Surf’s up
A 2nd location for Blue Surf eatery Page 19
July 16 - August 5, 2021 Vol. 22, No. 14
$2.00
wilmingtonbiz.com
WEB EXCLUSIVE Big deals
Property changes hands wilmingtonbiz.com
On board
Surfing firms share space Page 11
Taking a toll Private option proposed for bridge Page 14
ILLUSTRATION BY MARK WEBER
Market snapshot: Overall stock performance for Live Oak Bancshares and nCino since their Nasdaq debuts
Index
Taking stock of nCino, Live Oak
Economic Indicators .............................. 3 Technology ............................................. 4 Hospitality ..........................................5-6 The List .................................................. 8 In Profile...............................................11 Real Estate..................................... 12-13 Business of Life.............................. 18-19
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BY JENNY CALLISON
ver the past year, the stock prices of Wilmington’s two public fintech companies have followed opposite trajectories. The price of nCino’s shares since its remarkable debut last July has slumped somewhat, while Live Oak Bancshares’ stock now commands the highest prices in its sixyear history on the Nasdaq exchange.
With a market capitalization of more than $6 billion, nCino has more than twice the value of Live Oak, its former parent, which has a market cap of about $2.7 billion. First, let’s look at nCino. Just before its Nasdaq IPO on July 14, 2020, the banking software company priced its shares at $31. Those shares were going for nearly three times that by the end of the first day. The price dropped within a couple of days but remained in the $70-$90 range for the remainder of 2020. Since the start of 2021, the highs have been in the $60s with lows around $50 in mid-May. Since then, however, the share price has inched up steadily back into the
$60-$70 range. Last November, Motley Fool contributor Keith Noonan wrote that he considered nCino’s stock “oversold.” He cited the stock price’s dip of 14% in September and further decline of 11.5% in October following a secondary public offering of more than 6.7 million shares earlier in the month. He did note, however, that the price was rallying at the time of his analysis. In April, Simply Wall Street did a “risk check” on four points as a guide to potential investors. The firm noted that nCino is still unprofitable and not forecast to become profitable over the next three years. See STOCK, page 10
