Each of these stocks came to market in search of high valuations, but soon came back to earth.

Let’s start with Arm Holdings (ARM)

ARM Holdings entered the hot chip and semiconductor market on September 14 priced at $56 dollars per share. It ran up to $69 within one day before it came crashing down to a low of $49.87. 

ARM is currently trading in a tight range between $50 and $56. It appears that’s where the market has valued this stock at present.

Instacart (CART)

The popular grocery delivery company that flourished during the height of the pandemic launched its IPO September 19, five days after ARM. The stock hit the market priced at $42 and plummeted down to a low of $24.50.  It is currently traveling in a range between 24.50 and $27.

Does CART still have room to drop? Sure it does, but analysts are starting to like CARTs current valuation and are building a bullish case for the stock, according to reports from Barron’s and Investors Business Daily.

Birkenstock (BIRK)

Most recently, the iconic German sandal Birkenstock (BIRK) launched its IPO on October 11. Like the other IPOs mentioned in this article, it debuted on Wall St.priced at $42 dollars per share, before quickly pulling back to $36 dollars.

Since then, BIRK has rallied over the past 2 days, closing at $39.28 on October 17, in line with a consumer stock sector rally.

Stay tuned to Global Investment Daily as we monitor developments with these new stocks.

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