Rover trips after launching 11 mln share secondary offering

Rover

17/11/2021 18:57

** Rover Group Inc  ROVR.O  shares down 10.9% at $12.44
after online pet care marketplace commences share offering 
    ** ROVR late Tues announced 11 mln shares to be sold by
existing holders  urn:newsml:reuters.com:*:nGNX3JhZ0N
    ** Co went public in Aug after completing SPAC merger with
Nebula Caravel Acquisition Corp  urn:newsml:reuters.com:*:nL1N2P9181
    ** Morgan Stanley, Goldman Sachs and J.P. Morgan lead
bookrunners for secondary offering, slated to price Thurs after
market close
    ** On Nov 9, ROVR's stock jumped ~13% after co said Q3 gross
bookings value (GBV) grew 35% despite COVID Delta variant
continuing to weigh on travel, and raised FY 2021 rev forecast
above Street consensus, per Refinitiv data  urn:newsml:reuters.com:*:nGNX50H4Ks
    ** 6 of 7 analysts covering ROVR rate stock 'buy' or
stronger, 1 is neutral; median PT is $16.50 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))