Petco Health and Wellness Co. signage outside the Nasdaq MarketSite during the company’s initial public offering (IPO) in New York, U.S., on Thursday, Jan. 14, 2021.
Michael Nagle | Bloomberg | Getty Images
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Fundstrat Global Advisors co-founder Tom Lee told CNBC on Thursday the string of soaring public market debuts may be a sign that retail investors are continuing to pile into equities.
Lee’s comments came shortly after Petco Health and Wellness finished its first day of trading up more than 60% with a market capitalization north of $6 billion. “It does show a lot of enthusiasm, and part of me says that’s a little alarming,” Lee said on “Closing Bell.”