Down 71%, This Growth Stock Could Help You Build a Fortune
While the Nasdaq Composite index is up roughly 21.5% this year, it also remains down roughly 21% from its all-time high. Growth stocks are still in bear market territory, and many companies that saw big valuation boosts at the height of the pandemic continue to trade at massive discounts compared to previous highs.
In addition to bullish catalysts created by stimulus initiatives and low interest rates, many software companies saw engagement catalysts from shelter-in-place and social-distancing conditions. But as high inflation and rising interest rates caused investors to move out of growth-dependent companies, high-flying "pandemic stocks" saw their valuations crater.
While some pandemic stocks might never revisit their former valuation peaks, there are others that actually have a good chance of bouncing back and reaching new highs. Read on for a look at one promising software company that's still trading down 71% but has what it takes to help long-term shareholders build a fortune.
Source Fool.com
