Research Notes: Busted IPOs

Thoughts on Opendoor, TheRealReal and EVgo

Highlights:

• After our piece on WISH last week, we look at three more fallen angels.

• Opendoor has rallied 131% since late April, but we remain skeptical of the fundamentals.

• TheRealReal has a path to big upside with a critical Q3 report looming.

• EVgo has faded after a strong Q2 report in August. The market’s reaction makes more sense than initial appearances…