Note that $26 was an arbitrary "reference price" chosen by bankers who were paid $20MM to conduct the $WORK roadshow. It was not an offering price where 128MM initially registered shares were sold to new investors. It is not an "IPO price" or a real price level off which investors should base their decisions for recent demand for the stock. Further, a few days ago, the Company filed with the SEC to fully unlock all 550MM+ shares for sale by insiders, posing significant near-term downside risk for $WORK shares. We expect selling pressure to be immense for the balance of the year.
We intend to provide further commentary in $WORK in the near future in support of our SELL recommendation.
Disclosure: I am/we are short WORK.