Buying shares on a dip in price is sometimes seen as a good strategy, especially when it comes to a blue-chip stock that's likely to recover. After all, if it's a sound business and it's cheaper to buy, it should make for a solid investment to hang on to in your portfolio. But in the world of meme stocks and high-risk investments, many stocks today are down by much more than just 10%, 20%, or even 50%.

A couple of once-promising growth stocks that are down 80% or more from their highs are Aurora Cannabis (NASDAQ: ACB) and Upstart Holdings (NASDAQ: UPST). Are these stocks destined to fall lower, or should you buy them at their significantly reduced valuations?

Canadian-based pot producer Aurora Cannabis was once one of the top cannabis stocks to invest in, going head-to-head with rival Canopy Growth for the top spot in the industry. Today, however, it's struggling to generate any consistent growth, and it remains unprofitable. Trading at around $1.50, the stock is down a whopping 82% from its 52-week high of $8.69 that it hit last November.

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Source Fool.com