Check Out These Growth Stocks In The Stock Market Today
Growth stocks are still one of the best investments in the stock market due to the stellar corporate earnings observed in the latest quarter. In the present volatile stock market environment, it is sometimes difficult for investors to identify stocks with growth potential. If you are focused on finding long-term growth investments, the volatility we are seeing today won’t matter much. Be that as it may, buying and keeping solid growth stocks can often be a challenging task.
Nevertheless, investors should be more selective, focusing on stocks with solid fundamentals. One prime example of a top growth stock right now would be Upstart (NASDAQ: UPST). The online lending platform has seen its revenue up more than 1,000% from the prior year’s quarter. It also provided strong guidance for its full-year revenue. Following the announcement of its second-quarter earnings, UPST stock has surged more than 100% over the span of one month.
That said, it’s no secret that there’s a lot of growth potential for companies that use tech to help them scale their business. For example, we could look at the likes of Alphabet (NASDAQ: GOOGL) and Nvidia (NASDAQ: NVDA). Both companies are leading names in their fields and continue to bolster their offerings across the board. Constant innovations, improving fundamentals and strong quarterly results are the few attributes investors often look for in getting a good deal. With the Fed’s assertion that inflation appears to be transitory, should you be watching these growth stocks in the stock market today?
Best Growth Stocks To Invest In [Or Avoid] Right Now
- Square Inc. (NYSE: SQ)
- Facebook Inc. (NASDAQ: FB)
- Teladoc Health Inc. (NYSE: TDOC)
- Intuitive Surgical, Inc (NASDAQ: ISRG)
Square
First up the list, Square is a company that specializes in digital payments. The company allows its Sellers to use its platform to reach buyers online and in-person, manage their businesses, and access financing. While SQ stock has been trading sideways this year, another important aspect to look for in growth stocks is the fundamentals. Square is no stranger to frequently launching new services and upgrading its business to keep up with the times.
Just this week, the company announced the launch of its Square Register hardware in Canada. This could bring more sellers in the key international market into Square’s ecosystem. But that’s not all, the acquisition of Afterpay Ltd (OTCMKTS: AFTPF) also allows Square to tap into the ‘buy now, pay later’ market.
With Square’s Cash App continuing to generate significant revenue for the company, the company could still have a significant growth runway ahead. With all these in mind, would you add SQ stock to your list now that it is taking a breather?
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Facebook is not just a social media company that connects more than 3 billion of its users around the world. But the bigger story here is that it has helped more than 200 million businesses connect to their prospective customers. Even with the high market capitalization, the fundamentals alone should make a pretty convincing case for Facebook stock. In fact, it is easy to forget that FB stock has risen by over 40% just this year alone.
The company published a spectacular second-quarter result with revenue rising 56% to $29 billion. Even more impressively, net income surged 101% to $10.4 billion which accounted for a remarkable 36% of its total revenue. The company also boasts nearly 2.8 billion unique daily active users across Instagram, Messenger, WhatsApp, and Facebook combined and has been growing steadily for the past 2 years.
According to Facebook’s latest quarter fiscal, the average revenue per user came up to about $10.12 for the quarter. It is no wonder investors are bullish about Facebook. With such impressive results, I wouldn’t be surprised if FB stock could continue to march higher over the long term.
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Teladoc Health
Teladoc, as its name suggests, is a health care company that provides telemedicine. For starters, Teladoc connects patients with doctors and specialists virtually for personalized health care. And that proves to be an attractive option during the pandemic. This came as no surprise seeing that the company’s plethora of telehealth services remained a vital service during the pandemic. Nevertheless, TDOC stock has been trading sideways in recent months.
Despite being a leader in telehealth services, Teladoc is not resting on its laurels. Just yesterday, the company announced a partnership with Proximie, a maker of surgical collaboration software. The deal could allow the company to focus on virtual care in more complex medical settings.
Proximie’s software allows multiple stakeholders to collaborate in operating and diagnostic rooms. The remote monitoring and support systems offered remotely could be appealing to hospital systems. As virtual care applications continue to gain traction, the new partnership could allow TDOC stock to stand out from its competitors.
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Intuitive Surgical
To sum up the list, we have the health care giant that heavily dwells in the robotics segment, Intuitive Surgical. When it comes to robotic-assisted surgery, the company is one of the leaders in the industry. Even in the midst of economic disruption due to the pandemic, the company grew its da Vinci Surgical System installed base to 6,335 systems in its latest quarter. That’s a 10% growth from a year ago. ISRG stock has risen by more than 50% over the past year.
More systems installed means there would be more future revenue that comes from maintenance and sales of fresh tools and accessories. This would also translate to more procedures that the robots can perform annually which means more hospital spending.
Despite the emergence of smaller competitors, Intuitive has a head start on the robotic surgery market. It is very costly to switch to another product after a hospital has spent resources to train surgeons on any surgical system. Therefore, chances are current users of Intuitive’s surgical robot will stick around for a long time. Given all this, would you be adding ISRG stock to your portfolio?
