3 Well-Known Stocks At Or Near 52- Week Lows
With the market in bear mode, many stocks are trending at or near lows, possibly creating opportunities for investors
The stock market has been in a brutal bearish downward trend of late. This has created a situation where a number of stocks are at or near 52-week lows. While never an exact science, many investors try to identify those in this position that may have the best chance at a return to former price glory. Here are three stocks that are hovering around their lowest points in the past 365 days that may deserve a look.
Polestar (PSNY): Swedish-Chinese EV manufacturer Polestar finalized a SPAC merger with Gores Guggenheim, Inc. (GGPI) on June 23rd. The company has been producing highly regarded vehicles since 2017 and reported regular growth to investors. In 2020, they took in $645 million in revenue, which WCCTech indicates was more than 600% growth relative to 2019. They followed that up by selling 29,000 vehicles in 2021, which was a 185% increase in sales year over year.
Polestar decreased their guidance to 50,000 expected units in 2022 as opposed to the originally hoped for 65,000. However, sales have remained strong so far this year, as they reported sales of 21,200 vehicles during the first six months of the year; a substantial increase over the 9,510 they sold during the same period in 2021. Among their future projections, Polestar plans to sell 290,000 vehicles annually by 2025, which includes 160,000 EV SUVS.
The current Polestar stock price of $5.59 is just above the year-low. Three TipRanks analysts have offered varied, but interesting assessments. In the group, there is a “Buy” a “Hold” and a “Sell” recommendation, but their average price target for the next 12 months is $11.50, with the lowest prediction of the three still coming in at $10.
Meta Platforms (META): Since topping out at around $380 per share last August, Meta’s stock has been in free fall, reaching its current level of $41.45 — right around the year-long low of $134.12. The social media giant has battled a litany of issues, including expected weaker advertising revenue that was made even more difficult by new Apple privacy changes and possible layoffs. They have also received…