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Tom Lee says hot IPOs may be a sign retail investors are coming back to stocks

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

(This story is for CNBC Pro subscribers only.)

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.”

Source: Cnbc

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