The past few months have been tough going for growth investors. Market volatility , global uncertainty, and a rotation out of high-growth names have pushed a number of previously high-flying ASX shares sharply lower.
But while falling prices can feel uncomfortable in the moment, they can also open the door to compelling long-term opportunities — especially when the underlying businesses remain strong.
Here are three ASX growth shares that have tumbled 30% or more from their highs and could be worth considering while they're trading at a discount according to analysts. They are as follows:
Lovisa Holdings Ltd ( ASX: LOV )
Despite ongoing growth through expanded operations and robust comparable store sales, the share price of fast-fashion jewelry company Lovisa has dropped by 35% from its peak levels recently.
The sell-off seems to be fueled by overall market turbulence and worries about the transition at the top, as the firm moves towards appointing a new CEO. However, with a successful international expansion strategy, solid financial performance per unit, and strict expense management, Lovisa continues to stand out as a prominent retail growth narrative on the ASX.
It is for this reason that the team at Morgans currently has an add rating and $35.00 price target on the ASX growth share.
Nextdc Ltd ( ASX: NXT )
The share price of data center provider Nextdc has dropped by 37% from its peak over the past year. Despite this decline, the firm remains strategically positioned to capitalize on the increasing requirement for digital infrastructure.
With the growth of cloud computing, artificial intelligence, and corporate data use, there’s an increasing demand for dependable and scalable data center facilities — which is precisely where Nextdc steps in. The firm is significantly boosting its capabilities throughout the Asia-Pacific area and boasts a robust stream of committed income from contracts.
Although the market has penalised high-capital-expenditure growth stocks under the present conditions, Nextdc continues to stand out as one of the premier ways to invest in digital transformation via the Australian Securities Exchange (ASX). Given that the long-term prospects remain strong, this recent downturn might turn into a promising chance for savvy investors to buy.
The team at UBS is very positive on the company's outlook and has put a buy rating and $19.20 price target on its shares.
WiseTech Global Ltd ( ASX: WTC )
Another stock listed on the ASX that has significantly fallen is WiseTech. Shares of this logistics solutions company have declined over 40% from their peak within the last year.
They've become part of the larger technology sector downturn and have faced additional pressure due to a recent leadership dispute. As a result, their founder, Richard White, has agreed to resign from his position as CEO but will stay on board as an executive chairman. These internal issues have caused postponements in launching a crucial product, affecting short-term income and profitability.
Although the headlines have temporarily dampened morale, WiseTech's fundamental operations remain strong. The firm persists in leading the international logistics software sector with itsCargoWise system and holds substantial potential for expansion as digital transformation sweeps across worldwide supply networks.
This is why Goldman Sachs has been encouraging investors to purchase their shares. They have assigned a buy rating along with a price target of $128.00 for these stocks.
The post 3 Australian Securities Exchange (ASX) growth stocks currently trading at discounts of 30% or higher that you might want to consider purchasing right now. appeared first on The Motley Fool Australia .
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Motley Fool contributor James Mickleboro has positions in Lovisa, Nextdc, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Lovisa, and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy . This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.