Got $1,000? Buy These 2 Stocks in a Market Correction
The recent turmoil in stock markets may be far from over. The Nasdaq Composite Index (NASDAQINDEX: ^IXIC) is roughly 5% off its 2021 high. But while no investor is happy to see the value of their portfolio fall, a market correction can offer great opportunities to build positions in solid stocks that were previously expensive.
Two such great stocks to buy now are Enphase Energy (NASDAQ: ENPH) and Beyond Meat (NASDAQ: BYND). Notably, Enphase Energy stock is already off 44% its 2021 high, while Beyond Meat is down by 45%. The steep fall in Enphase Energy stock, however, looks like a minor correction considering that the stock surged more than 550% in 2020 and is up more than 2,000% in three years, even after the recent fall. In comparison, Beyond Meat stock is still up 55% since its IPO in May 2019. A further decline in the broader market may put further pressure on the prices of these two stocks, making them even more attractive. Let's consider why they could be long-term winners for your portfolio.
The global push toward clean energy has brought renewable sources firmly into the spotlight. With government support for renewable sources rising and the costs of electricity generation from them falling to competitive levels, the opportunities for companies in this sector are enormous. Renewable energy sources are expected to produce nearly half of the world's electricity by 2050. In particular, some analysts forecast that solar energy -- which currently accounts for just 3% of global electricity generation -- could contribute nearly 20% of the total by 2050.
Source Fool.com
