8 of the biggest COVID tech IPOs including Snowflake, Airbnb and Opendoor, in 6 different categories (cloud, crypto, gig economy, app economy, e-commerce, and real estate), all crashed following stellar public offerings. Prices rounded to the nearest digit. SNOW went down from its $430 ATH in Dec to 314 in Feb to 232 on Apr 30 and 185 today. COIN sunk from its ATH of 429 to 250 after narrowly missing earnings expectations today. At one point on the day of its IPO, retail traders were lapping up COIN for as much as $429. I will note though that BTC crashed yday for those unaware. As if ARKK bagholders weren't hurting enough! DASH crashed from its ATH of $256 in late Feb to $110 yday before reporting a bigger-than-expected loss today. They're up 8% in after-hours. BMBL halved from its $85 ATH to $39 after beating expectations yday. WISH crashed from its ATH of 33 to 8 after earnings yday. CPNG is down from its ATH of 69 to 31 after reporting a higher than expected adjusted loss yday. SPAC merger Opendoor crashed from $39 in Feb to its all-time low of 11 today after Tuesday earnings. ABNB crashed from $220 on Apr 28 to $133 after-hours today, down from its ATH of $217 on Feb 11 and up from its ATL of $125. The company announced today that their net loss tripled and employees can finally sell their RSUs next week. The one newly public tech company that seems to have weathered the storm is Roblox, which fell from its ATH of $83 to $61 on Monday, before recovering $70 as of today. But it's not just tech companies that IPOd in 2020-2021. 2019 IPOs Lyft, Uber, Pinterest, and Snap - which, except for Lyft, all reached their ATHs during COVID - saw significant gains during the pandemic, have also crashed since the end of April. LYFT tanked from $63 on Apr 28 to 46 today. Previously, Lyft dipped below $23 (ATH is close to $80) three times during COVID, most recently in Oct. In the same time period, UBER crashed from $58 to $44. PINS is down from 78 to 55 since Apr 27. SNAP dipped below $50 from 70 from Feb 23 to Mar 29 and is trading at 50 again today. These companies aren't just sliding in after-hours or on the day after reporting earnings, we're looking at a prolonged downward trend either preceding or following earnings. TL;DR: RIP retail investors that bought into COVID IPOs.
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bumble is such a bad app
It's not covid IPO that's the problem. It's that these tech companies aren't that innovative/amazing. Overpriced AF, and just now an overdue correction is here
I would also add NCNO to the list which opened in 2020 at $71 and traded in the $90s for a while, just closed today at an ATL $49. Cloud banking software.
Why I have all stocks that you mentioned? F**k WISH, f**k OPEN, especially.
Wish is most likely doomed.
There is a pattern here clearly. Growth vs Value. Momentum is shifting to value now and being funded by all these growth companies that you mentioned. Thanks
Fundamentals wins out in the end.
Stonk doesn’t always go up. Shocking!! You do know people joined SNOW/DASH/ABNB before IPO got their RSU at 1/3 or even 1/5 of the IPO price, don’t you?
Yeah idk why people think employees at SNOW give a shit, most of us are millionaires already so trying to be like “haha! Your stock is down” is a little late lol
I don't understand why people just want to squeeze any chance to mock SNOW stock prices. I joined Snowflake a week before the IPO and my stock still got nearly tripled even with current price.
Worked out great for me.
Hows databricks
Idk, they're not public yet.
What was that other hot IPO with a data company?