What happened Shares of BigCommerce Holdings (NASDAQ: BIGC) fell today after the company announced the price of its follow-on stock offering. It's also likely that investors are pushing the stock down after a Citi analyst started coverage of the company today with a sell rating. The tech stock had fallen by as much as 10.7% today and was down 8.3% as of 11:20 a.m. EST. So what BigCommerce announced a follow-on public offering earlier this week, in which the company and some of its management said they would sell some of their Series 1 common stock. Today, the company priced those shares at $68, below yesterday's closing price of $73.32, which appeared to disappoint current shareholders. Image source: Getty Images. The company said it would sell 1 million shares of its own stock and that "certain members of management and entities affiliated with directors of the company" are offering 4 million shares. BigCommerce said there's also a 30-day option in which an additional 750,000 shares could be sold. The company noted in a press release that it won't "receive any proceeds from the sale of the shares by the selling stockholders." Additionally, Citi analyst Drew Foster initiated coverage of BigCommerce today with a sell rating and a price target of $65. The combination of the share price for the new stock offering and Foster's sell rating led BigCommerce investors to push the company's stock price down today. Now what BigCommerce's stock has been very volatile this year and with today's share price drop, the stock is down 6.8% year to date. Considering that BigCommerce's stock has been very volatile since the company went public back in August, investors should proceed carefully when considering adding BigCommerce to their portfolio. 10 stocks we like better than BigCommerce Holdings, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and BigCommerce Holdings, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source