3 Stocks Down 70% or More That I'm Loading Up On in 2023
Some of the stocks that have been beaten down by 70%, 80%, or more in the recent market decline aren't likely to come back. The boom in special purpose acquisition companies (SPACs) and flurry of initial public offerings (IPOs) in 2020 and 2021 produced a lot of public companies that are starting to run into serious financial trouble in this difficult economic environment.
On the other hand, there are some beaten-down stocks that still look rather promising from a long-term standpoint. Here are three in particular -- all of which are down by 70% or more -- that I've been buying in my own portfolio recently and plan to add to even more.
Banking disruptor SoFi Technologies (NASDAQ: SOFI) was a product of the SPAC boom, and like many of its fellow ex-SPACs, its stock has performed poorly -- down about 79% from the peak. In addition to the general cooling off of high-growth stocks, investors are frustrated that SoFi's core student loan refinancing business remains at a virtual standstill, and there are worries that higher interest rates could hurt its lending operations, by far the more profitable side of the business.
Source Fool.com
