Well, honestly we'll never know for sure, but if a weekend of "thinking it over" cuts the price in half, did it really deserve the $70 valuation? After the hype, people are going to think it over at some point, right? Maybe it's better that it happened right off the bat.
During the dot-com bubble there were IPOs where the P/E was far beyond 100. So it isn't totally crazy to think the market could whip people into a frenzy over the idea that 'they are getting in on the ground floor of the next google' What is crazy is to think that NASDAQ hasn't fixed it by now. If there were a lot of people out there who wanted to get in on the next big thing they would have put in market orders and those orders would have been filled by now.
You don't get a valuation because you "deserve" it. You get it because that's the highest price someone is willing to pay, and someone is willing to sell to them at that level. A day-trader doesn't care if that's connected to the fundamentals of the business - they're just trying to play the rise and fall.
