5 IPOs that Flopped

4. Sogou Inc. (NYSE:SOGO)

Number of Hedge Fund Holders: 19 

Share Price on September 21: $8.90

IPO Price: $13 per share 

Sogou Inc. (NYSE:SOGO) is a China-based firm that markets internet search and related services. It is placed fourth on our list of 10 IPOs that flopped. In 2017, the firm debuted on the stock priced at $13 per share, raising more than $585 million at the IPO. However, in the following months, the stock slumped in value and did not reach the IPO price again until June 2018. The shares are still trading below the IPO price. 

In earnings results for the second quarter, posted on August 9, Sogou Inc. (NYSE:SOGO) reported earnings per share of $0.11 and a revenue of $147 million, down more than 43% from the revenue over the same period last year,

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Sogou Inc. (NYSE:SOGO) with 2.9 million shares worth more than $25 million.