Opera (OPRA) Shares fell on Friday after the web browser maker announced plans to sell shares.
The Oslo, Norway-based company has registered a mixed bid worth up to $300 million with the United States Securities and Exchange Commission. The pending offer will allow Opera to sell shares and debt securities at some point in the future.
In addition, the filing will allow two large shareholders to sell up to 141.8 million shares of Opera common stock or the equivalent in U.S. depositary stock. Each ADS represents two ordinary shares of Opera.
These shareholders are the Chinese company Kunlun Tech, which owns 71.2% of Opera shares, and Keeneyes Future, which owns 7.6%. Opera’s chairman and CEO, Yahui Zhou, controls both Kunlun and Keeneyes.
Opera Stock strikes a sour note
Trading today, US shares of Opera plunged 29% to close at 19.76. Year-to-date through Thursday’s close, Opera is up 342%. In intraday trading on Thursday, it hit a record high of 28.58.
Until Friday’s stumble, Opera had benefited from innovations in web browsers and news of a shareholder dividend program.
Opera makes web browsers for personal computers and mobile devices. It is also a player in digital content discovery and recommendation platforms. Lately, Opera has been focusing on adding artificial intelligence features to its browsers.
Opera stock has the best possible IBD relative strength rating of 99. This puts it in the top 1% of stocks for performance over the past 12 months.
Additionally, 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 MIGHT ALSO LIKE:
Amazon’s surprising secret weapon for its successful first day
Aehr Test Systems stock soars after company forecast accelerates growth
Netflix analysts cautious ahead of Video Streamer Q2 report
See stocks on the leader list near a buy point
Find winning stocks with MarketSmith pattern recognition and custom screens