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Twitter hits fresh new lows

Twitter (NYSE: TWTR) has hit fresh new lows as lockup expiration for company insiders and early investors expires.  Shares of TWTR have hit an intraday low of $34.57 a share, that’s more than 10% lower than yesterday’s close.  

The lockup period expiring has freed up 480 million sharers for trading.  Prior to today there were 205 million shares.  Following the company's initial public offering in November, the stock hit a high of $74.73 in December.  This is not the first lockup expiration Twitter has had.  There was earlier lockup expiration in February, which made an additional 9.8 million shares available to the market.

The recent slide in the stock started when the company released first-quarter earnings.  Even though the company beat estimates, the company’s user growth continues to slowdown.