Market Consensus: Things changed in a hurry from “heady” to “harrowing” in one week as mid-cap and growth stocks have taken a beating. Last week a few deals were pulled and this week is quiet due to the holiday.
Last Week: Of the deals we highlighted last week SweetGreen (SG) and Braze (BRZE) did well. Oddball EV maker Sono Group (SEV) did well too. One surprise to me was the failure of UserTesting (USER) to draw much interest – they priced below the range at $14 and are now just above $10 a share. I’m taking a closer look at that one. I exited Rivan (RIVN) last week at $165 which was a very lucky short-term gain.
We noted that KinderCare (KLC) was not a good company but I thought the deal would still get done. The deal was post-poned along with three others that didn’t get priced. It’s possible bankers may try again next week. Stay away from that one.
This Week: A crazy Reg-A deal priced this week. AeroClean (AERC) is a five-person pre-revenue company that came public at $10 and is now trading at $81. By the time you read this, it may be $8 or $800. An interesting market we are in!
Next Monday/Tuesday we’ll put out an updated IPO sheet and downloads page as deals should be resuming next week.
Pipeline: Lots of filings are still flowing into the system with some notable ones including Chobani Yogurt (CHO) and Samsara (IOT) which is a developer of end-to-end IoT solutions for enterprise customers.
New Street Coverage: Coverage trades are generally working if you pick your spots. Next week I’m looking at Arhaus (ARHS), Evotec (EVO), NerdWallet (NRDS), and Real Good Foods (RGF).
Lockups Off: Monday.com (MNDY) and 1stDibs (DIBS) look like they are coming off and could be actionable. I’m checking some others that may have early releases next week.
For those of you celebrating the Thanksgiving holiday this week we hope you enjoy the time with family and friends. Especially after many had to skip the gathering part last year due to COVID.