1 Growth Stock Down 50% to Buy Right Now

In November 2021, after more than a year of COVID-19 lockdowns, 's (NASDAQ: NFLX) shares were trading at almost $690 apiece. Now, following months of high inflation and widely held concerns about a potential recession, the company's stock is trading around $340, a drop of approximately 50%. However, the Netflix of late 2021 is in some ways quite different from the Netflix of today, and there may be some good reasons to buy the stock right now. Let's explore.

Netflix got into the gaming space in late 2021, rolling out a collection of iOS and Android titles exclusively available to its subscribers. Initial reports indicate customer response was muted, with reportedly less than 1% of its subscriber base downloading its games. Nonetheless, Netflix has made it clear it sees video games as a key element of its long-term growth.

"[W]e believe that the future of television, of films, and games is streaming," Netflix co-CEO Ted Sarandos told investors last year. And as if to underline that point, the company recently announced it's exploring a cloud gaming service that would allow players to enjoy its games via any device that currently supports Netflix content.

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Source Fool.com