A reckoning for tech: 2020-21 IPOs Coinbase, DoorDash, Bumble, Wish, and Coupang record all-time low stock prices this week

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via DelphiCapital

Note: this post has been expanded from the 5 companies in the title to 11 companies also including Snowflake, Airbnb, Qualtrics, Affirm, Deliveroo and Opendoor.

11 of the biggest COVID tech IPOs in 7 different categories (cloud, crypto, gig economy, app economy, e-commerce, fintech, and real estate), all crashed following stellar public offerings. Prices rounded to the nearest digit.

  • SNOW went down from $430 ATH in Dec to 314 in Feb to 232 on Apr 30 and 185 today.
  • COIN sunk from 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 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 $85 ATH to $39 after beating expectations yday.
  • WISH crashed from ATH of 33 to 8 after earnings yday.
  • CPNG is down from ATH of 69 to 31 after reporting a higher than expected adjusted loss yday.
  • Qualtrics (XM) crashed from ATH of $57 to 29 today.
  • SPAC merger OPEN 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.
  • AFRM is down from ATH of $147 in Feb to 47 today.
  • Deliveroo (LON: ROO) crashed from ATH of £3.9 on IPO day to £2.3 on Apr 26 and trades at £2.4 today.
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The one newly public tech company that seems to have weathered the storm is Roblox, which reported great earnings on Monday.

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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 over weeks either preceding or following earnings.

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