The bloodbath continues as the stock market has been southbound for most of the year. While it has occasionally shown signs of bouncing back, all three major U.S. market indexes remain squarely in the red year to date.

But I'm not worried.

Market downturns have always been followed by solid recoveries, and that's a great reason to keep shares of excellent companies -- or shop for outstanding stocks that have been thrown into the discount bin. In that spirit, let's look at two stocks currently trading near their 52-week lows: Fiverr (FVRR 0.16%) and Pinterest (PINS -1.53%)

FVRR Chart

Data by YCharts.

1. Fiverr

Fiverr's shares recently dropped substantially on the heels of its first-quarter results. This sell-off is a continuation of the tech company's struggles on the market in the past year.

Its stock is down about 76% over that period, but this poor showing hasn't been a result of equally poor financial results. On the contrary, Fiverr has reported strong earnings, and its latest update was no different.

Revenue of $86.7 million jumped 27% year over year, while adjusted earnings per share of $0.11 were much better than the adjusted loss of $0.01 per share from the prior-year period. However, Fiverr did slash its guidance for the year, which was probably the biggest reason investors ran for the hills. The company had previously guided for 2022 revenue between $373 million and $379 million, but the latest outlook calls for $345 million to $365 million.

Person working on a laptop.

Image source: Getty Images.

Fiverr cited the "uncertain macro environment" as justification for the change. While Fiverr may indeed face near-term headwinds, the company's long-term prospects still look bright. The gig economy has plenty of room to grow, especially considering its benefits for both businesses and freelancers. The former can commission specialists to perform various jobs on the fly without bringing them on as full-time employees.

The process saves both time and money for companies, while the freelancers benefit from the moneymaking opportunities.

Fiverr's active buyers grew 11% year over year to 4.2 million in the first quarter. The company's spend per buyer also increased 17% to $251. Management estimates it can tap into a $115 billion addressable market.

With rising competition, Fiverr won't be the only company benefiting from this large market, but capturing even a fraction of this vast opportunity would work wonders for its revenue and earnings.

That's why broad market issues shouldn't be a dealbreaker for investors here. Holding onto the company's shares through these troubles looks like the right move, especially considering just how much Fiverr has lagged the market of late.

2. Pinterest

Pinterest's story over the past year fits the pattern of many other so-called "pandemic stocks." When the outbreak first hit and government-imposed lockdowns came along, people started spending more time on social media. Pinterest's user base grew rapidly as a result. But once pandemic restrictions eased, engagement levels for many of these users declined.

Monthly active users (MAUs) fell 9% year over year to 433 million in the first quarter, down from a peak of 478 million in the same period last year.

Is there any hope for the company in light of its shrinking user base? I believe so, and here's why.

First, pandemic-related dynamics are skewing Pinterest's MAU growth. This metric grew really fast in 2020, and the company was unlikely to keep up that pace. Even after the decline, the social media platform's user base remains above its pre-pandemic levels. In the first quarter of 2020, right around the time governments worldwide started enacting lockdown orders, Pinterest had 367 million MAUs. 

The 433 million reported in the latest quarter was actually up two million from the end of 2021, and it was the first time in a year the company recorded sequential user growth. Meanwhile, the company's monetization efforts continue to march forward.

Pinterest's average revenue per user increased 28% to $1.33 in the first quarter. Total revenue grew 18% year over year to about $575 million. It's also worth noting that Pinterest's shares are cheaper than they have been in a while.

PINS PE Ratio (Forward) Chart

Data by YCharts.

At these levels, Pinterest looks like a steal. Opportunistic investors would do well to buy shares of this tech company -- and hold onto them long term.