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Top IPO Stocks to Watch This Week
May 20 2019 - Uber Leads 4 Top IPO Stocks With Compelling Setups: Which Are Closest To Buys? By Investors Business Daily
Your top stocks to watch this week are recent IPOs with compelling setups: Uber Technologies (UBER), Tufin Software (TUFN), Tradeweb Markets (TW) and Beyond Meat (BYND). Uber stock, Tufin stock and Tradeweb stock are near IPO base buy points while Beyond Meat stock is back in buy range after a recent breakout. Pinterest (PINS), Lyft (LYFT) and Jumia Technologies (JMIA) are three examples of why it's important to wait for new issues to clear an IPO base before buying.
Top Stocks To Watch: IPO Stocks
When you're looking for top stocks to watch, IPO stocks are a great pocket of the market to find names with the potential for big gains. But buyer beware — IPO stocks carry added risk since they don't have a trading history. That's why it's best to avoid buying IPO stocks on their first day of trade.
Investors should wait for a breakout from an IPO base before buying. Uber stock, Tufin stock, Tradeweb stock and Beyond Meat stock are potentially actionable since they've all formed IPO bases.
Keep in mind that a stock market correction is underway as an escalating China trade war takes a toll. Investors should be very cautious about buying any stocks during a market correction.
Hot IPO stock Uber is trading 7% below an IPO base buy point of 45.10. After pricing at 45 and debuting at 42 on May 10, the first two days of trade for Uber stock were very disappointing as shares lost nearly 20%.
Some of that could be attributed to poor market conditions, but the company is not profitable and revenue growth has slowed. Top IPO stocks usually have sales growth of at least 30% or more, and Uber's most recent quarterly sales growth was 22%, down from 154% growth the year prior.
Still, Uber stock is rebounding and nearing a potential entry. IPO bases need at least five days to form, and while Uber's trading action now qualifies, shorter IPO bases can carry additional volatility — and IPO bases can be risky to begin with. Stocks should generally form the IPO base above their IPO price, so that's another red flag for Uber stock.
Tufin stock, in the leading cybersecurity industry group, is 8% below an IPO base with a 24.99 buy point. Shares popped 30% on their April 11 debut, and the entire IPO base has formed above the IPO price of 14, which is positive.
But like Uber stock, revenue growth for Tufin stock has slowed. Tufin reported a top-line gain of 20% last quarter, but the security software stock was able to turn a profit.
The recent chart action for Tradeweb stock demonstrates the volatility that can come with trading IPO stocks. Tradeweb stock staged a breakout over an IPO base with a 44.35 buy point on May 14, but closed the day below the entry.
The next session, Tradeweb stock climbed 4.5% above the buy point before reversing lower. And the following day, shares of the electronic trading company dropped as much as 9.2% below the buy point before closing the day just a hair below the entry. Tradeweb stock is now 2.4% below the buy zone.
Beyond Meat Stock
Beyond Meat stock surged 163% above its IPO price of 25 in its May 2 debut and quickly formed an IPO base with an 85.55 buy point. After breaking out powerfully above that level on Wednesday, and extending gains Thursday, Beyond Meat stock has now pulled back within the 5% chase zone.
Shares dropped 3.8% Friday on a bearish tweet from short-seller Citron Research, which called Beyond Meat "Beyond Stupid."]
Pinterest, Jumia, Lyft Stock
Lyft stock, Pinterest stock and Jumia stock are three more recent IPOs. Despite the hype surrounding their debuts, their trading action is weak by comparison.
Pinterest stock is trading 25% below a potential entry at 35.39 after a disappointing quarterly earnings report. Lyft stock has not formed an IPO base, and is trading near 54 after pricing at 72 in late March.
Jumia stock formed what looked like a promising IPO base with a 49.87 entry, but never cleared prior resistance and began to sell off. Shares are now trading below 20.
Bottom line: make sure you see top IPO stocks like Uber stock, Tufin stock and Tradeweb stock clear a prior resistance level before buying. That will vastly increase your odds of success with IPO trades.
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