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IPO Research

July 19, 20210Comments

Robinhood IPO: Still A Bad Bet For Investors with Alarming Risk

After analyzing the updated S-1, we still think Robinhood is significantly overpriced and worth no more than $9 billion.
by Alex Sword
July 15, 20210Comments

A Casino For Users, A Bad Bet For Investors

We think this stock is worth no more than $9 billion and that its best years are behind it.
by Alex Sword
June 28, 20210Comments

Didi Global’s Lower Valuation Is Still a Bad Ride for Investors

Despite the big drop in the valuation, we still do not think investors should expect to make any money in this IPO.
by Kyle Guske II, Senior Investment Analyst, MBA
June 25, 20210Comments

Dough-Not Buy This Overpriced IPO

We think the stock is worth no more than $10/share and that JAB Holdings is looking to cash out at the expense of new investors.
by Alex Sword
June 21, 20210Comments

Different Country, Same Bad Business Model

A $100 billion valuation implies Didi will own 50% of the world ride share and food delivery market, a highly unlikely event.
by Kyle Guske II, Senior Investment Analyst, MBA
June 7, 20210Comments

Marqeta’s IPO Is Priced Beyond Perfection

We see no reason for investors to buy this IPO. Wait for the price to drop to below $9/share or allocate to stocks with much better risk/reward.
by Kyle Guske II, Senior Investment Analyst, MBA
May 26, 20211Comments

Figs Stands Out Amidst a Sea of Overvalued IPOs

Figs is the best looking IPO we’ve seen so far in 2021.
by Kyle Guske II, Senior Investment Analyst, MBA
May 13, 20210Comments

Squarespace Valuation Is Out of This World

This direct listing looks like a bad to deal to us, and we would not be buyers of this stock at anywhere close to the expected valuation.
by Kyle Guske II, Senior Investment Analyst, MBA
May 10, 20211Comments

Strong Earnings Won’t Stop Coinbase’s Slump

Coinbase is not likely to fulfill the profit expectations baked into the stock’s current valuation due to rising competition in the cryptocurrency trading space.
by Matt Shuler, Investment Analyst II
May 4, 20210Comments

Honestly Overvalued

At the midpoint of its price range, The Honest Company is valued at ~$1.4 billion and earns our Unattractive rating.
by Kyle Guske II, Senior Investment Analyst, MBA
April 28, 20210Comments

Another Overvalued IPO: Endeavor Group

Endeavor will test investors’ appetite for overvalued IPOs as Endeavor needs this IPO more than investors do.
by Kyle Guske II, Senior Investment Analyst, MBA
April 9, 20214Comments

Despite Record 1Q Results, Coinbase’s Valuation Remains Ridiculous

The company has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high expected valuation of $100 billion.
by Kyle Guske II, Senior Investment Analyst, MBA
March 29, 20210Comments

Compass’ IPO Valuation Is Off the Map

Compass fails to generate any profits, and with minimal ability to cut costs, it’s hard to make a straight-faced argument that the firm can justify a ~$10 billion valuation.
by Kyle Guske II, Senior Investment Analyst, MBA
March 5, 20210Comments

Can You Make Coin Investing in Coinbase?

This report aims to help investors sort through Coinbase’s financial filings to understand the fundamentals and valuation of this upcoming direct listing.
by Kyle Guske II, Senior Investment Analyst, MBA
February 10, 20210Comments

Bumble’s IPO Is Priced For Perfection

With a higher valuation, likely due to rising demand for shares, will investors find a perfect match with Bumble?
by Kyle Guske II, Senior Investment Analyst, MBA
December 7, 20200Comments

Airbnb’s Higher Valuation Is Reasonable

The new valuation changes nothing about the firm’s business but increases the execution risk of management achieving the expectations baked into the stock.
by Kyle Guske II, Senior Investment Analyst, MBA
December 7, 20201Comments

DoorDash’s New Valuation Is Even More Ridiculous

Making an overpriced IPO more expensive only creates more downside risk for investors.
by Kyle Guske II, Senior Investment Analyst, MBA
December 3, 20200Comments

Investors Can Rest Well with Airbnb’s IPO

If Airbnb can continue to execute as it has to date, we think the firm could achieve the future cash flow expectations implied by a $28 billion valuation.
by Kyle Guske II, Senior Investment Analyst, MBA
December 2, 20202Comments

DoorDash: The Most Ridiculous IPO of 2020

At a valuation of $25.4 billion, DoorDash earns our Unattractive rating and would be the most ridiculous IPO of 2020.
by Kyle Guske II, Senior Investment Analyst, MBA
November 25, 20200Comments

Investors Can Rest Well with this IPO

If this firm can continue to execute as it has to date, we think it could achieve the future cash flow expectations implied by its valuation.
by Kyle Guske II, Senior Investment Analyst, MBA
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