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Word on the street: These two IPOs might be worth investing in

Yahoo Finance's On the Move panel discuss the latest headline making news stories.

Video Transcript

JULIE HYMAN: It's time for Word on the Street, where we check in with our panels, find out what they are watching. Not a great day for stocks overall today. But how about some IPOs? Jared is watching that.

Jared, things have picked up a little bit in terms of IPOs. Which ones are we seeing today?

JARED BLIKRE: Today we've got Relay Therapeutics and Trean Insurance Group. So looking at the YFi Interactive, Relay got a nice 75% pop. Really incredible. They IPOed at $20 per share, raising $400 million in total.

And we've seen a lot of these big pops. I'll just bring up this one, nCino, down 2% today. But over the last several days, I think it rallied 200% in its first day. And just another example of the strength of the IPO market.

So here's Trean Insurance Group. It IPOed at $15. And I believe-- I believe it opened up at $17. So it's settled back down to about its IPO price. There it is right now.

But just to give you a bigger-picture look of the IPO market, we have the Renaissance IPO ETF. And year-to-date, it's up 36%. And off these lows much more, about 50%. Just kind of indicative of some of the risk taking that's in the market.

And I think that's going to be correlated with overall stock performance, especially the NASDAQ, for some time. Just speculation, but it is a good time to be IPOing right now, at least in the short term.

JULIE HYMAN: Quick follow up question for you, Jared, before we move on to Dan. Do we have any indication that the so-called Robinhood traders are part of what is fueling the rally in the IPOs?

JARED BLIKRE: Specifically with respect to IPOs, I would say not necessarily. They are very much interested in a lot of these stocks. But there are some really interesting dynamics on how they have affected certain individual stocks.

So I would say it's possible. But are they adding to the overall indices? Probably not.

You take a stock like Hertz, for example, and they did have a big part in that run up. So individually, yes. Indices, no.