The ending of that period can cause a headache for businesses if a large number of employees unload their assets, causing a sell-off in the stock, as has been the case for other companies in 2019.
The company reported mixed third-quarter results on Monday causing shares to slide, but they have since recovered.
A dog sits in front of the New York Stock Exchange during Chewy Inc.'s initial public offering in New York, U.S., on Friday, June 14, 2019., the online pet retailer, gained more than 6% on Wednesday, as the company brushed off lockup expiration worries. Shares rose more than 8% to an intraday high of $27.69 before easing off slightly.
Trading volume on the stock surpassed 6 million as of midday trading, more than double its 30-day average. The lockup refers to a period of time where employees of a newly-public company are restricted from selling their stock. "There was a lot of angst about this lockup expiration, and to date, obviously, we have not seen any announcements of major share sales," said Seth Basham, an analyst for Wedbush Securities. "So, that is potentially causing a little bit of a relief rally."
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