The Nasdaq Composite index has dropped 18% year-to-date, while these three tech stocks have plummeted between 10% and 64% over the same period. At these prices, here's why you should consider buying MercadoLibre (NASDAQ: MELI), Roku (NASDAQ: ROKU), and Veeva Systems (NYSE: VEEV) while they are at a discount. MercadoLibre has often been called the Amazon (NASDAQ: AMZN) of Latin America, but MercadoLibre has seen tremendous success in one category that Amazon hasn't: fintech.
The Nasdaq and growth tech stocks generally have endured a brutal bear market. This performance has dampened both expectations and stock prices as investors brace for slowdowns. To this end, stocks like MercadoLibre (NASDAQ: MELI), Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), and Tractor Supply (NASDAQ: TSCO) should remain on investor watchlists.
MercadoLibre (NASDAQ: MELI) stock was down as much as 55% this year. This may be your last chance to buy this monster growth stock on the dip. MercadoLibre, a Latin American e-commerce giant, demonstrated spectacular growth throughout the early stages of the pandemic, with several consecutive quarters of triple-digit revenue growth year over year.