In today's video I look at three growth stocks that are down double digits from their all-time 12-month highs. Below are three reasons to add these stocks to your watchlist as potential buys.

Three reasons to watch Peloton (PTON 2.62%):

  1. Peloton is down roughly 30% from its all-time 12-month high.
  2. On April 1, 2021, Peloton completed its acquisition of Precor. Peloton stated in its press release that "Precor is one of the largest global commercial fitness equipment providers with a significant U.S. manufacturing presence."
  3. On March 8, 2021, Peloton announced its expansion into Australia.

Three reasons to watch Forest Road Acquisition (FRX): 

  1. Forest Road is a special purpose acquisition company (SPAC) planning to merge with The BeachBody Company. Beachbody will be providing three major types of product: connected fitness, digital subscriptions, and nutritional products.
  2. Forest Road is down roughly 35% from its all-time 12-month high.
  3. From 2020 to 2025, BeachBody estimates a 30% CAGR for revenue and predicts that five out of the six years will be adjusted-EBITDA positive.

Three reasons to watch Tortoise Acquisition II (SNPR): 

  1. Tortoise is a SPAC in talks to merge with Volta, a company that focuses on EV charging stations.
  2. As of 2020, Volta has 1,500 installed stations. It expects to increase this number to 3,142 by the end of 2021 and to over 25,000 by 2025.
  3. Tortoise is down roughly 39% from its all-time 12-month high.

Click the video below for my full thoughts. 

*Stock Prices used were the closing prices of April 9, 2021. The video was published on April 10, 2021.