Are These The Best Growth Stocks To Buy Right Now?

Growth stocks will often outperform the broader market. What drives these stocks and what separates them from the broader market you may ask? These stocks have exciting growth prospects as they can usually fill something that the market is missing. This grants investors very interesting buying opportunities. Tech for instance still has a lot of potential for growth. Given that the technology sector is vast, it comprises of many products and services. From software developers to semiconductor stocks and e-commerce, the possibilities are endless. In essence, any company that sells a product or service that is infused with technology will likely belong to this sector.

You only need to look at the likes of companies like QuickLogic (NASDAQ: QUIK) and Riot Blockchain (NASDAQ: RIOT), both having grown over 100% and 300% respectively year-to-date. Tech companies whose main business is in software have been converting their business model to Software-as-a-Service (SaaS) for recurring revenue. This is in contrast to customers buying a one-time license. Semiconductor companies have also been hard at work, so much so that there is a silicon shortage worldwide right now. With so much going on in the stock market these days, these 4 top growth stocks are in focus.

Best Growth Stocks To Buy [Or Sell] This Month

Viomi Technology Co Ltd

Viomi is a leader in the Internet of Things (IoT) @ Home. Its platform consists of an ecosystem of innovative IoT-enabled smart home products, together with a suite of complementary consumable products and value-added businesses. This platform provides an attractive entry point into the consumer’s home. It would enable consumers to interact with its portfolio of IoT products intuitively to make daily life more convenient and efficient. The company’s shares are traded at $14.30 at the close of Monday’s trading session. It has more than doubled since the start of February.

growth stocks (VIOT stock)
Source: TD Ameritrade TOS

This latest rally seems to be coming from a bullish report that expects Viomi to grow by 10x this year due to its leadership position in appliances and IoT devices. In the company’s latest quarter financials in November, it posted net revenue of $219 million, a 39% increase year-over-year. Its net income for the quarter was $5.1 million. Impressively, its number of cumulative household users has reached more than 4.6 million, increasing by over 70% compared to a year earlier. With so many exciting things happening to the company, will you consider buying VIOT stock?

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Vuzix Corp

Vuzix is a multinational technology company that is based in New York. In detail, the company is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. Its portfolio includes personal display and wearable computing devices that offer users a portable high-quality viewing experience. What is impressive is that the company has over 150 patents and patents pending in the video eyewear field. VUZI stock shot up by over 15% on today’s opening bell and currently trades at $20.48 as of Monday’s close.

best tech stocks (VUZI stock)
Source: TD Ameritrade TOS

The company seems to be betting on smart glasses being the next big trend in technology. In its latest corporate presentation in January, Vuzix cites that the augmented reality market is projected to be worth $77 billion by 2025. Key factors that could drive the market growth are increasing demand for AR devices and applications in healthcare and e-commerce.

Also, the company has partnered with Verizon (NYSE: VZ) for the latter’s 5G-enabled EMS solution for front-line medical professionals. Seeing how the company is making huge strides in the AR field, will you consider adding VUZI stock to your portfolio?

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Cadence Design Systems Inc.

Cadence is a leader in electronic design and builds upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware, and IP that turn design concepts into effective solutions. Its software has many market applications that include consumer, 5G communications, aerospace, health, and industrial. The company will announce its fourth-quarter financials after today’s closing bell.

best growth stocks to buy now (CDNS stock)
Source: TD Ameritrade TOS

Last month, the company announced that it will acquire NUMECA International, a leader in computational fluid dynamics (CFD). The acquisition will allow Cadence to expand its system analysis capabilities with CFD. It will support Cadence Intelligent System Design strategy and broaden its system analysis portfolio with CFD solutions. This would certainly bolster the company’s position as NUMECA’s proven technology has been adopted by industry leaders like NASA and Ford (NYSE: F) All things considered, will you buy CDNS stock ahead of its earnings report?

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Lizhi Inc.

Lizhi is a leading UGC audio community and interactive audio entertainment platform in China. It also has a wide range of podcasts and audio entertainment products. This includes audio live streaming and various interactive audio products, empowering users to indulge in an immersive and diversified entertainment experience. LIZI stock jumped by over 10% on today’s opening bell. Investors seem to be reacting to the company’s announcement that its audio product has been launched in Mercedes Benz S-Class cars via Huawei Mobile Services (HMS) for Car. However, the stock has since dipped, so this could be an opportunity for investors to buy on the dip.

top growth stocks to watch (LIZI stock)
Source: TD Ameritrade TOS

The company’s audio products had been launched in HMS for Car in December. With HWS, it provides users with rich content and in-car services by combining Huawei’s AI engine with its ecosystem resources. The partnership with Mercedes-Benz indicates a new benchmark for HMS. This could certainly pave the way for more car companies to partner with HMS for Car. Through this, Lizhi will continue to provide selected high-quality audio content to users of the partner companies of HMS and their products.

Additionally, the company also announced that it has entered an agreement with Horizon Robotics to collaborate on audio services for the Internet of Vehicles (IoV) market earlier this month. Horizon Robotics is an established chip maker for smart mobility in China and this partnership would also allow Lizhi to meet the rapidly expanding IoV market. Given the developments surrounding the company, will you buy LIZI stock?

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