This Growth Stock Once Soared 1,900% -- and Here's Why It's a Buy Right Now
In Dec. 2020, Upstart Holdings (NASDAQ: UPST) listed on the stock market priced at $20 per share. In less than 12 months, it rocketed to an all-time high of $401.49, delivering a gain of more than 1,900% for investors who backed its initial public offering.
If you've just checked the tape, don't worry, you're not dreaming. Upstart stock has in fact collapsed by 95% and is once again trading at around $20. The retreat can be partially attributed to the decline in the broader technology sector with the Nasdaq-100 index currently trading in a bear market. But Upstart's business is also being challenged by the tougher economic climate.
To understand why, let's take a look at what the company does and how its recent stock-price drop could be a buying opportunity.
Source Fool.com
