Investors love that new stock smell, but sometimes those shiny new vehicles turn into a lemon -- or a Lemonade (LMND -1.93%). Roughly a fifth of the companies that have gone public over the past year are now trading more than 40% below their all-time highs. Some of them deserve your attention.

Snowflake (SNOW -1.00%), Coupang (CPNG 0.53%), and yes, Lemonade have all plummeted by at least 40% after peaking shortly after their market debuts. They could be interesting buying opportunities now. Let's check them out. 

A stack of rising coins on a table with the letters I,P, and O on the way up.

Image source: Getty Images.

1. Snowflake: Down 42% 

Snowflake isn't a broken IPO. Underwriters priced the cloud-based provider of data warehousing and analytics at $120 last September, and today it is trading at more than double its IPO. The problem here is that the stock also more than doubled at the open of its debut date, and three months later the stock would peak at $429.

Growth and engagement are the star attractions here. Revenue soared 124% for Snowflake's fiscal year ending in January, climbing a still hearty 110% in the fiscal first quarter it posted last month. Net revenue retention rate is clocking in at a jaw-dropping 168%. Put another way, returning customers are spending 68% more on Snowflake than they were a year earlier. The stock may have gotten ahead of itself late last year, but the momentum is too strong to ignore here. While the temperature may be heating up outside, it's a good time to catch the falling Snowflake. 

2. Coupang: Down 43%

There's a lot to like when it comes to South Korea's leading online retailer. Coupang has set itself up for a long stay at the top of the booming e-commerce market. It already has roughly 100 logistics centers across the country, placing it within a seven mile delivery route for 70% of the South Korean citizens. 

Overnight deliveries, no-fuss returns, and a customer loyalty program that's too valuable to give up have made it a shopping staple for a third of the country. Like Snowflake, Coupang is also trading above its IPO price. It's another name that just got ahead of itself early on. Coupang debuted at $35, quickly nearly doubling before giving back most -- but not all -- of its gains. 

Net sales soared 91% last year, decelerating only slightly for a 74% year-over-year advance through the first three months of this year. A dominant online retailer that essentially has a lucrative country on lock with its platform is a very attractive stock now that investors can get in near the IPO price again. 

3. Lemonade: Down 46%

The insurance industry is one that was ripe for disruption when Lemonade popped on the scene. Lemonade got its start offering home and renters insurance, using some next-gen tricks to get the job done. Lemonade leans on artificial intelligence bots to offer quotes and initialize the claims process.

The stock has shed nearly half of its value since peaking in January, but you don't see the growth story here coming undone. Lemonade is expanding its product offerings. It may have started as a provider of renters policies for millennials drawn to its high-tech platform, but it has gone on to expand into pet, life, and now auto insurance

Some may argue that Lemonade is evolving too fast, but that's not a bad approach when it already has a young audience of policy holders that should gladly bundle products together from a company they trust. 

IPO stocks are riskier than more seasoned exchange-tested investments, but there's also a lot of opportunity if you pick the right ones. Snowflake, Coupang, and Lemonade have what it takes to bounce back.