2 Growth Stocks Down 55% and 94% That Billionaires Keep Buying
Investors turned bearish as the economy weakened in the first half of the year, setting the stock market on a downward trajectory. By the end of June, the broad-based S&P 500 had fallen 21% from its high, and the tech-heavy Nasdaq Composite was down 31%. But that didn't stop certain wealthy hedge fund managers from buying growth stocks.
Jim Simons of Renaissance Technologies added to his stake in Upstart Holdings (NASDAQ: UPST) in the second quarter, and Philippe Laffont of Coatue Management started a position. Meanwhile, Ken Griffin of Citadel Advisors and Israel Englander of Millennium Management bought more shares of Elastic (NYSE: ESTC).
Upstart and Elastic currently sit 94% and 55% off their highs, respectively. Is it time to buy these beaten-down growth stocks?
Source Fool.com
