The Growth Bulls Are Leading The Stock Market Gains Again
Growth stocks have had some rough times in the stock market over the last couple of months. But today, this narrative is changing. The formerly crowded trades like cyclical stocks and reopening stocks are showing signs of retreating. Of course, that’s not to say any investment in growth stocks today could prove to be fruitful. After all, not all these growth stocks are created equal. But it is also for this very reason that each of them could stand out as a massive opportunity for investors.
If recent performance is of any guide, growth stocks could offer reliable growth for investors who are able to stomach the unpredictability of the stock market. Now, we are not just going to talk about any tech stocks with potentially good prospects. Instead, we are looking for top growth stocks to buy that have reported blowout quarterly results, have a strong balance sheet and strong forward guidance. With all that being said, let’s look at some of the best growth stocks to watch in the stock market today.
Growth Stocks To Watch In The Stock Market
- fuboTV (NYSE: FUBO)
- DraftKings (NASDAQ: DKNG)
- DocuSign (NASDAQ: DOCU)
- Pinterest (NYSE: PINS)
- Xpeng Motors (NYSE: XPEV)
fuboTV
First, up the list, we will be looking at the leading sports streaming company, FuboTV Inc. As a key provider of sport-focused content, FUBO stock would be a top growth stock to watch now. There are a few reasons why FUBO stock is back on investors’ radar right now. Firstly, with strong earnings and expanded partnerships, there aren’t many reasons not to like this company. And considering it is a company with high short interests, you could consider FUBO stock as one of the retail crowd’s favorite stocks.
Also, Fubo continues to make strategic plays even now. As of last week, the FuboTV app will be pre-installed on LG’s Smart TVs in the U.S. These would also include LG’s industry-leading LG OLED TV lineup. Through this collaboration, LG customers can now enjoy over 100 sports, news, and entertainment channels via the FuboTV app. With the current tailwinds in the consumer electronic sector now, Fubo would be expanding its current market reach. Does all this have you eyeing FUBO stock now?
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DraftKings
DraftKings is a digital sports entertainment and gaming company that allows its users to utilize its leisure services. Its products range across the daily fantasy, regulated gaming, and digital media. The company is one of the only U.S.-based vertically integrated sports betting operators. According to a report by Thomas Allen from Morgan Stanley, he argued that sports betting could reach $15 billion. If you share the same sentiment that sports betting is an explosive industry in the making, would you say that DKNG stock is trading at a fraction of what it’s worth?
From the company’s first-quarter financials, revenue came in 253% higher year-over-year to $312 million for the quarter. Secondly, DraftKings increased its 2021 revenue guidance to a range of $1.05 billion to $1.15 billion, which equates to year-over-year growth of 63% to 79%. As DraftKings is off to an outstanding start in 2021, will you consider watching DKNG stock?
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DocuSign
DocuSign is a company that helps organizations connect and automate how they prepare, sign, and manage agreements. By eliminating paper for agreement, DocuSign is shortening the period to complete agreements and increase the efficiency of any business agreements. Thanks to the pandemic, agreements can be signed electronically and remotely. To point out, the company offers the DocuSign Agreement Cloud, a software suite that includes DocuSign eSignature. It is an electronic signature solution that allows an agreement to be signed electronically on a variety of devices.
From the company’s most recent fiscal report, revenue came in 58% higher year-over-year to $469.1 million. More impressively, DocuSign continues to generate cash, with its operating cash flow and free cash flow rising 129% and 275% respectively. You could say that DocuSign has become a pillar of the ‘anywhere economy’ that lets people increasingly do anything in life and work from anywhere. Given the digital transformation that is happening worldwide, will you consider buying DOCU stock?
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Pinterest is a social media platform that primarily focuses on image sharing. It allows users to explore ideas and designs in the form of pictures on the internet. A key feature of its design is that users can save these designs on digital pinboards for them to get back to at a later time. This is good for users looking to brainstorm ideas for just about anything. Some might say the company is set up for sustainable monetization. That’s because Pinterest is more visual and search-based, making advertisements easier and less intrusive for users. From the latest count, the company had 478 million global monthly active users.
From its first-quarter fiscal result, the company’s revenue soared 78.3% from the year-ago period to $485 million. Pinterest’s monthly active user surged by 30% and the average revenue per user came in 34% higher year-over-year. Furthermore, the company is also continuing to strengthen its cash position. Investors love the company because the company is investing in comprehensive marketing. It has creative content creators that should drive long-term user engagement. As people continue to plan their post-pandemic life on Pinterest, could PINS stock continue to flourish?
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Xpeng Motors
Last but not least, XPeng Inc is a China-based company that engages in the design, development, production, and sales of smart EVs. The company’s primary products are environmentally friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). Besides, XPeng aims to develop full-stack autonomous driving technology, in-car intelligent operating systems, and core vehicle systems in-house through its proprietary software, core hardware, and data technologies.
In May, XPeng delivered a total of 5,686 Smart EVs. This represents a 483% increase year-over-year. Out of which, 3,797 consisted of P7s, and 1,889 were the G3s. Accordingly, that demonstrated the strong customer appeal of XPeng’s market-leading smart features. Also, it is noteworthy that the company has set a new record of longest autonomous driving by mass-produced vehicles in China. Considering all these, would you be adding XPEV stock to your portfolio?
