This Recent IPO Stock Could Produce 3X Returns in 5 Years

Despite recent volatility, the S&P 500 is up 30% over the past year, and companies looking to take advantage of that environment are going public at record rates. Through the first three quarters of 2021, the market has seen 1,635 initial public offerings (IPOs) raise a total of $331 billion.

In general, I exercise caution when considering recent IPO stocks. That's because I prefer to see a few quarters' worth of financial data before making a decision. That being said, if I'm particularly interested in a company, I may open a small position early on. For instance, Global-E Online (NASDAQ: GLBE) went public in May 2021, and it's at the top of my watchlist.

Here's why I think this recent IPO stock could grow threefold in the next five years.

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Source Fool.com