Groupon shares shed over 15 percent to close below their initial public offering price on Wednesday, less than three weeks after the online daily deals site made its debut on Wall Street.
Groupon shares, which were listed on the Nasdaq at $20 on November 4, finished the day at $16.96, a loss of $3.11 or 15.5 percent on the day.
Shares of the Chicago-based company soared as high as $31.14 on the first day of trading but they have lost ground since then, shedding more than 30 percent of their value since Friday.
“Apparently investors have figured out that there are other companies competing hard in the same space and that there are few barriers to keep more competitors out,” the website 247WallSt.com said of Groupon’s slide.
Something to keep an eye on !