The Nasdaq Is Down More Than 25% This Year. Time to Buy These 5 Top Stocks
Although most investors dislike market corrections, they offer great opportunities to add solid stocks to your portfolio for the long term. With the Nasdaq Composite index down roughly 27% this year as of this writing, several growth stocks have also seen significant correction. Let's discuss five such top stocks that look very attractive right now.
Stock of electric vehicle (EV) maker Rivian (NASDAQ: RIVN) has corrected roughly 77% this year and is 86% off its all-time high price of $172. The stock's market capitalization, which crossed $150 billion days after its listing, has fallen to $22 billion.
Rivian fared well in the first quarter, when it produced 2,553 vehicles. As of May 9, the number of vehicles produced rose to roughly 5,000. Importantly, the company expects to meet its target of 25,000 vehicles for 2022. With more than 90,000 pre-orders for its R1 truck and SUV, along with an initial order of 100,000 electric delivery vans from Amazon, Rivian has some demand visibility.
Source Fool.com
