Small but rapidly expanding Chinese coffee retailer Luckin Coffee (NYSE:LK) hit the public markets with a May 2019 initial public offering (IPO) at a price of $17 per share. In the days following its debut, I called LK stock a long-term winner.
A few months later, I doubled down on that thesis, arguing that the coffee chain is a great growth stock to buy both now and for the long haul.
Indeed, Luckin Coffee stock today trades hands at $40, up a whopping 135% from its IPO price. That’s an impressive rally, especially considering that the 58-stock Renaissance IPO ETF (NYSEARCA:IPO) is flat over that same stretch.