A bull market is just around the corner, it seems. The S&P 500 finished 2023 with a breakout rally that brought the broad-market index within a hair’s breadth of an all-time high. While stocks pulled back in the first couple of days of the new year, it still seems like the S&P 500 will push into record levels this year, thereby kicking off a new bull market.
Even with the index near all-time highs, there are still a number of stocks that are down substantially from their peaks and are worth buying right now. Keep reading to see two of them.
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This category leader could deliver huge growth
Keith Noonan (Roblox): Roblox (NYSE: RBLX) operates a leading online entertainment platform and is at the forefront of the potentially explosive metaverse space. Users can access thousands of distinct games and social experiences through its hub, and it’s even possible to create your own content and generate substantial real-world cash if it’s popular with other players.
Even after climbing roughly 48% over the past year, Roblox stock is still down approximately 69% from the high that it reached in November 2021. For long-term investors seeking potentially explosive stocks that could surge with the next sustained bull market, building a position in the metaverse leader could have a big payoff.
The business admittedly posted some uneven performance over the last few years due to the waxing and waning of pandemic-related tailwinds and headwinds. Sales growth slowed to a trickle in the second half of 2022 as the business faced comparisons to periods that benefited from elevated engagement.
But even though growth for sales and engagement went through a slow stretch, Roblox remained a top player in a section of the online media landscape that has incredible long-term promise. The metaverse leader has proven that it’s not a flash in the plan, and it’s once again posting business momentum that should excite growth-focused investors.
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In the third quarter of 2023, it once again set new engagement records. Average daily active users rose 20% year over…
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