2020 is looking a whole lot like 1999, as technology initial public offerings that made little or no money came out and rocketed higher. However, some of the glow has worn off, and many of the deals went higher the first day of trading but then retreated to much lower price levels, or even traded lower right out of the chute. It was reported that some of the top hedge funds were shorting the IPOs as soon as they could, and now it appears that many of the same hedge funds could be piling into the shares.

We screened our 24/7 Wall St. research database looking for backdraft trade ideas on some of the companies that have had wild price swings in 2020. We found five companies that are rated Buy across Wall Street and that also offer stellar technologies and applications. While not suited for conservative accounts, they make sense for aggressive investors looking for solid ideas. While all five are rated Buy at major Wall Street firms, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Ping Identity

This company is at the forefront of cybersecurity and has awesome growth potential. Ping Identity Holding Corp. (NYSE: PING) is a leader in identity access and management. Its products safeguard enterprise applications and data by providing controls around user authentication, access and more.

Ping’s single-sign-on technology helps streamline user workflow by providing a single password for multiple applications to reduce log-ins. Additional product features include consumer identity management, Internet of Things and application programming interface management. Ping differentiates with a history of complex deployments across hybrid networks.

Though Ping reported better than anticipated second-quarter results, third-quarter guidance was weaker than expected. Management sees no change in terms of market health and competitive dynamics but cited pressure on larger deals and duration. COVID-19 related headwinds have an impact on near-term growth and visibility, but most on Wall Street expect a strong recovery in 2021.

BTIG has the highest target price, $37, on Wall Street. The consensus target is $35.73, and the shares closed trading on Tuesday at $36.37, up over 5% on the day.

Rackspace Technology

This company has returned to the publicly traded markets after a stint in private equity land. Rackspace Technology Inc. (NASDAQ: RXT) engages in the provision of end-to-end multicloud technology services. The firm designs, builds and operates its customers’ cloud environments across technology platforms.

Earlier this week, Rackspace reported a better than expected adjusted profit for its second quarter that ended June 30, while revenue grew 9% year over year to $657 million, also exceeding expectations.

Looking forward, the company projects adjusted fiscal year 2020 net income between $0.75 to $0.81 per share and consolidated revenue growth in a range of 9% to 10%, or about $2.66 billion to $2.68 billion based on its $2.44 billion in fiscal year 2019 revenue. Estimates across Wall Street are at $0.77 per share, excluding one-time items, on $2.64 billion in revenue.

Goldman Sachs has a gigantic $44 price target. While no consensus target is posted yet, as the company just reported, most targets across Wall Street are in the mid to high $20s. Shares closed at $21 on Tuesday.

Rocket Companies

The massive surge in mortgage demand and interest in refinancing is huge for this sector leader. Rocket Companies Inc. (NYSE: RKT) engages in the mortgage business in the United States. It is involved in originating, processing, underwriting and servicing predominantly government-sponsored enterprise-conforming mortgage loans, as well as Fair Housing Act, U.S. Department of Agriculture and U.S. Department of Veteran’s Affairs mortgage loans.