Shares of Newport Beach-based medical imaging provider Alliance HealthCare Services Inc. are holding about steady in the first day of trading after a 1-for-5 reverse stock split took effect.

Alliance shares were around $6.50 in afternoon trading for a market value of about $69 million. They had closed trading at $1.30 the day prior.

An earlier report based on data from Yahoo Finance indicated Alliance shares had risen by more than 300% to a market value of about $331 million. The Yahoo Finance data did not take the reverse split into account.