From Lucid to ChargePoint -- 3 Renewable Growth Stocks Worth Buying in 2023
When markets are in a bull run, the economy is growing, and there is a lot of optimism about future, investors are eager to buy stocks. Often, buying at such high levels when everyone else is also on a buying spree leads to disappointments. Warren Buffett has famously advised investors be fearful when others are greedy, and greedy when others are fearful.
The S&P 500 index has fallen roughly 20% in 2022, as of this writing. With fear and uncertainty around, it is probably time to be greedy. Indeed, as always, you must be greedy only with quality companies. Let's take a look at three growth stocks that you can consider buying in 2023.
Lucid Group (NASDAQ: LCID) offers one of the best electric vehicles (EVs) in the market today. The company has been growing its vehicle deliveries, albeit more slowly than what investors would have liked. It has orders from the Saudi government in addition to reservations in the U.S. It has the funding required to carry operations till the end of 2023. The best part is the stock has fallen more than 80% in 2022, and is trading at a more attractive level right now. Indeed, its price-to-sales (P/S) ratio is still high -- at about 32. But it is important to put this ratio in perspective. Lucid is generating few sales today. But its sales should grow by orders of magnitude, bringing its P/S ratio to far more reasonable levels in the coming years.
Source Fool.com
