Well. The problem here is that you do not know where is the ceiling price. The word high is “relative”
Example: DWAC SPAC stock
People normally buy SPAC around NAV price, but some people bought at @30, @40, @50. Keep in mind the price went up to US$95.
People might say @30, @40, @50 is so high but what about if they bought at those prices and sold it at @90. They would still make profit, do not they.
As noone has a crystal ball, there is always a Risk vs Reward in trading/investing in any asset. That is what people will need to decide before buying any single asset.
Similar to RIVN stock, those who are waiting it to drop to original IPO price, it is not uncommon that it will never touch the original IPO price again.
Another example is Lucid Motor (LCID), if you were waiting for original IPO price @$10, you would never buy this stock as since the reverse merger date they never touch the original price until today.