The stock market endured volatility for several months due to the coronavirus pandemic. Most stocks lost significant amounts, trading on the bearish market for weeks. However, some of them, mostly medical and internet stocks, gained. It seems the pandemic is slowing at last, and the countries cautiously began lifting lockdowns. Experts think that the recovery will start soon. That’s why they advise buying stocks for your portfolio now. Prices are meager, but they don’t remain so for long.
Mohawk Group Holdings is one of the stocks with a strong-buy rating. And its prices per share is low, making this company an attractive possibility. Furthermore, Mohawk belongs to the consumer tech industry, which is quite profitable.
Mohawk determines what customers want from in-home items such as appliances, kitchen sets, beauty products, and other homewares. Then the company uses that information to guide product production, development, and shipping.
Despite the coronavirus pandemic, which sent most stocks tumbling down, Mohawk reported good results so far. It grew by 43% year-over-year, and the stock’s first-quarter revenue will come in the range of $25 to $26 million. Such data proves the company’s fundamental soundness and strength.
Mohawk has significantly faster growth rates than other CPG Companies. Allen Klee, National Securities’ analyst, advises buying this stock until its price hits high. The company’s fundamentals remain stable, and the pullback in the stock is not warranted as Mohawk is positioned to outperform in the current challenging economy.
Several experts think that Mohawk is undervalued, even though the company’s shares have already skyrocketed by 32% over the last month. They are now trading at $2.23 per share.
The company is a penny stock for now. But if the average price target of $9.00 will be reached over the next year, it will lose that status. Klee already increased his price target to $9.00 for the stock, implying an awe-inspiring upside potential of 304%.
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