Miss PDCE's $54 Secondary But Think It's A Deal At $50?

Looking back to 30 days ago, PDC Energy Inc (NASD: PDCE) priced a 4,500,000 share secondary stock offering at $54 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Thursday, the stock is now 7.2% higher than the offering price.