Groupon story updated with analyst commentary
NEW YORK ( TheStreet) -- Groupon (GRPN) opened at $28 a share on the Nasdaq on Friday, soaring 40% from its initial offer price. Shares continued to hover around the same price during afternoon trading after climbing as high as $31.34.
The pop in the stock price comes despite widespread criticism of the daily deals site after shake-ups among its management team, scrutiny over its accounting metrics and concerns about its long-term ability to turn a profit.
On Thursday night, Groupon priced shares of the offering at $20, above the range of $16 to $18 it had initially sought. The company netted $700 million in the stock sale, valuing the daily deals site at close to $13 billion.
|Groupon CEO Andrew Mason|
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