- The tech sector needs a confidence boost, but those in the bear camp have been proved right so far.
- Stretched valuations and risk-off trades suggest it won’t be a very nice ride for Pure Storage, although the business is truly attractive.
- Several metrics indicate that investors should look for value elsewhere and that other IPOs in the pipeline could be pulled.
The tech sector needed a confidence boost and the IPO of Pure Storage (NYSE: PSTG) was meant to be great news this week.
Unfortunately, those in the bear camp were right, at least judging by its performance in early trade on its debut on Wednesday, when the shares fell below their IPO price, as of this writing.
It’s still early days to determine fair value, but here are a few things you ought to consider if you are invested or if you plan to invest in its shares.
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