- The popular Russell 2000 Index has added a record 62 companies as part of planned third-quarter IPO additions to the Russell US Indexes.
- Here's a look at all the technology stocks just included in the index:
Flywire Corp.
- Flywire Corp. (NASDAQ:FLYW), a payment processing software to education, healthcare, travel, and B2B firms kicked off trading on Nasdaq in May after pricing upsized IPO of 10.44M shares (from 8.7M shares) at $24, high-end of the estimated range of $22-$24.
- The company saw revenue growth of 56% Y/Y in Q2 with rise in total payment volume of 85%.
- With market cap of $5.02B, FLYW share price last closed at $47.35, +97% above its IPO price.
- The Wall Street analyst rating on the stock is Very Bullish with a price target of $47.29.
Integral Ad Science Holding
- Vista Equity's Integral Ad Science Holding (NASDAQ:IAS), a digital advertising-verification firm went live in June on Nasdaq with an IPO of 15M common shares priced at $18/share, above an expected range of $15-$17.
- Q2 revenue grew 55% led by Programmatic revenue growth of 94% and Advertiser direct revenue +40%.
- Last month, the company acquired connected TV advertising firm Publica for $220M.
- At last check, IAS have shown growth of 44.5% to $21.67 vs. its IPO price. Market cap stands at $3.35B.
- The Wall Street analyst rating on the stock is Bullish with a price target of $25.
First Advantage Corp.
- Silver Lake-backed, First Advantage Corp. (NASDAQ:FA), an employment-screening firm has priced upsized IPO of 25.5M shares (from 21.25M shares) at $15, high-end of the estimated range of $13-$15 per share.
- Since its debut in June, shares have grown to ~37% with current market cap of $3.18B.
- The company posted Q2 revenue growth of 55% Y/Y and Adjusted EBITDA expanded 77.9% Y/Y.
- The Wall Street analyst rating on the stock is Very Bullish with a price target of $27.19.
EverCommerce
- EverCommerce (NASDAQ:EVCM), a software solution provider tapped Nasdaq in July after pricing ~19.12M shares at $17, in line with expected range of $16-$18.
- Despite gaining 11% in first session and Q2 beat last month, the company closed at $16.75 in Friday's session, ~2% below its IPO price. Market cap stands at $3.20B.
- The Wall Street analyst rating on the stock is Bullish with a price target of $24.08.
CS Disco
- CS Disco (NYSE:LAW), a legal-documents platform crashed the gate in July with opening price of $45.26 after pricing 7M shares at $32, above the expected range of $26-$26 and upwardly revised rate of $30-$31.
- Earlier this month, the company reported Q2 beat and later announced secondary offering of 5.5M shares at $53.
- With market cap of $2.93B, the company last closed at $48, +50% vs. IPO price.
- The Wall Street analyst rating on the stock is Very Bullish with a price target of $66.22.
Xometry
- Xometry (NASDAQ:XMTR), on-demand manufacturing marketplace has kicked off trading in June at $68, 54.5% above the IPO price of $44, above the estimated range of $38-$42.
- The company delivered 45% Y/Y revenue growth in Q2, 66% Y/Y active buyer growth and sequentially improved gross margin.
- Market cap stands at $2.62B and after rising to more than 75% in its first session the share price have dropped to $58.4 but it is still 45% above the IPO price.
- The Wall Street analyst rating on the stock is Bullish with a price target of $84.83.
MeridianLink
- MeridianLink (NYSE:MLNK), a cloud-based technology company debuted in July after pricing IPO of 13.2M common shares at $26 per share, at the high end of the expected range of $24-$26.
- The company reported mixed Q2 earnings earlier this month, revenue +38% Y/Y and Adjusted EBITDA +49% Y/Y.
- With market cap of $1.84B, shares last closed at $23.24, ~11% below the IPO price.
- The Wall Street analyst rating on the stock is Bullish with a price target of $31.94.
Intapp
- Backed by private-equity firm Great Hill Partners and Singapore's investment company Temasek, Intapp (NASDAQ:INTA) a software solution provider opened on Nasdaq in June at $25.25, 3% below the IPO price of $26 for 10.5M shares offering, priced in the estimated range of $25-$28.
- With Q4 beat earlier this month and market cap of $1.81B, share price at last closing was $30.36, ~17% above the IPO price but dropped almost 24% over the period of one month.
- The Wall Street analyst rating on the stock is Very Bullish with a price target of $43.88.
Couchbase
- Oracle rival Couchbase (NASDAQ:BASE), a database company raised $200M In July after pricing upsized offering of 8.34M (from 7M) shares at $24, above expected range of $20-$23.
- The company posted mixed Q2 earnings with subscription revenue growth of 19% Y/Y and Total ARR growth of 20% Y/Y.
- With market cap of $1.65B, BASE in its last session reached $35.32, ~47% above the IPO price though down ~17% over the period of one month.
- The Wall Street analyst rating on the stock is Bullish with a price target of $47.26.
Kaltura
- Video-cloud company and Zoom rival Kaltura (NASDAQ:KLTR) raised $150M after pricing downsized IPO of 15M shares (from 23.5M) at $10, in line with the revised range of $9-$11 cut from $14-$16.
- Last month, the company reported Q2 subscription revenue and ARR growth of 46% Y/Y fueled by strong and steady sales force productivity and increasing net dollar retention rates.
- The IPO was delayed since March. With market cap of $1.37B, KLTR last closed at $10.83, ~8% above the IPO price.
Outbrain
- Outbrain (NASDAQ:OB), a content recommendation platform for the open web raised ~$160M by offering 8M shares at $20 per share, much below the expected range of $24-$26.
- The company's stock dropped to post-IPO low despite better Q2 earnings and positive analyst comments last month.
- OB last closed at ~19% below IPO price at $16.28. Market cap stands at $866.43M.
- The Wall Street analyst rating on the stock is Bullish with a price target of $25.17.
- A quick look at IPO Index:
