Last year, and so far this year, it seems to be much more 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 some of the deals retreated to much lower price levels or traded lower right out of the chute. Some top hedge funds reportedly 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.
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We screened our 24/7 Wall St. research database looking for backdraft trade ideas on some of the stocks that have had some wild price swings in 2021. We found four companies that are rated Buy across Wall Street and that also offer stellar technologies and applications. While not suited for conservative investors, they make sense for aggressive investors looking for solid ideas. It is important to remember that Facebook was cut in half after its IPO and traded down to $17. Yet, it closed recently at $351 a share.
It also is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Convey
This stock sputtered out of the block and could be offering among the best upside potential. Convey Holding Parent Inc. (NASDAQ: CNVY) provides technology-enabled solutions and advisory services to assist its clients with workflows across product developments, sales, member experience, clinical management, core operations and business intelligence and analytics in the United States.
The company operates through two segments. The Technology Enabled Solutions segment offers technology solutions through web-based customizable applications that are used to identify, track and administer contractual services or benefits provided under a client’s plan to its Medicare and Medicaid beneficiaries.
It also provides analytics over health care data to capture and assess gaps in risk documentation, quality, clinical care and compliance. The company’s software solutions for health plans include enrollment and billing technology, supplemental benefits solution, agent and broker management, membership and financial reconciliation, compliance monitoring and data analytic solutions.
The Advisory Services segment offers advisory services, including sales and marketing strategies, provider network strategies, compliance, star ratings, quality, clinical, pharmacy, analytics and risk adjustment. The company serves government-sponsored, Medicare, Medicaid and provided sponsored plans, as well as pharmacy benefits managers.
Canaccord Genuity has a Buy rating and a Wall Street high $18 price target. No consensus target was available. The shares closed trading on Wednesday at $8.79.
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