The stock markets are tired of unicorns. They are punishing them. The only bright spot is Beyond Meat (BYND) which has also taken a beating.
Here is what a stock that came out at $25/sh and immediately traded up from an indicated market cap of $1.3B to a cap of $13B ($234.90 on 7-26-2019) looks like. That’s a 859% run up.
Since then the stock price has settled to a level of $81.18 — still a nice premium from the IPO price, but a return of more than 2/3rd of its initial run up.
Bottom line it, Big Red Car
The markets have finally realized that the Emperor has no clothes.
But, hey, I could be wrong.
What the Hell do I really know anyway? I’m just a Big Red Car.