Beyond Meat is now larger than 80 S&P 500 companies, but IPO euphoria might not last

, are companies without profit. Beyond is not projected to generate quarterly income until the third quarter of 2020, according to FactSet estimates.

"Also, the IPO ETF has outperformed the S&P by quite a bit over the last few years. It's up over 100% since early 2016, which is up almost twice as much as the S&P," said Maley., which holds stocks that have gone public within the past two years, is up nearly 38% this year, while the S&P 500 has added 16%.

"But, the thing that concerns me the most is that a lot of these companies are not brand-new companies like they were back in the last bubble. They're companies that have been around for quite a while, and when smart people sell their company or take them public it's usually a sign of a top," said Maley.

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