Endeavor Shares Close Higher After Volatile First Day Of Trading; Up 5% In NYSE Debut – Update
UPDATED with closing stock price: Shares of Endeavor Holding have cleared a hurdle, ending day one of trading higher than their offering price, leaving investors in the black.
The stock ended up 5% at $25.20 and had gained almost 1% more in after-market trading. Shares were priced late yesterday at $24, the higher end of a range being considered.
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The upbeat finale came after a volatile session that saw Endeavor pop 12% at open to $27 in a long awaited debut on the New York Stock Exchange Thursday. Then it back-stepped to below $24, before regaining some ground at close. The broader market was also volatile and ended higher.
In an interview with Deadline, President Mark Shapiro said he had no intention of obsessing over short-term stock moves. But the first day is always closely watched as a sign of investor sentiment around the talent agency-live sports and events group that had filed and pulled plans for a previous IPO in 2018.
The shares trade under the symbol EDR. Shapiro said the company is a “clearer” story now than it was ahead of its first IPO attempt particularly with full ownership of the lucrative UFC franchise. Endeavor is a major reopening play as entertainment in all forms starts to normalize post-Covid. Improving businesses across the board and added cash flow from UFC will help Endeavor both chip away at its hefty debt and make strategic acquisitions, he said.
So it looks like Wall Street analysts can look forward to a first-ever quarterly earnings conference call with Endeavor executives this summer.
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