I really can’t give you a plausible answer for this. I am in Corporate Finance but not in a public company (at least not for the last 18 years) and I don’t move in those circles.
I really think it is a psychological thing. A PR person for a company might come up with specious reasons but I guess it is up to CEO and the operating officers about how they want to present themselves.
When Google was putting together their Dutch Auction when they were going public in 2005 or 2006 the magnitude of the share price was a big deal to them, or at least I think I read that. For some reason that I do not recall they were looking for a share price around $100 but ended up at $85 when the IPO finally went through. There must have been a psychological issue centered around that $100 threshhold, but the stock has soared, what’s their highest price, $600?
But you do see companies whose share prices hit $80 or $90 and think they need to get back to $25 or $30.
SRM