The fitness stock declined 11% to $25.76 on Thursday, below its IPO price of $29 a share, and the second-worst public debut of a unicorn this year.
Two of those could be setting up for a pop, says Matt Maley, equity strategist at Miller Tabak.
"It's hard to look at the charts because they haven't been around that long, but there are two on a trading basis that look pretty good," Maley said on CNBC's "Trading Nation" on Thursday. "Last time I was on, talking Beyond Meat [at the end of July], I thought it was way overbought and extended, and sure enough the stock fell 44%."
After peaking in July, the stock fell to a low Wednesday. Beyond partnered with McDonald's to roll out "PLT" burgers — plant-based patties, lettuce and tomato — at test locations on Thursday, lighting a fire under the stock that took it back above $150.
"It's oversold, it's held its summer lows. So it looks like [Thursday's] bounce will last a little while," said Maley.
Maley sees a similar setup in video-conferencing tech stock Zoom Video.
"Here's a stock that again got oversold, held its summer lows and tried to bounce back," said Maley.
However, Maley says it pays to be cautious with these stocks even if they see a pop.
"These are more trading vehicles than they are kind of long term investments, and again when smart guys sell their companies I don't know if I want to jump in with both feet," he said.
Nancy Tengler, chief investment strategist at Tengler Wealth Management, says to steer clear of the IPO market as a whole.
"I think the IPO trade this time around with these very mature companies … is a sucker's trade for the most part. Beyond Meat is the exception, surely, and a few others, but look at Uber and Lyft. These companies have no pathway to earnings," Tengler said during the same segment.
Lyft and Uber, two of the most hotly anticipated stocks to debut this year, have fallen more than 25% over the past three months.
"I think it's kind of healthy that the market is demanding more from these companies when they go public," said Tengler.