2022 is almost over and although 2023 brings with it plenty of uncertainty, most investors will no doubt be happy that a tumultuous year for the stock market is finally coming to an end.
The selling pressure has at times been so severe that it didn’t really matter whether a stock has strong fundamentals or not, the reflex has been to throw the baby out with the bathwater.
The upshot to the relentless selling is that now investors get a chance to load up on their favorite names at a big discount. As the saying goes, if you liked a stock when it was surging ahead, you’re sure to like it even more when it’s down by 60% or more. And for those looking for such bargains, the stock market is currently one big candy store.
With this in mind, we’ve pulled out of the TipRanks database three stocks that are down significantly for the year – by the order of 60% or more – but which the analysts believe are just too cheap to ignore right now – all three are rated as Strong Buys by the analyst consensus. Let’s see what makes them appealing turnaround stories right now.
Expensify, Inc. (EXFY)
If we’re after stocks that have taken a sound beating, then the first name certainly fits the bill. Shares of Expensify are down 80% year-to-date.
As its name suggests, the company provides an online tool for companies to manage expenses, with its slogan being “expense reports that don’t suck!”
While expense management software is nothing new, what makes Expensify stand out is that it caters mainly to the SMB (small- and medium-sized businesses) market, a segment that contributes in a big way to the global economy.
Expensify, though, has not been immune to the downturn and the company missed targets in its most recent quarterly report. In Q3, revenue came in at $42.5 million, amounting to a 13.6% year-over-year increase yet falling short of the consensus estimates by $3.44 million and also representing a drop from the $43.2 million it delivered in the previous quarter. The figure was also some distance below the company’s long-term revenue outlook of annual growth between 25%…
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