Seconded on the framing comment from lucianomt, and I'd also keep in mind that the people buying and selling 7 days ago were not the same people buying and sell

Seconded on the framing comment from lucianomt, and I'd also keep in mind that the people buying and selling 7 days ago were not the same people buying and selling now. At the IPO you had two special classes of participants. One the sell side: insiders and the underwriting investment bank. On the buy side: IPO speculators (i.e. people who specifically try to play IPO events, as opposed to people motivated by fundamentals and technicals). On the technical side, the bulk of algo and technicals trading above a 1-2 day timescale would presumably not have been trading at the IPO. I'd venture a guess that these algo and technical traders provide the bulk of day-to-day price stabilization so their opinions matter, rightly or wrongly. Ratio-driven fundamentals investors often look for, e.g. quarter-to-quarter metrics (changes in margin and so on), so they too lack the information to participate in their preferred manner until the next earnings report. I'd guess that the bulk of big pension and mutual funds operate in this fashion. In short, the people transacting 7 days ago were not particularly representative of the market in general.