|Bid||31.50 x 800|
|Ask||32.91 x 1400|
|Day's range||31.68 - 33.21|
|52-week range||31.01 - 89.90|
|Beta (5Y monthly)||1.09|
|PE ratio (TTM)||64.00|
|Earnings date||02 Feb 2022 - 07 Feb 2022|
|Forward dividend & yield||N/A (N/A)|
|1y target est||54.10|
Federal Reserve Chairman Jerome Powell recently confirmed that the central bank will be raising interest rates this year, and previous comments suggest that multiple rate hikes could be in the works. Rising interest rates have typically meant a much weaker backdrop for growth stocks, but there are also companies in the category that already trade at steep discounts and could be poised for big gains despite less favorable macroeconomic conditions. With that in mind, a panel of Motley Fool contributors has profiled stocks that could still be capable of doubling before the year is out.
Shares of edge computing specialist Fastly (NYSE: FSLY), visual and search social media platform Pinterest (NYSE: PINS), and financial technology company Block (NYSE: SQ) (formerly known and Square), were all hit hard on Friday. As of 1:15 p.m. ET, Fastly is down 2.3%, Pinterest has a 2.5% loss for the day, and Block's decline is at 5%. The three stocks' declines are likely almost entirely due to a rough day in the overall market -- particularly for growth tech stocks like Fastly, Pinterest, and Block.
Pinterest has been under significant pressure lately, as you can see in the chart above. Since peaking in early 2021, not only has there been a notable rotation out of high-growth technology stocks, but Pinterest's user base has actually declined a bit in recent quarters. First, Pinterest's user decline is likely a temporary headwind caused by the gradual lifting of COVID-19 restrictions rather than any problem with the business itself.