Do You Have These Top Growth Stocks On Your Watchlist?
Growth stocks may have taken a beating over the past quarter, but they appear to be bouncing back in the stock market right now. Trends that were in place are reversing, and cyclical themes are showing signs of retreat. As a result, investors looking for the best growth stocks to buy will need to dig a little bit more to find a better value buy.
With growth stocks heating up right now, led mostly by the tech space, it doesn’t hurt to put up a list of top tech stocks to watch. Even with the gains that the sector has enjoyed recently, many are betting that the best might be yet to come. Ultimately, what many investors are looking for is a company with a strong moat and that can stay competitive over time.
The coronavirus pandemic has certainly wreaked havoc on many businesses. But there are also companies that adapt and thrive during this challenging environment. And if you look closely enough at the options we have in the stock market today, here are five growth stocks that look set to flourish with or without the pandemic.
Best Growth Stocks To Buy [Or Avoid] Now
- Apple Inc. (NASDAQ: AAPL)
- Advanced Micro Devices Inc. (NASDAQ: AMD)
- Up Fintech Holding Ltd. (NASDAQ: TIGR)
- Vertex Pharmaceuticals Inc. (NASDAQ: VRTX)
- Roku Inc. (NASDAQ: ROKU)
Apple
What better way to optimize your portfolio by purchasing probably the most valuable brand in the world, Apple. For years, Apple has held on to its ranking as one of the most valuable publicly traded companies, thanks to its continuous innovation and a slew of product launches over the decades. From its industry-leading iPhone product line to the increasingly popular MacBook line of personal computers, Apple has a lot to offer. Additionally, the company operates a tightly-knit ecosystem that provides consumers with integrated services throughout their Apple devices.
The company has also been expanding its product offering through wearables such as the Apple Watch and AirPods, not to forget its services. In late April, the company also reported record second-quarter financials. In it, Apple reported quarterly revenue of $89.6 billion, up 54% year-over-year. It also posted earnings per diluted share of $1.40. And if you have doubts about an investment in AAPL stock, think of Warren Buffett. The Oracle of Omaha has invested $108 billion in a single company, and that is a signal of confidence in AAPL stock.
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Advanced Micro Devices
Following that, we will be looking at Advanced Micro Devices Inc. (AMD). It develops computer processors and technologies for the business and consumer markets. The company boasts hundreds of millions of consumers and leading Fortune 500 businesses to rely on its technology to improve efficiency and productivity. Through its offerings, AMD offers consumers and businesses alike high-performance graphics and computing power. Logically, the company would be looking towards quantum computing to expand its current offering to the next level.
As of last month, the company’s processors are currently powering the Perlmutter supercomputer at the Lawrence Berkeley National Laboratory. According to AMD, this processor facilitates research in clean energy, microelectronics, and quantum information science. Couple this with its leading position in the semiconductor industry and investors could consider it a viable tech investment now. Regardless, AMD’s processors continue to bolster some of the biggest names in tech today. As digital workloads continue to grow, so would the demand for AMD’s products. With all this in mind, would you consider AMD stock a top growth stock buy now?
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Up Fintech
Up Fintech has been a big winner in the white-hot fintech industry lately, with its stock surging nearly 50% over the past month. The company is also known as “Tiger Brokers” in Asia. Its trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. Furthermore, it offers its customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, account management, and investor education.
In May, the Chinese fintech company posted record-high financial figures for the first quarter of 2021. Total revenue came in at $81.3 million, representing a staggering 255% increase year-over-year. Also, the non-GAAP profit was $23.5 million, 22 times that of the first quarter of 2020. Up Fintech has been able to benefit from the customer influx by lowering its relative spending and improving margins. Given the impressive financial numbers, could TIGR stock be a multi-bagger growth stock in the making?
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Vertex Pharmaceuticals
Vertex is a global biotech firm that specializes in medicine development for critical diseases. It has a strong moat in its core market. The company’s game-changing cystic fibrosis (CF) drugs are the only drugs in the market that can treat the underlying cause of the rare disease. This alone could provide a significant stream of revenue to Vertex in the coming years.
From its first-quarter report, revenue came in 14% higher year over year while it reported an increase of 8% in net income. Trikafta remained the company’s top-selling drug during the quarter, bringing in total revenue of $1.2 billion. What’s equally exciting is Vertex’s growing cash pile. As of the end of March, the company had $6.9 billion of cash. This provides ample resources for Vertex to work on new partnerships and even acquire other companies. The stock may have taken a beating earlier in June after disappointing results of VX-864, a drug intended to treat a rare genetic disease. But could it be an opportunity for investors to buy VRTX stock at a discount?
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Roku
Video streaming platform Roku is also another growth stock to watch in the stock market today. The company’s stock price had a boost this week following favorable comments from Alan Gould, an analyst at Loop Capital. He raised his price target on ROKU stock to $475, implying a potential 12% increase from its current valuation. For the uninitiated, Roku facilitates content from most mainstream video streaming services, allowing them access to more potential subscribers. The company has so far done an excellent job by maintaining a neutral platform.
All this would strategically position Roku to grow regardless of which streaming company comes out on top. It is no secret that ROKU stock has been performing relatively well over the past year. It is seeing gains of over 240% in this period. From its first-quarter report, revenues rose 79% from the year-ago quarter to $574.2 million. Furthermore, usage was strong, as Roku added 2.4 million accounts in the quarter. That increased the number of accounts on the platform by 35% year-over-year. Considering the company’s strong financial profile, is ROKU stock a top growth stock to buy now at its current valuation?
