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3 Stocks That Went Public in 2021 May Soon Be in the Buy Range

BusinessMarkets3 Stocks That Went Public in 2021 May Soon Be in the Buy Range
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New public companies are often among the largest percentage gainers of the market and IPOs in 2021 GlobalFoundries Inc. (NASDAQ: GFS), ON Holding AG (NYSE: ONON), And Qualtrix International Inc. (NASDAQ: XM) The price might be setting up for a fresh round of gains.

Fortunately for investors, the definition of new public can be stretched for several years, which means there’s no need to feel like you’re in trouble if you didn’t grab shares of that hot IPO on its first trading day. For example, Renaissance IPO ETF (NYSEARCA: IPO) Companies that went public in the last three years are included.

As you might expect from an index of young, often small companies, the Renaissance IPO is more volatile than the S&P 500, with a beta of 1.74. The ETF underperformed the S&P 500 last year but outperformed it this year.

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Rather than jumping in too quickly, it’s generally a good idea to wait a while before buying a new public stock, even if it’s widely publicized. Ideally, you want to look for a profitable company in a constructive consolidation that is likely to be preceded by a rally.

Many of the most widely followed stocks in 2021 don’t meet those criteria. For example, Bumble Inc. (NASDAQ: BMBL), Roblox Corporation (NYSE: RBLX), Coinbase Global Inc. (NASDAQ: COIN), Applovin Corporation (NYSE: APP), Robinhood Markets Inc. (NASDAQ: HOOD), Rivian Automotive Inc. (NASDAQ: RIVN), GitLab Inc. (NASDAQ: GTLB) And Udemy Inc. (NASDAQ: UDMY) Still unprofitable, most showing technical weakness on their charts.

Bumble and AppLovin are expected to post profits this year, while another highly publicized 2021 IPO, Warby Parker Inc. (NYSE: WRBY, It earned $0.01 per share in each of the last two quarters and is expected to stay in the black this year and next.

Global Foundries

As its name suggests, Malta, New York-based GlobalFoundries operates contract semiconductor foundries around the world. It builds integrated circuits for use in a wide variety of industrial applications. It also provides wafer manufacturing services and technologies.

as you can see in the chart, the stock is slowly trending higher from its October 13 low. After reporting a better-than-expected fourth quarter, it appears to be forming a consolidation below its high of $72.50 reached on 14 February.

Analysts expect the company to remain profitable this year and next after earning $3.11 per share last year. Marketbeat Institutional Ownership Data Appear to be bigger buyers than sellers, which bodes well for the future prospects of the stock. Analysts have a “Moderate Buy” rating. on the stock, up 21.84% with a price target of $79.86.

on holding

Switzerland-based ON makes running, hiking, tennis and other workout shoes. The company emphasizes its technologies for impact protection and improving product stability.

The company turned profitable last year with earnings per share of $0.30. Analysts forecast earnings per share of $0.38 for the year, representing growth of 27%. Revenue grew double or triple digits in each of the past eight quarters, and earnings grew triple digits in six of the past eight quarters.

Analysts have a “moderate buy” rating on the stock. As per data compiled by Marketbeat, The consensus price target is $27.50, an upside of 21.09%.

Qualtrix International

Qualtrix International is a Utah-based customer relationship management software developer, focusing on the Education, Human Resources, Automotive and Market Research verticals.

The stock soared nearly 33% on January 26 after reporting better-than-expected earnings and an announcement from the former parent company. SAP SE (NYSE: SAP) was considering selling its majority stake in Qualtrix.

SAP acquired Qualtrix in 2019 for $8 billion, then spun off the company as a publicly traded entity in January 2021.

as you can see in the chartQualtrics has maintained its gains since gapping, a sign that institutions continue to have faith in the stock’s future prospects. The stock hit new highs in the week ended March 3, so investors may want to wait for the next pullback at the moving averages.

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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