Smith Micro Stock Plunges 41% in 10 Days
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IRVINE — Smith Micro Software Inc.’s stock, which benefited from investors’ enthusiasm for technology stocks when it initially hit the market in September, has fallen 41% during a 10-day period.
The company’s stock closed at $6 a share in Nasdaq trading Friday, down from its Dec. 5 closing price of $10.25 a share. Smith Micro’s stock surged nearly 21% from $12 a share to $14.50 a share on its opening day of trading in September.
Smith Micro’s trading volume Friday of 322,000 shares was considerably higher than its daily average of 254,100 shares the last three months.
“There is nothing in our business or our customer relationships to account for this weakness,” said Charles Spear, the chief financial officer.
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