Well the price did come very close to $38 several times (twice before 12:00 and then during the flat part at 3:34 that you mentioned) but the price never crossed below $38. This does show a lot of resistance/support at $38
Yes, of course, because the underwriters in an IPO act as market-makers at the IPO share price. That's their function in exchange for making an obscene profit taking a company public.