Sifting Through the IPOs: 2 Thriving, 2 Sliding with Figma On Deck

CoreWeave stock has struggled since its IPO. (Yuki Iwamura/Bloomberg)

With Figma’s highly anticipated IPO set for later this week, investors should remember that fresh listings often bring outsized volatility and typically require time to establish solid technical foundations.

CoreWeave , the AI cloud upstart with strong Nvidia ties, offers a textbook case, now down 41% from its June 20 peak after coming public in late March.

It’s fallen in four of the past five weeks, and as of Tuesday, is off more than 4% this week despite a flat Nasdaq. The doji candles on June 27 and 30, highlighted below on the daily chart, nailed the trend shift as they are prescient in sniffing out potential price changes. A retest of the round $100 level, down from a close of $108.74 on Tuesday, could offer an ideal entry as a potential double bottom takes shape.

Circle Internet Group, the stablecoin powerhouse behind USDC, is unraveling fast. It’s now 38% below its June 23 peak, which stalled right at the very round $300 level. That week alone, shares shed a quarter of their value, a harsh reminder of how unforgiving the post-IPO road can be.

Last week’s 14% drop, paired with a 1% Nasdaq gain, amplifies its glaring relative weakness, and Monday’s additional 4% slide only deepened the wound.

The chart suggests more downside ahead, and I’m holding fire until we see a gap fill near $140, which would also align with a clean retest of the June 16 bull flag breakout. Circle Internet Group was trading at $181.64 Tuesday.

Two recent IPOs showing more promise include Rubrik , the cloud data management firm that debuted in April 2024, and ODDITY Tech .

Like many fresh listings, it’s taken time for Rubrik to shape a constructive chart, but technicals are firming. A rejection at the round $100 level in early June, confirmed by a well-timed doji on 6/5, triggered a controlled 20% pullback, echoing similar doji candle patterns from February and March that did the same.

Now reclaiming its 50-day simple moving average, the stock is regaining upside momentum and a move above the $93.09 double bottom pivot from July 10 could open the door for a sustained run. Rubrik closed at $89.22 Tuesday.

ODDITY Tech, the Israeli digital beauty disruptor, has surged nearly 70% YTD and continues to dazzle one year after its IPO.

The stock exploded 43% the week of its late-April earnings, backed by record volume, and it held that breakout impressively. While it’s weathered a few sharp air pockets, with gap-downs of 14.2% and 10.2% on May 13 and June 19, dip-buyers stepped in fast, reinforcing demand.

It looks actionable here, with a potential add-on above the $77.93 double bottom pivot marked by the intraday high on July 7.

ODDITY Tech closed at $69.69 Tuesday.

Write to Doug Busch at douglas.busch@barrons.com