Newly public Hempacco (NASDAQ:HPCO) stock slid 23% in morning trading Tuesday, hitting a new all-time low.
Shares of the hemp-based smokables maker opened at $5.22, reaching a high of $5.40 in early trading before sliding to a new 52-week low of $4.17 in late morning trading. The stock recently changed hands at $4.36 at approximately 11:30 a.m. ET.
Hempacco held a $6M initial public offering on Aug. 30, offering 1M shares priced at $6 per share. The stock soared to an all-time high of $41.80 during its first session before closing at $7.78, 30% higher than its IPO price.
Since then, trading of the shares has been volatile, with the stock tumbling 33% on Friday.
For a more in-depth look at Hempacco, check out SA contributor Donovan Jones’s “Hempacco Begins US IPO Process”.
Image and article originally from seekingalpha.com. Read the original article here.