Everyone is hoping the market might be bottoming and by the recent actions of Bank of America clients, some evidently think the lows must be in sight.
Last week, BofA customers splashed out $6.1 billion on US stocks, in what amounted to the third largest inflow since 2008.
While the bank has stated it is not as confident the bottom is quite so close, it’s not hard to see why investors feel the time is right to lean into equities. The widespread losses have left scores of beaten-down stocks looking quite cheap, so it might be time to get the stock picking rod out and go for some bottom fishing.
With this in mind, we dived into the TipRanks database and pulled out three such names that have taken it on the head in 2022. All are down by more than 40% this year, but that quirk aside, they also share another characteristic; all 3 are rated as Strong Buys by the analyst consensus and are projected to pick up steam in the months ahead. Let’s see why the Street’s experts think these names make good investment choices right now.
Sprinklr, Inc. (CXM)
If we’re on the subject of beaten-down names, then a good place to start would be in the tech sector, a corner of the market that has been particularly hard-hit this year. Sprinklr is a SaaS company specializing in customer experience management solutions. The company’s AI-powered platform, Unified-CXM, helps its clients monitor and interact with customers with the aim of delivering better experiences. Some of the world’s biggest brands are clients, including Microsoft, Adobe and Oracle, amongst others.
Sprinklr is relatively new to the public markets, having held its IPO in June 2021, in a downsized offering for which the company raised $266 million. The shares were priced at $16 each but have had a rough time so far. In 2022 alone, the shares are down by 44%.
That said, the share losses have come against an expanding top-line, with revenues steadily growing in each subsequent quarter. In the latest report, for FQ2, revenue increased by 26.9% year-over-year to reach $150.6 million, edging ahead of the consensus estimate…
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