Vivint Smart Home Stock Surges After Subtle Public Debut
Vivint Smart Home Stock Surges After Subtle Public Debut
(Bloomberg) -- Vivint Smart Home Inc., a rival to Amazon.com Inc.-owned video doorbell maker Ring and the namesake of the NBA’s Utah Jazz’s home arena, remains volatile after making the move to trade on the public markets earlier this month.
The stock extended a three-day surge to a fresh intraday high of $23.86 Thursday before paring back gains in the company formed from a merger with Mosaic Acquisition Corp., a special purpose acquisition company. The deal marked one of the largest U.S. SPAC mergers ever, carrying an enterprise value of $4.2 billion, including additional equity of $488 million.
With shares of the Provo, Utah-based company booming, the stock has surged past the pair of sell-side analyst’s 12-month price targets, according to data compiled by Bloomberg, including JPMorgan’s $15 view. The company has been the title sponsor for the Utah Jazz’s stadium since 2015 when it took the rights from now Salt Lake City-based EnergySolutions.
The company announced the completion of the deal two weeks ago and began trading on the New York Stock Exchange under the ticker “VVNT” on Jan. 21. Since the move, the company’s market value has surged to $2.8 billion from about $427 million.
--With assistance from Jeremy R. Cooke and Crystal Kim.
To contact the reporter on this story: Bailey Lipschultz in New York at blipschultz@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Jennifer Bissell-Linsk
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