1 Magnificent Stock Down 53% to Buy Hand Over Fist
Despite the Nasdaq Composite (NASDAQINDEX: ^IXIC) index jumping 23% so far in 2023, the technology sector is still finding its feet after a brutal sell-off last year.
Many individual tech stocks are still down substantially from their all-time highs, and the companies will have to lift themselves out of this valuation slump by delivering a strong operating performance. That includes steady growth and creating a pathway to profitability.
Music streaming giant Spotify (NYSE: SPOT) is proving it can accomplish both of those things. Its stock soared 10% after the release of its financial results for the third quarter, and its shares have now more than doubled in 2023 -- yet remain 53% below its all-time high, set in 2021.
Source Fool.com
