The best undervalued growth stocks in tech that you should be watching right now
- Growth stocks are known to deliver big returns fast.
- Most growth stocks are concentrated in the US tech sector.
- The sell-off in tech in 2022 means that some stocks are undervalued right now.
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As fears of Fed tightening grip the market, we have seen a sharp sell-off in tech stocks over the last few weeks. The tech-heavy NASDAQ index has seen a drop of nearly 10% Year to Date, and most of those losses came at the start of 2022. But are there still growth stocks in tech worth checking?
Well, if you are sitting there wondering which growth stocks are ideal, these two below should be on your watch list:
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Adobe Inc (NASDAQ:ADBE) is one of the most underrated tech companies out there. Yes, it may not be as big as the likes of Microsoft or Google but it’s also not small either. It’s bigger than well-known companies like Intel, Oracle, and others.
What makes Adobe Inc a good stock is how far it has dipped. In fact, the stock is closed right now to its 52-week low than its high. This offers the most ideal dip and besides, it’s safe to assume that the Fed rate hikes are already baked into the price as we speak. At press time, Adobe was trading at $471.
Nvidia (NASDAQ:NVDA) has been doing quite some amazing work in developing graphic chips. With the global chip shortage right now, Nvidia and other companies in this space are expected to see a bump in revenues. Nvidia’s stock is also surging, gaining nearly 10% over the last 24 hours. It is a superb long-term bet for any investor.