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 -2.30%):
- Peloton is down roughly 30% from its all-time 12-month high.
- 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."
- On March 8, 2021, Peloton announced its expansion into Australia.
Three reasons to watch Forest Road Acquisition (FRX):
- 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.
- Forest Road is down roughly 35% from its all-time 12-month high.
- 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):
- Tortoise is a SPAC in talks to merge with Volta, a company that focuses on EV charging stations.
- 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.
- 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.