Ping Identity Stock Is Skyrocketing: What's Happening?

Ping Identity Holding Corp PING shares are trading higher by 60.3% to $28.00 Wednesday morning after the company announced it will be acquired by Thoma Bravo for $28.50 per share in cash.

What Happened?

Ping Identity says offer represents a premium of approximately 63% over Ping Identity's closing share price on August 2, 2022, the last full trading day prior to the transaction announcement, and a premium of 52% over the volume weighted average price of Ping Identity stock for the 60 days ending August 2, 2022.

Ping Identity also Wednesday reported quarterly losses of 34 cents per share. The company reported quarterly sales of $72.00 million which missed the analyst consensus estimate of $73.19 million by 2%. This is a 9% decrease over sales of $78.90 million in the same period last year.

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According to data from Benzinga Pro, Ping Identity has a 52-week high of $30.40 and a 52-week low of $15.85.