If you like bargain-shopping, there’s certainly no shortage of stocks to consider right now. The growth-oriented Nasdaq Composite (NASDAQINDEX: ^IXIC) is down more than 16% year to date, and currently sits nearly 20% below its November peak. In that it’s a composite of all Nasdaq-listed names, that means some of its constituent stocks have done much, much worse.
In a few of those cases, however, the drubbings are overdone. Here’s a look at three of the Nasdaq’s most beaten-down tickers primed to bounce back sooner or later, and probably sooner than later.
MongoDB (NASDAQ: MDB) may not make an exciting product, but that doesn’t mean it’s not an exciting company… from an investor’s perspective. Last year’s top line of $874 million was 48% better than 2020’s revenue, and analysts are modeling sales growth of more than 34% this year.
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Better still, the database solutions company is inching toward actual profitability. At its current pace it should work its way out of the red sometime in 2025, or perhaps even sooner if its fourth-quarter results are any indication. Investors were expecting a loss on the order of $0.20 per share, but MongoDB only reported a per-share loss of $0.09.
The beat helped, to be sure. Shares bounced nearly 19% on Wednesday, in fact, in response to the solid fourth-quarter print reminding investors just what a powerhouse this company is. Even with the big gain, though, MongoDB is still trading more than 40% below its late-December peak. That makes it a very juicy prospect now.
If you’ve been keeping tabs on DraftKings (NASDAQ: DKNG), then you likely know CEO Jason Robin recently tweeted: “If you sold #DKNG today, just be aware that my team and I are on a mission to make you regret that decision more than any other decision you’ve ever made in your life.” The day in question was Tuesday, when DraftKings stock fell a relatively modest 4%, but capped off what’s become a 73% pullback from September’s highs. Yikes.
Veteran investors will recognize the theatrical rhetoric as something a frustrated CEO would say when his company is doing everything right, yet none of it stops that company’s stock’s rout. The thing is, Robin may actually be quite right.
While it’s clearly a long-term project, the key to DraftKings’ recovery is the impending growth of the online sports betting market. It’s only legalized in about half of U.S. …….