SurveyMonkey allots fell 11 percent on Monday after one of the survey software vendor’s pre-eminent competitors, Qualtrics, disclosed in its IPO filing that it’s the bigger of the two companies and is bloom much faster than its rival.
SurveyMonkey, which trades below the name SVMK, dropped $1.39 to $11.63 at the close on Monday, its lowest cost since its Nasdaq debut last month. The company has lost one-third of its value since coming at $17.24 on Sept. 26, its first trading day.
Qualtrics said in its IPO queue on Friday that revenue for the first half of 2018 jumped 41.7 percent to $184.2 million. To that same stretch, SurveyMonkey reported 14 percent evolution to $121. 2 million in sales. Qualtrics also had a narrower loss than SurveyMonkey and plane turned a profit last year.
Both companies are part of a brandish of subscription software developers to head for the public markets in 2018, a class that includes DocuSign, Dropbox, Zuora and Anaplan.
Also on Monday, Trust Suisse initiated coverage of SurveyMonkey with a “neutral” rating because the founder, as of the day’s open, was trading within 10 percent of the firm’s target valuation. J.P. Morgan started coverage with an “overweight” rating, citing the Pty’s efficient business model and expectations that revenue growth when one pleases accelerate in a year.
— CNBC’s Jordan Novet contributed to this suss out.
WATCH: Cramer worries SurveyMonkey ‘might be a dinosaur’ prior to IPO