Got $3,000? These Stocks Could Double Your Money by 2030
The 24% year-to-date drop in the Nasdaq Composite has tested the patience of investors, but it helps to look at the decline from a different perspective. Even after the recent drop, the Nasdaq is still up 86% from five years ago. No one knows when this bear market will finally end, but investors can have confidence that companies with in-demand products and services will grow in value regardless of how their stock performs next month.
If it were my $3,000, I would consider splitting it three ways between Pinterest (NYSE: PINS), Skyworks Solutions (NASDAQ: SWKS), and Ally Financial (NYSE: ALLY). These stocks have fallen hard with the market, but at these lower share prices, investors have a good chance of turning their total investment into $6,000 within the next eight years. Here's why these stocks have double-bagger potential.
Meta Platforms' Facebook and Snap get a lot of attention on Wall Street, but investors shouldn't overlook Pinterest's large user base of 433 million monthly active users. Pinterest saw a rise in user engagement during the pandemic, but the reopening of the economy and competition with other social media platforms has pressured growth this year. In the most recent quarter, monthly active users fell 5% over the year-ago quarter, with revenue growth dropping to a sluggish 9%. Pinterest is capable of performing better, which is why it's time to consider buying the stock.
Source Fool.com
