Shares of Audible (Nasdaq: ADBL), which provides spoken word audio content over the Web, climbed 1-1/8 — a gain of more than 16 percent — to 8 in early trading today, one day after Wit Capital initiated coverage of the stock with a buy rating. Audible, which went public at $9 on July 16 and closed its first day of trading of $21, has obviously been hit extremely hard recently, and the stock may be starting to look cheap.
Audible has a lot of big names behind it. Investors include Microsoft, AT&T and top venture capital firm Kleiner Perkins Caufield & Byers. Audible stock probably won’t be back to $21 anytime soon, but it looks like the short-term bottom may already have been hit.