Opera (OPRA) stock plummeted Friday after the web browser maker announced plans for a stock sale.
The Oslo, Norway-based company registered a mixed shelf offering worth up to $300 million with the U.S. Securities and Exchange Commission. The shelf offering will allow Opera to sell shares and debt securities at some time in the future.
In addition, the filing will allow two large shareholders to sell up to 141.8 million ordinary shares in Opera stock or the equivalent in American depositary shares. Each ADS represents two ordinary shares of Opera stock.
Those shareholders are China-based Kunlun Tech, which owns 71.2% of Opera stock, and Keeneyes Future, which owns 7.6%. Opera Chairman and Chief Executive Yahui Zhou controls both Kunlun and Keeneyes.
Opera Stock Hits A Sour Note
On the stock market today, Opera’s U.S. shares plunged 29% to close at 19.76. Year to date through Thursday’s close, Opera had soared 342%. In intraday trading Thursday, it notched a record high of 28.58.
Until Friday’s stumble, Opera had been riding high on web browser innovations and news of a shareholder dividend program.
Opera makes web browsers for personal computers and mobile devices. It also is a player in digital content discovery and recommendation platforms. Lately Opera has focused on adding artificial-intelligence functions to its browsers.
Opera stock has a best-possible IBD Relative Strength Rating of 99. That puts it in the top 1% of stocks for performance over the past 12 months.
Further, Opera is on the IBD Tech Leaders and Global Leaders stock lists.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE:
Amazon’s Surprising Secret Weapon For Its Successful Prime Day
Aehr Test Systems Stock Rockets After Company Forecasts Accelerating Growth
Netflix Analysts Cautious Ahead Of Video Streamer’s Second-Quarter Report
See Stocks On The List Of Leaders Near A Buy Point
Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens