A lot of UK shares have been hammered in recent weeks as global stock markets have plummeted. According to my data provider, over 100 FTSE 350 stocks are currently trading 30% or more below their 52-week highs.

Here, I’m going to highlight 10 UK stocks that are sitting a whopping 50% or more below their 52-week highs at the moment. Could there be some buying opportunities to consider here?

10 stocks that have been smashed

In the table below, I’ve highlighted the 10 shares from the FTSE 350 index that have fallen the furthest from their 52-week highs. It’s an interesting mix of stocks – there’s a mining company, a housebuilder, a technology company, a bank, and much more.

Now, there are a few stocks on that list that I’ll be steering clear of. Automotive business Aston Martin Lagonda Global Holdings is one example. It’s an unprofitable company that has a history of disappointing investors. Its shares have been locked in a nasty downtrend for a long time.

But there are a few names that look interesting to me and that I believe could be worth considering (for the long term) at current levels. One is JD Sports Fashion (LSE: JD.). It sells athletic footwear and apparel and operates globally today.

Worth a closer look?

JD Sports Fashion shares look really cheap right now. With the consensus earnings per share (EPS) forecast for the year ending 31 January 2026 sitting at 12.2p, the forward-looking price-to-earnings (P/E) ratio is only 5.2 at the current share price of 64p – that’s a low valuation.

Of course, that EPS forecast is likely to be too high. Realistically, JD’s business is going to take a hit from tariffs as it now has a lot of US exposure (it will potentially face higher wholesale prices from retailers like Nike).

It could also take a hit from an economic slowdown. In a recession, consumers tend to hold off on buying discretionary items like trainers.

But even if we were to slash the EPS forecast by 50% to 6.1p, the stock still looks cheap! That would take the P/E ratio to 10.4, which is not a high valuation for a company with plenty of long-term potential in a world where people are exercising more and dressing more casually.

Now, I’ll point out that buying today is risky. While the shares have fallen a long way in recent months, they could have further to fall.

Tomorrow, the company is set to provide a company update in which it will provide some guidance and an update on its medium-term plan. This could lead to share price volatility — the stock could rise but could also fall.

Taking a five-year view, however, I think the stock has potential. After all, trainers aren’t likely to go out of fashion any time soon.