When it comes to 2022 underperformers, it doesn't get much worse than Netflix. The streaming video leader's stock is down 68% so far this year, making it the worst-performing stock in the S&P 500. Unfortunately for Netflix investors, Bank of America analyst Nat Schindler says things may get worse for Netflix before they get better. Schindler says Netflix's plans to reignite its growth story won't have a noticeable impact until 2024, giving investors little reason to be excited about the stock in the interim.

EPAM Systems provides digital platform, engineering, and consulting services for customers around the world. The stock is down 58% year-to-date in 2022, but Bank of America analyst Jason Kupferberg says he is staying on the sidelines given the stock's extreme geopolitical uncertainty. Unfortunately, EPAM is one of the most highly exposed S&P 500 stocks to the conflict in Ukraine. In fact, Ukraine, Belarus and Russia represent about 58% of the company's billable staff. With no end in sight to the Ukraine conflict, Kupferberg says investors would be wise to wait until they have a clearer picture of the company's financial picture before buying the dip.

Etsy is a leading e-commerce platform and a top online destination for unique handcrafted goods or vintage items in the U.S. and some international markets. Etsy and its stock experienced rapid growth during the pandemic, but that growth has died down significantly in recent quarters. CFRA analyst Kenneth Leon says Etsy has opportunities to continue to benefit from the secular growth trends in e-commerce. However, he says the stock remains fully valued even after its sharp 53.5% year-to-date decline.

Ceridian HCM is a Software-as-a-Service (SaaS) provider that specializes in Human Capital Management (HCM) applications. CFRA analyst David Holt says the company's ability to capitalize on an improving labor market and maintain sales momentum has been impressive. In addition, HCM is expanding into international markets and is attempting to move upstream and land even larger clients. Unfortunately, he says lower Dayforce revenue growth and a heavier emphasis on internal professional services business lines have weighed on overall profitability and growth, and dragged the stock down 46.2% year-to-date.

Meta Platforms is the parent company of popular social media and messaging platforms Facebook, Instagram and Messenger. The stock is down 48.9% in 2022 after it reported changes to Apple, Inc. (NASDAQ:AAPL) iPhone privacy policies will cost Meta $10 billion in revenue in 2022. Meta also said its Meta Reality Labs metaverse business lost $10 billion in 2021. Bank of America analyst Justin Post says the Meta growth thesis has certainly taken a hit in 2022. However, there is a lot of negativity already priced into the stock, which is currently trading at just 12.5 times forward earnings.