Some tech companies that have gone public in recent years have seen their stocks hit after insiders have gotten the chance to let go of some shares.
Elastic shares dropped as much as 3.6 percent Wednesday after the software company's initial post-IPO lock-up period expired, allowing insiders to sell stock for the first time.
In its IPO prospectus, Elastic said the lock-up period would cover the traditional 180 days after the offering, which would be early April. But conditions were met to accelerate the process. As of mid-day Wednesday, trading volume had already topped 1.8 million shares, making it the most active day for Elastic since its debut on Oct. 5.
Often, fewer than 500,000 shares have been traded per day, less than other companies that have gone public recently, like Anaplan, SurveyMonkey and Upwork.
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