Tech Sell-Off: 2 Blazing Growth Stocks You'll Regret not Buying on the Dip

The S&P 500 has fallen 14% from its high as investors have taken steps to hedge their losses in an uncertain macroeconomic environment. As a result, the price-to-earnings (P/E) ratio of the benchmark index sat at 20.7 at the end of May, a bit cheaper than its 10-year average of 22.9 times earnings, according to information from Nasdaq Data Link. That doesn't mean the current downturn will end tomorrow, but it does suggest there are bargains to be found.

With that in mind, MercadoLibre (NASDAQ: MELI) and Upstart Holdings (NASDAQ: UPST) look like compelling buys. The stocks have fallen 57% and 89%, respectively, but both businesses are growing at a blazing-fast pace. Here's what you should know about these two tech growth stocks.

MercadoLibre is the largest online commerce and payments ecosystem in Latin America, a region that ranks among the fastest-growing markets in terms of internet penetration and e-commerce adoption. MercadoLibre's ecosystem of integrated services -- logistics, advertising, and financing -- has further solidified its dominant position, accelerating the flywheel that powers its business by incentivizing merchants to join the marketplace.

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Source Fool.com