2 Growth Stocks Down 80% and 93% That Billionaires Are Buying on the Dip
Growth stocks have sold off sharply this year in response to high inflation and rising interest rates, but those macroeconomic forces have been particularly devastating in certain industries. For instance, fintech lender Upstart Holdings (NASDAQ: UPST) and e-commerce software vendor Shopify (NYSE: SHOP) have seen their share prices plunge 93% and 80%, respectively. But some billionaires were still buying the stocks in the second quarter.
For instance, Jim Simons of Renaissance Technologies added to his stake in Upstart and started a position in Shopify. Meanwhile, Ray Dalio of Bridgewater Associates doubled-down on Upstart, and David Siegel of Two Sigma Advisers increased his position in Shopify.
Is time to buy these growth stocks?
Source Fool.com
