2 Stocks Down 80% That Could Soar in 2023
The fall from the top some stocks have experienced since 2021 has been incredible. Palantir (NYSE: PLTR) and DigitalOcean (NYSE: DOCN) have fallen 84% and 80% from their respective all-time highs and may never return to those highs. When a stock is down 80%, it must rise 400% to regain its previous levels. Both companies could eventually regain those levels through massive growth, but it could be a while.
But anchoring to a previous price point is a mistake, and investors need to analyze where the business is now and decide if it's worth taking a position in. After analyzing these two companies with me, you'll see why these two may be worth taking a shot on during 2023.
Both companies focus on the direction the business world is moving in, with Palantir having a robust artificial-intelligence-fueled data analysis platform and DigitalOcean providing cloud computing infrastructure to small businesses and individuals. This is evidenced by each company's key customer growth metrics. Palantir grew its total customer count by 66% in the third quarter, while DigitalOcean's number of customers spending more than $50 per month rose by 50%.
Source Fool.com
