Investors love the new stock smell. But sometimes, those shiny new vehicles can turn into a lemon (NYSE:LMND). About a fifth (or less) of all the public companies in the last year are trading at 40% or more below their historical highs. These companies are worth your attention.After peaking just after their market debuts, Snowflake (NYSE.SNOW), Coupang(NYSE:CPNG) and yes, Lemonade all fell by at least 40%. These could be attractive buying opportunities. Let's take a look at them.1. 4. Snowflake: 42% downSnowflake is not a failed IPO. The cloud-based provider for data warehousing, analytics and data storage was priced at $120 by underwriters in September 2013. Today it trades at over twice its initial public offering. Problem is, the stock doubled in price at its debut date and would reach $429 three months later.The star attractions are growth and engagement. Snowflake's fiscal-year ended in January with a 124% increase in revenue. It also saw a strong 110% increase in its fiscal first quarter, which was posted last month at a solid 110%. The net revenue retention rate stands at an astonishing 168%. In other words, Snowflake's returning customers spend 68% more than they did a year ago. Although the stock may have been a bit ahead of its time in late 2013, the momentum is too strong not to be ignored. It's a great time to capture the falling Snowflake, even though the weather is heating up.2. Coupang: 43% downThere are many things to love about South Korea's top online retailer. Coupang is well-positioned to continue its dominance in the booming ecommerce market. The company has approximately 100 logistics centers in the country. This places it within seven miles of 70% of South Koreans.It's a staple shopping choice for about a third of the country because it offers overnight delivery, no-fuss return policy, and a loyalty program that is too valuable to be ignored. Coupang, like Snowflake is trading at a higher price than its IPO. Another name that got ahead of its own game early on. Coupang was launched at $35 and quickly doubled before it lost most, but not all of its gains.Net sales rose 91% last year. The decline was only slight for a 74% increase year-over-year through the first three months. Investors can now get in at the IPO price for a dominant online retailer with a country locked into its platform.3. Lemonade down 46%Lemonade was disrupting the insurance industry. Lemonade started out offering renters and homeowners insurance. They also use some next-generation tricks to do the job. Lemonade uses artificial intelligence bots for initial claims processing and to provide quotes.Although the stock has lost nearly half its value since January's peak, you can't help but be optimistic about the future. Lemonade is expanding their product range. Lemonade started out as a renters policy provider for millennials who were attracted to its high-tech platform. But it has since expanded into pet, life and auto insurance.Lemonade may be perceived as moving too quickly, but this is not a bad strategy when Lemonade already has a young audience. Policy holders should be happy to bundle products from companies they trust.IPO stocks can be more risky than other seasoned, exchange-tested investments. However, there are still many opportunities if you choose the right ones. Snowflake, Coupang and Lemonade are able to bounce back.
