Nasdaq Bear Market: 1 Growth Stock Down More Than 90% to Buy Now
The tech-heavy Nasdaq Composite has tumbled 29% from its high, sent into a downward spiral by the deteriorating macroeconomic environment. But many individual stocks have fallen much further. A combination of weak guidance, runaway inflation, and rising interest rates have left Upstart Holdings (NASDAQ: UPST) 93% off its high. But investors shouldn't give up just yet.
Here's what you need to keep in mind about this growth stock.
Upstart is a fintech company that aims to disrupt the lending industry. Its artificial intelligence-powered platform captures far more data from prospective borrowers than traditional credit models, which theoretically allows the company to quantify risk more precisely. Lenders benefit from lower fraud and loss rates, which can translate into great approval rates and lower interest rates from consumers.
Source Fool.com
