Alphabet’s long-anticipated 20-1 stock split took effect on Monday, resulting in a short-term shares spike for the Google parent company. Alphabet Class A stock (GOOGL) had a split-adjusted $111.78 close on Friday before surging to $113.68 per share at one point on Monday morning.
The Class A surge wasn’t here to stay as GOOGL was in for several ups and downs later in the day. At one point, the shares dipped to $111.01 before bouncing back to $111.86 and hovering around that figure for the remainder of the day.
The company’s less-active Class C stock (GOOG) also saw a slight bump, going from a split-adjusted $112.77 close on Friday to $114.80 per share at one point. It later settled at around the $112 range.
Alphabet’s GOOGL stock was at its highest in November, trading at $2996.77 per share or split-adjusted $149.83. GOOGL is currently down 23.07 percent year to date.
Alphabet made a decision to initiate a 20-1 stock split back in February. At the time, the company said that it wanted to make its shares more available to individual investors. Several other big companies announced stock splits in recent months, including e-commerce powerhouse Amazon and electric car maker Tesla.