Here Are Three Top Growth Stocks To Check Out In The Stock Market Today
When it comes to investing in the stock market today, growth stocks are one of the most popular options for investors. These are stocks that are broadly expected to outperform the market, thanks to strong underlying growth prospects. While there are no guarantees in the stock market, growth stocks have the potential to generate significant returns for investors. Indeed, many of the most successful investors have made their fortunes by investing in growth stocks. Of course, growth stocks also come with risks. They can often be more volatile than other types of stocks, and they may not always deliver on their growth promises. However, for investors with a long-term time horizon, growth stocks can potentially be a great way to build wealth.
It’s no surprise, that many top growth stocks have struggled so far this year in the stock market. This is evident with top growth names like Ford Motor Company (NYSE: F), and NVIDIA Corporation (NASDAQ: NVDA) whose share prices have dropped year to date by over 34% and 40%, respectively. Now, whether you think the market has begun to bottom out or the beginning of a drawn-out bear market, sticking with some of the top growth stocks long-term is still likely to generate you money. In fact, one could argue that they are trading at huge discounts right now. All in all, there will likely be a time when these beaten-down growth plays begin to recover.
Of course, I’m not saying that investing in growth stocks is a guaranteed way to make money in the stock market. That’s because growth stocks may remain more volatile than the broader market as recession sentiment lingers and as the Fed continues to hike interest rates. Though no one can predict the market direction in the short run, investing in fundamentally strong stocks is a good way to increase your chances to perform better over the long term. As such, if this is you, here are three growth stocks for your watchlist today.
Good Growth Stocks To Buy [Or Sell] Right Now
Meta Platforms Inc. (META)
First, on the list, we have Meta Platforms (META). Meta, which is now the parent company for Facebook, Inc., builds technologies that help people find communities and grow businesses. The company’s products enable people to connect and share with friends and family. Specifically, Meta operates through two business segments, Family of Apps (FoA) and Reality Labs (RL). FoA includes platforms like Facebook, Instagram, Messenger, WhatsApp, and others. Meanwhile, RL includes augmented and virtual reality-related consumer hardware, software, and content. With the metaverse at the heart of all of it, investors appear to be paying close attention to META stock.
Just this week, the company reported a miss on its second quarter fiscal earnings report. In detail, Meta fell short of analysts’ expectations on earnings and revenue. Additionally, Meta reported earnings per share of $2.46 on revenue of $28.8 billion. Compared with, wall street’s estimates of $2.50 per share on revenue of $28.9 billion. Furthermore, this was the first time that the company has reported a decline in revenue. As a result, shares of META stock continue to slide another 2.84% on Friday at $156.19 a share.
Mark Zuckerberg, CEO of Meta, commented, “It was good to see positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI,” he continued with, “We’re putting increased energy and focus around our key company priorities that unlock both near and long term opportunities for Meta and the people and businesses that use our services.” Given the way META stock has been beaten up so far this year, does it make it an attractive buy at these price levels?
[Read More] Top Stock Market News For Today July 29, 2022
Apple, Inc. (AAPL)
Next, let’s turn our attention to a company that needs little introduction, Apple (AAPL). For the uninitiated, Apple is a consumer tech company that is one of the biggest companies in the world by market capitalization. The company is also known for its line of premium tech products such as the iPhone and Macbook laptops. Also, among many other business segments, it has a subscription streaming service called Apple TV+.
Moving along, Shares of AAPL stock rallied over 3% during Friday’s late-morning trading session. The stock is currently trading at $162.09 per share. This comes on the heels of the company reporting better-than-expected third-quarter fiscal earnings this week. Diving in, Apple (AAPL) notched earnings of $1.20 per share on revenue of $83.0 billion. For context, wall street’s consensus earnings estimates were $1.14 per share on revenue of $82.4 billion. Also, on its conference call, Apple said it projects fourth-quarter revenue to be greater than $84.92 billion. For comparison, the consensus estimates are $89.92 billion for the quarter.
Apple CEO Tim Cook, commented in his news release to shareholders, “This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers.” He continued, “As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.” With all of this, does AAPL stock deserve a spot on your list of top growth stocks to watch in the stock market today?
Etsy, Inc. (ETSY)
Following that, we have the online marketplace Etsy (ETSY). Etsy owns an online marketplace focused on handmade and vintage items. Its primary marketplace, Etsy.com, was one of the companies that thrived throughout the COVID-19 pandemic as more people were spending time on the internet during the global health crisis. For sellers, the company offers a range of tools and services that address key business needs. Continuing on, shares of ETSY Stock have rallied over 7% this week.
This move comes after the company reported its second quarter 2022 fiscal earnings results. In the report, ETSY posted earnings per share of $0.51 on revenue of $585.1 million. For context, the consensus estimate among analysts was $0.38 per share on revenue of $568.4 million. Meaning, ETSY beat on its earnings for this quarter. However, the company did report it projects its third-quarter revenue to be between the range of $540.0 million to $575.0 million. The current consensus revenue estimate is $598.17 million for the third quarter.
Josh Silverman, Etsy, Inc. Chief Executive Officer stated, “Our second quarter results once again reflect that Etsy has maintained most of our pandemic gains, and that we are able to deliver strong bottom line performance while simultaneously investing in key initiatives.” On Friday, ETSY stock is currently trading at $103.50 per share.