3 NASDAQ Stocks That Could Triple

The Nasdaq, home to many of the world’s fastest-growing tech companies, is down by 28 percent in 2022. That’s a bitter pill for investors to swallow after 2021’s 20+ percent gain.

Some of the tech stocks that saw tremendous returns after the 2020 market crash have lost 70 percent or more of their value in 2022. For example, Peloton stock is down 73 percent year-to-date, and Upstart stock has declined by more than 80 percent this year.

The good news is that the tech sell-off has created impressive bargains for investors who buy in now. Many of the companies experiencing challenges this year have a strong foundation, and it is only a matter of time before they are back on top.

The key is to identify the most promising companies – the ones that have the tools, resources, and management expertise to lead their respective markets. Buying those stocks at their current discounted prices will amplify returns as the tech industry recovers.

These are three Nasdaq stocks that could triple.

Why Did Mercadolibre Stock Go Down?

Latin America is one of the most exciting emerging markets because it is large, diverse, and right on the edge of exploding into the global economy.

Internet access and mobile devices have recently become available to a large portion of the population. The middle class is growing, and they are anxious to enjoy the same goods and services that are commonplace in more established markets.

Argentinian e-commerce giant Mercadolibre (NASDAQ:MELI) is the Latin American answer to Amazon – and then some. It connects merchants with buyers, supports individual auctions, and offers a variety of financial services and digital payment solutions.

Mercadolibre stock is down roughly 50 percent year-to-date as of mid-July, but that’s not because of issues with the company. In fact, Mercadolibre’s most recent earnings report was better than expected.

Mercadolibre’s stock went down because of the same global economic factors that are creating challenges for consumers and businesses worldwide. Inflation is going up, interest rates are rising, and the Russian invasion of Ukraine has disrupted the export of critical supplies.

Those obstacles will be resolved eventually, as they always have been, and then Mercadolibre’s stock will likely go up. Analysts are nearly unanimous in their buy rating for Mercadolibre stock. Their median 12-month price target for these shares is $1,400 – an increase of nearly 114 percent.

The highest price target is a whopping $1,700 per share – almost triple Mercadolibre’s current stock price. In other words, investors who buy Mercadolibre stock now could enjoy outsized returns over the next year.

Will Atlassian Shares Go Up?

In a world where remote work is becoming the rule rather than the exception, there is high demand for software that brings people together virtually. Atlassian’s platform does just that, with advanced cloud-based tools for communication, project management, and content creation.

The biggest benefit for businesses is getting all of those processes in one package. There is no need to purchase separate tools and then attempt to integrate them.

Atlassian stock peaked along with its tech peers in November 2021 but has since come down significantly. As of mid-July, Atlassian stock lost 45 percent of its value year-to-date. Again, that has nothing to do with the company’s performance. Atlassian’s January and April earnings reports beat estimates by a substantial amount.

For the fiscal third quarter, reported on April 28th, Atlassian delivered continued growth. The company announced a 30 percent year-over-year increase in sales and 25 percent more customers than in the prior-year period. Earnings per share were projected at $0.32, but Atlassian did far better. Fiscal third-quarter earnings per share totaled $0.47.

Unfortunately for Atlassian, that growth hasn’t piqued investor interest given the current economic environment. Investors are shying away from higher-risk growth stocks in favor of safer alternatives.

That hasn’t stopped analysts from being optimistic. Most have rated Atlassian stock a buy, and their median 12-month price target is $320 – an increase of more than 66 percent.

The highest price estimate came in at $550 per share – a figure that comes close to tripling the value of Atlassian stock. In short, Atlassian stock is a buy for investors who have the patience to wait for the share price to recover.

Is dLocal Stock A Buy?

Digital payments have gone from nice-to-have to must-have, and that’s even more true for emerging economies. Uruguay-based dLocal understands how important safe, inexpensive cash transfers are to its clients, so it has created a comprehensive financial services platform that makes the process fast, easy, and affordable. That’s helpful for person-to-person transfers and critical for merchants who want to connect with the global marketplace.

As a relative newcomer to the Nasdaq, dLocal stock doesn’t have a lot of history, but it has shown strength and resilience.

The company is expanding on multiple fronts as it executes a strategy to diversify by geography, products, and client base. Such a strategy ensures that the company will thrive regardless of what’s happening in various pockets of the world.

One of the things that sets dLocal apart from its fintech peers is the fact that it is already profitable, though it is still at the very start of its journey.

As a result, dLocal hasn’t seen the same dramatic drop in stock price as its less-reliable fintech peers. Year-to–date, dLocal is down roughly 26 percent, which is slightly better than the Nasdaq as a whole.

Analysts agree that dLocal stock is a buy, and the median 12-month price target is $33 per share, which represents a 27 percent gain over today’s price.

The high estimate came in at $53 per share, which is more than twice the current dLocal stock price. It is clear that investors who buy dLocal stock now are likely to enjoy impressive returns, both short-term and long-term.

#1 Stock For The Next 7 Days

When Financhill publishes its #1 stock, listen up. After all, the #1 stock is the cream of the crop, even when markets crash.

Financhill just revealed its top stock for investors right now... so there's no better time to claim your slice of the pie.

See The #1 Stock Now >>

The author has no position in any of the stocks mentioned. Financhill has a disclosure policy. This post may contain affiliate links or links from our sponsors.