Satellite developer Terran Orbital (LLAP) shares plunged 20% Thursday, the day after they rallied on news that Jefferies had initiated coverage of the stock with a buy rating.
Shares of LLAP opened at $5.48 and hit a high of $5.66 in early trading before sliding to $4.66 in mid-afternoon. The stock recently changed hands at $4.70, down 20%, at approximately 2:35 p.m. ET.
LLAP shares gained 17% on Wednesday after Jefferies initiated coverage with a buy rating and price target of $10.
LLAP and Tailwind Two announced in October that they planned to merge through a deal that valued the combined company at $1.58B.