In this article, we will take a look at the 5 blue-chip stocks at all-time lows. To see more such companies, go directly to 10 Blue-Chip Stocks at All-Time Lows.
5. Rivian Automotive, Inc. (NASDAQ:RIVN)
Market Cap: $20.2B
EV company Rivian Automotive, Inc. (NASDAQ:RIVN) hit an all-time low back in March this year after the company said it would be raising an additional $1.3 billion in cash via a green convertible note. While Rivian Automotive, Inc. (NASDAQ:RIVN) has recovered from its all-time low value since then, the stock is down 36% over the past 12 months.
Morgan Stanley recently gave bullish comments on Rivian Automotive, Inc. (NASDAQ:RIVN) after meeting with management at a conference in California. Morgan Stanley’s Adam Jonas likes Rivian Automotive, Inc. (NASDAQ:RIVN)’s gross profit improvement.
Baron Fifth Avenue Growth Fund made the following comment about Rivian Automotive, Inc. (NASDAQ:RIVN) in its second quarter 2023 investor letter:
“During the second quarter, we also added to our position in EV manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN). After a complex period since the company’s IPO, in which Rivian tried to ramp multiple vehicles simultaneously while struggling to overcome unprecedented supply-chain bottlenecks, the company seems to have turned the corner. Production is now starting to scale up, which should help the company improve its plant utilization and subsequently help gross margins. The company is making notable progress in cost improvements by renegotiating with its suppliers, utilizing its larger scale to get better pricing, as well as, incorporating various technological advancements that would improve its cost structure while also improving the vehicles’ performance (for example it’s Enduro drive unit which is progressing ahead of plan).”
4. Block, Inc. (NYSE:SQ)
Market Cap: $28.1B
A look at Block, Inc. (NYSE:SQ) P/S ratio shows the stock is valued near it all-time lows. Block, Inc. (NYSE:SQ) has been struggling lately and has lost about 18% in value over the past one year. Latest filings show that Alyssa Henry, the CEO of Square merchant payment system, is stepping down. She will be replaced by none other than Jack Dorsey, the CEO of Block, Inc. (NYSE:SQ).
As of the end of the second quarter of 2023, 66 hedge funds tracked by Insider Monkey reported owning stakes in Block, Inc. (NYSE:SQ) as of the end of the second quarter.
3. JD.com, Inc. (NASDAQ:JD)
Market Cap: $48.3B
JD.com, Inc. (NASDAQ:JD) shares have lost about 46% in value over the past year. While JD.com, Inc. (NASDAQ:JD) is still about $10 above its all-time low it recently did hit its 52-week lows.
As of the end of the second quarter of 2023, 64 hedge funds tracked by Insider Monkey reported owning stakes in JD.com, Inc. (NASDAQ:JD).
2. AT&T Inc. (NYSE:T)
Market Cap: $109.4B
AT&T Inc. (NYSE:T) fell to its 30-year lows back in July to hit about $13.45 after a report from the Wall Street Journal said AT&T was one of the telecom companies that left a huge network of lead cables throughout the country. AT&T Inc. (NYSE:T) has since recovered and was trading at around $15.21 as of September 20. AT&T Inc. (NYSE:T) shares have lost about 18% year to date through September 20.
As of the end of the second quarter of 2023, 56 hedge funds out of the 910 funds tracked by Insider Monkey reported owning stakes in AT&T Inc. (NYSE:T). The biggest stakeholder of AT&T Inc. (NYSE:T) was D E Shaw which had a $226 million stake in the company.
1. The Walt Disney Company (NYSE:DIS)
Market Cap: $152.2B
While The Walt Disney Company (NYSE:DIS) hasn’t seen its all-time low (yet), the media giant’s stock did fell to a nine-year low in August. The Walt Disney Company (NYSE:DIS) has been facing deep-rooted troubles as its theme parks and Marvel Studios business face challenges. Disney+ is also facing tough competition in a market that is fast becoming saturated with major players fighting to get new subscribers. The Walt Disney Company (NYSE:DIS) recently announced an increased investment plan for its Disney Parks, Experiences and Products business. Some analysts believe The Walt Disney Company (NYSE:DIS) stock is a long-term buy as the company is expected to turn its business around in the months and years to come.
Raymond James recently started covering The Walt Disney Company (NYSE:DIS) with an Outperform rating. The firm’s analyst Ric Prentiss said:
“The traditional media sector is in a transition period from the very profitable but secularly declining linear business to the more difficult and competitive but secularly growing streaming business, further impacted by COVID-19’s impact on movie theater attendance, a cyclical advertising downturn, broader macroeconomic concerns, plus both a writers’ and actors’ strike.”
Diamond Hill Large Cap Strategy made the following comment about The Walt Disney Company (NYSE:DIS) in its Q2 2023 investor letter:
“Our bottom contributors in Q2 included health insurance company Humana, biopharmaceutical company Pfizer and global entertainment company The Walt Disney Company (NYSE:DIS). Disney’s Bob Iger returned to the CEO’s seat in November 2022, replacing Bob Chapek, who left following a turbulent tenure. As a result of disappointing quarterly results and incremental commentary suggesting a more inline strategy with other media, the market has become less confident that Iger will achieve a turnaround by the end of his 1.5- year contract. We continue to believe Disney has a unique collection of assets and owns some of the best content among all media companies. Their ability to monetize this content across many platforms — studio, theme park, toys, streaming — is incredibly valuable; thus we remain investors.”
You can also take a peek at 25 Bestselling Cars, Trucks, and SUVs of 2022 and 2023 and 10 Best Canadian ETFs.
