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The stock market may be nearing all-time highs, but that doesn’t mean it’s all champagne and caviar for all companies and shareholders. Many stocks are deep in the red this year, despite overall index gains. This is especially true for technology stocks. Meta Platform (Nasdaq:Meta) are on the rise, while many smaller tech stocks are struggling in the market.
Some tech stocks are struggling due to self-inflicted wounds and poor performance, but a variety of issues, including high interest rates, geopolitical conflicts, poor analyst ratings, and negative investor sentiment, are weighing on stock prices and driving them down. The good news for investors is that many tech stocks are available at bargain prices right now, providing a chance to buy at the bottom.
Here’s a closer look at three must-buy tech stocks selling at multi-year lows.
Paramount Global (PARA)
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Finally, a private production company Skydance Media Acquires streaming giant Paramount Global (Nasdaq:Para). Media reports said Skydance Media would pay $1.75 billion for Paramount Global’s parent company, National Amusements, and then merge the two entertainment companies. Paramount shares rose 7% on the news.
Paramount shares are up but are still down 20% this year.YTDThe long-term losses for Paramount Global stock are even bigger. The company’s shares are currently trading 78% lower than they were five years ago. Management is trying to turn the company around beyond a potential deal with Skydance Media. The company is also exploring streaming joint ventures with other media companies. It is also looking to cut $500 million in costs and sell non-core assets. Paying down its $15 billion in long-term debt is also a top priority.
While not without risks, PARA stock could be a good buy for bargain hunters, especially given that the company continues to be a hot takeover target.
Shopify (Shop)
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E-commerce companies Shopify (New York Stock Exchange:shop) is also a potential buy. The company’s shares have fallen 11% this year and are down 62% from their all-time high in November 2021, the peak of their pandemic upswing. More recently, SHOP shares fell nearly 20% after the company reported an unexpected loss for the first quarter. Shopify reported a loss of 21 cents per share, far worse than the 9 cent profit analysts had expected.
The first quarter financial loss was attributed to Shopify’s sale of its logistics business and the associated costs the company incurred in connection with the sale. Looking ahead, Shopify said its second quarter revenue will grow at a high teens rate year over year (Year-on-year changeAnalysts had expected second-quarter sales to grow 19%. In late June, Shopify also announced partnerships with discount retailers. the goal (New York Stock Exchange:target) for sale through third-party online marketplaces.
Businesses that partner with Shopify can now apply to join the company’s third-party marketplace, Target Plus. The deal with Target allows Shopify customers to tap into a broader customer base. For Target, the deal adds new and diverse products and brands to its online marketplace. Financial terms of the deal have not yet been disclosed.
Blackberry (BB)
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Investors who are serious about buying hapless tech stocks at the bottom blackberries (New York Stock Exchange:B.B.The former smartphone maker-turned-IoT company’s shares have fallen 53% over the past 12 months, following a string of poor financial results.
BB’s stock price is 98% lower than the all-time high it hit in 2008, when the company was still making mobile devices. Currently trading at less than $2.50 per share, BlackBerry trades as a penny stock. BlackBerry recently reported a nearly 300% increase in net losses in the first quarter of this year as sales continue to weaken. Revenue fell 61% year over year. BlackBerry is preparing to spin off its cybersecurity and IoT divisions to cut costs.
BB stock isn’t for the weak, but it could rise if management can turn the company around. Plus, BlackBerry has become a popular meme stock, so whenever that stock rises, the company’s stock tends to soar as well.
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Read more: Penny Stocks — How to make profits without getting scammed
As of the date of publication, Joel Baglore did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author in accordance with InvestorPlace.com’s publishing guidelines.
On the date of publication, the editor in charge did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
Joel Bagrol has been a business journalist for 20 years, including five years as a reporter for The Wall Street Journal and writing for The Washington Post, The Toronto Star and financial websites such as The Motley Fool and Investopedia.
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