Motricity (MOTR), which provides a software platform for mobile phones, was initially forced to slash its offer price to $10 to $11 from $14 to $16.
In June, Motricity raised $50 million -- a far cry from the $250 million the company had originally hoped to raise when it first filed.But the Bellevue, Wash., company's fortunes have turned around since then. The company's stock price has skyrocketed more than 102% since its first day of trading. Motricity posted revenue of $113 million in 2009, up from $35 million two years prior, and JP Morgan analyst Sterling Auty recently raised its 12-month price target to $31. (Shares are currently trading at about $18.77.) "We believe new carrier momentum will continue and in our opinion, this is the best stock in our coverage to capture mobile data growth," he wrote in a recent investor note. --Written by Olivia Oran in New York.
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