PartyGaming, the company behind PartyPoker.com, has regained its float price after a stormy two months that saw its stock plunge from 173.5 pence in mid-August to 71 pence in October.
At the close of the day yesterday, PartyGaming's stock was 117 pence, one pence higher than the 116 pence the stock was initially sold for back in June.
Its stock soared the first few months before the company released a statement that predicted poker growth would be moderate in the coming months. A day after the statement was made public, shares dropped almost 50 pence the
first week of September. While shares continued to fall, PartyGaming made several business moves that seemed to make the stock more attractive to investors.
Recently, PartyGaming cut off ties with "poker skin" partners Empire Poker and Coral Eurobet, bought MultiPoker.com, which has a large Scandinavian customer base of 255,000, for $14.5 million in cash, and made Intertopspoker.com an
affiliate.
The agreement with Intertopspoker.com hands over control of the site to PartyGaming for the next 15 months, gives PartyGaming access to IntertopsPoker.com's player database, and enables PartyPoker.com to market its services to IntertopsPoker.com's players.
After hitting a low of 71 pence on Oct. 9, PartyGaming's stock has made a steady climb back to its float price, gaining 26.5 pence between Nov. 8 and Nov. 30.
