1 Nasdaq Growth Stock Down 89% to Buy Now and Hold
Let's be clear: Any stock that loses 89% of its value from its all-time high carries inherent risks. But technology-driven real estate company Redfin (NASDAQ: RDFN) continues to deliver powerful growth even in the face of tightening economic conditions.
As is the case with many tech stocks, Redfin's decline is partly attributable to the plunge in the Nasdaq-100 index, which is now in a bear market, having lost 28.3% of its value. It has been a drag on investor sentiment, and there's no bottom in sight just yet.
That's one of a few headwinds Redfin faces going forward, with the largest being a further rise in interest rates, which could slow demand for home buying in the near term. But real estate is a historically strong asset class, and investors who have a five- to 10-year time horizon could do incredibly well buying this stock at a discount right now.
Source Fool.com
