What’s up with the BlueBet (ASX:BBT) share price?

The ASX newby has had some ups and downs but its shares are gaining today.

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Scared looking people on a rollercoaster ride, just like the Afterpay share price in recent months.

Image source: Getty Images

BlueBet Holdings Ltd‘s (ASX: BBT) first few days on the ASX have been a rollercoaster. Luckily for those who bought into the action, its shares are gaining today.

Right now, the BlueBet share price is trading at $1.83, up 4.57%, after hitting an intraday high of $1.87 earlier this morning.

It’s still 16% lower than its highest price of $2.10, however, which it touched shortly after its initial public offering (IPO) on Friday.

Let’s take a look at how the betting services provider’s first week on the ASX is panning out.

A quick refresher

IPOs are always exciting and BlueBet’s has kept us on our toes.

BlueBet’s IPO saw it raise $80 million by selling 70.2 million shares for $1.14 apiece.

As a result, the company started its time on the ASX with a market capitalisation of $228.1 million. It also walked away from its IPO with an extra $44.7 million in its coffers after covering the offer’s costs.

Now that it’s listed, BlueBet will be looking to expand its Australian operations, push into the US market, and develop its platform and technology suite.

How is the Bluebet share price tracking so far?

The BlueBet share price soared a whopping 85% on the opening of its first day on the ASX. Unfortunately, it ended Friday’s session 11.25% lower than where it started. Its very first close was at $1.78, which still saw those who bought shares in its IPO with an off-the-bat gain of 56%.

Yesterday’s session was a volatile one for the BlueBet share price. At one point it dipped 8% to hit $1.63, its lowest point yet. However, it gained back its losses to close at $1.77 – just 0.28% less than Friday’s close.

At the moment, today looks promising to break the short-lived stagnation. We’ll be keeping a close eye on the BlueBet share price for any more adrenaline-inducing movements.

BlueBet now has a market capitalisation of around $355 million, with approximately 200 million shares outstanding.

Should you invest $1,000 in BlueBet right now?

Before you consider BlueBet, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and BlueBet wasn't one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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