, $15.15, three more times during the day, each time failing to push lower. The stock closed at $15.35, a two percent gain for IPO investors and a 14 percent loss for buyers at the open.
The Paylocity deal consisted of 6.6 million shares to be issued through Deutsche Bank, Merrill Lynch and William Blair. Originally, the company was expecting to price its shares in the $18 to $20 range, raising $126 million, but shares priced at $15.
In a recent filing, the company stated that it expects to earn between $300,000 and $1.5 million for the first quarter, a decline from $5.5 million one year ago.
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The company said that the decline was due to investments in growth, including, “sales commissions, new office openings, hiring new staff, and reorganization expenses in connection with its planned public offering.”
Paylocity is a cloud-based human services and payroll provider. The company was founded in 1997, has almost 1,000 employees and is headquartered in Arlington Heights, Illinois.
Disclosure: At the time of this writing, the author holds no positions in any previously mentioned securities. He may choose to hold long or short positions without notice in the future.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.