MINDBODY, Inc. (NASDAQ: MB) was nothing short of a dismal initial public offering. While the health club software provider has demonstrated tremendous growth in clients and in revenues, the financial losses kept growing as well.

What was interesting about Mindbody was that the IPO pricing was already coming in without any hype. Its price range when the SEC filings started indicating a price was $13.00 and $15.00 per share. And that $14.00 price looked very rich to the $11.56 close on the first day of trading.

This has been a very disappointing IPO compared to the biggest gains, or even compared to marginal gains in IPOs. Mindbody priced at $14.00 per share on the IPO and has closed above $14.00 only one day since coming public. The stock was down close to 10% at one point, and shares were down 2.4% at $13.03 in late afternoon trading on Tuesday.

Here were the analyst calls seen as the quiet period came to an end on Tuesday:

• Credit Suisse started as Outperform with a $18 price target;
• JMP Securities started coverage with a Market Outperform rating and $22 price target;
• Morgan Stanley gave an Overweight rating and $16.50 target;
• Pacific Crest started it as Overweight with a $19 price target;
• and UBS started it with a Buy rating and $19 price target.

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This is one of those scenarios where the upside sounds good, but the short-term history has been bad enough that investors are choosing to look the other way. What if the company starts to actually make money?

At $13.03, Mindbody shares have a market cap of roughly $500 million and a post-IPO range of $11.28 to $16.25.

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