High inflation and rising interest rates have made bears of many investors and sent the stock market into a downward slide. The tech-heavy Nasdaq Composite is currently 26% off its high, and the broad-based S&P 500 is down 17%. But several billionaire hedge fund managers have used the downturn as a buying opportunity.
For instance, Steve Cohen started a position in Zoom Video Communications (NASDAQ: ZM) in the second quarter, while Ken Griffin added to his position in Zoom. Meanwhile, David Shaw and Jim Simons both increased their stake in Docebo (NASDAQ: DCBO) . For context, Zoom and Docebo currently trade 67% and 86% off their highs, respectively.
Is it time to buy these beaten-down growth stocks?
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2 Growth Stocks Down 67% and 86% That Billionaires Are Buying on the Dip