Market Sell-Off: 1 Beaten-Down Tech Stock You May Regret Not Buying Hand Over Fist
The stock market is having a challenging year for multiple reasons, including high interest rates, surging inflation, and the possibility of a recession. This largely explains why major indices such as the S&P 500 and the Dow Jones Industrial Average are down 18% and 14%, respectively, in 2022.
Semiconductor stocks have been hit particularly hard amid this sell-off, with concerns of a slowdown in chip demand adding to the gloom. The PHLX Semiconductor Sector index is down a whopping 34% in 2022, underperforming the other indices by a huge margin. Not surprisingly, chipmakers such as Ambarella (NASDAQ: AMBA) that were flying high in 2020 and 2021 are down in the dumps this year.
In fact, Ambarella stock is more than 70% in 2022. Its recent results haven't been inspiring, and the near-term outlook is tepid. But savvy investors may want to keep an eye on the stock and buy it while the market is in sell-off mode. Let's find out why.
Source Fool.com
