1 High-Conviction Growth Stock Down More Than 50% to Buy Now
After quickly reaching all-time highs in early 2021 shortly after its IPO, shares of Airbnb (NASDAQ: ABNB) have struggled to hold on to any positive momentum. As of this writing, the stock is down 56% in the past year and a half.
The business itself is doing quite well, though, as travelers around the globe make use of Airbnb's accommodations and experiences booking tool. After a big sell-off in the first half of 2022, I'm a buyer right now.
Airbnb's big sell-off can be summed up pretty simply: It was way too expensive after its IPO. In early 2021, the stock was trading for more than 30 times trailing 12-month revenue and generating negative free cash flow (mostly because of the early effects of the pandemic and travel closures).
Source Fool.com
