Dutch Bros (NYSE: BROS) went public just over a year ago in a bull market. There were 1,035 initial public offerings (IPOs) in 2021, a record, following 2020, which itself was a record high with 480 IPOs. In 2022, there's been a major IPO pullback; there have been only 174, with less than three weeks left to the year.

A large percentage of the 2021 IPOs were special purpose acquisition companies that still haven't taken a company public. From the remainder, the overall losses have not been pretty. But a few stand out as having really taken off, including Dutch Bros, which is up 40% from its IPO price of $23. Investors clearly see potential here.

However, it's down 12% from its first-day closing price of $43, and down 53% since its highs from last year. Does that spell opportunity?

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Source Fool.com