Growth stocks are a type of stock that represents a company with above-average growth potential. Growth stocks are typically more volatile than other types of stocks, but they can offer higher returns over time. Many growth companies are in the early stages of their development and may not yet be profitable. As a result, they may be riskier than established companies.
However, Growth stocks can offer greater returns for investors who are willing to take on more risk. Growth stocks tend to be more expensive than other types of stocks, but they can offer higher returns if the company is successful. For this reason, Growth stocks are typically only suitable for investors with a high tolerance for risk. With this in mind, check out these three hot growth stocks in the stock market this week.
Growth Stocks To Check Out Right Now
Snowflake (SNOW Stock)
First up, Snowflake Inc. (SNOW) is a leading provider of cloud-based software solutions. Snowflake’s platform enables organizations to quickly and easily connect to data from disparate sources, making it possible to gain insights that would otherwise be hidden. Snowflake also provides powerful tools for data warehousing, modeling, and business intelligence.
SNOW Recent Stock News
At the beginning of this month, Snowflake announced that it will report its third-quarter of 2023 financial results. In detail, the company is set to release its Q3 2023 financial results that ended October 31, 2022, on Wednesday, November 30, 2022.
To quickly recap, in the second quarter of 2023 Snowflake reported a loss of $0.18 per share and revenue of $497.2 million. Moreover, the company also said that it estimates third-quarter 2023 product revenue of approximately $500.0 million to $505.0 million.
SNOW Stock Chart
Over the last five trading days, shares of SNOW stock have started to rebound by 20.55%. As of Monday’s closing bell, Snowflake stock is trading at $157.84 a share.
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Snap (SNAP Stock)
Next, Snap Inc. (SNAP) is an American multinational technology and social media company. Specifically, Snap Inc’s flagship product is Snapchat, a photo messaging app that allows users to send images and videos to friends and family.
SNAP Recent Stock News
Last month, SNAP reported better-than-expected third-quarter 2022 financial results. Diving in, the social media company reported earnings of $0.07 per share and revenue of $1.1 billion. Meanwhile, analysts’ consensus earnings estimate was $0.01 per share with revenue of $1.1 billion. In addition, Snap announced its Daily Active Users (DAU) grew by 19% on a year-over-year basis.
Evan Spiegel, CEO of Snap commented, “This quarter we took action to further focus our business on our three strategic priorities: growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality.“
SNAP Stock Chart
Over the past five trading days, SNAP stock has recovered by 12.79%. While, on Monday, shares of Snap stock closed the day down 2.42% at $11.29 a share.
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Shopify (SHOP Stock)
Rounding off the list is e-commerce giant Shopify Inc. (SHOP). In brief, Shopify is a Canadian multinational e-commerce company. The company develops and provides an online platform for businesses to create their own online stores.
SHOP Recent Stock News
In recent news, at the end of October, Shopify announced better-than-expected 3rd Quarter 2022 financial results. Shopify (SHOP) reported revenue of $1.4 billion. What’s more, Shopify reported a 21.6% increase in revenue compared to the same period, a year prior.
Furthermore, Harley Finkelstein, Shopify’s President, commented, “Shopify is the central nervous system that powers millions of businesses around the world. During Q3, merchants continued to recognize Shopify’s exceptional value and increased their adoption of our essential tools and innovative solutions. Our merchant solutions revenue as a percentage of GMV – or Merchant Solutions attach rate – climbed to 2.14%, the highest level in Shopify’s history.“
SHOP Stock Chart
In the last month of trading action, SHOP stock has bounced 38.33%. Meanwhile, on Monday, shares of Shopify stock closed the day down 2.64% trading at $38.40 a share.