13 Best Growth Stocks-An Insight Into The Best Stocks To Buy Now

Growth stocks are stocks that are expected to experience growth in their share price. There are different types of growth stocks, including those that are expected to grow rapidly, and those that are expected to grow at a slower pace.

Growth is important because it means that the company is growing and improving its performance. It also means that the company could have a bright future and could be worth more money than other companies in the near future.

With this in mind, you should consider buying growth stocks if you want to make money in the long term.

 

Best Growth Stocks-Factors to Consider:

There are many factors that go into whether or not a stock is a good investment candidate, but one of the most important is growth potential.

Growth potential refers to how much the company is expected to grow over the next few years. Growth potential can take many different forms, including revenue growth, earnings growth, and asset value appreciation.

A company can have great revenue and earnings growth while still having little to no asset value appreciation, which means it has limited potential for long-term growth.

On the other hand, a company with great asset value appreciation could have mediocre revenue and earnings growth while still having plenty of room for future growth.

Therefore, when looking at stocks, you should consider both revenue and earnings growth along with asset value appreciation when deciding whether or not a stock is a good buy.

We have picked the 13 best growth stocks to buy right now based on their expected earnings growth over the next few years.

If you are seeking growth stocks in an increasingly crowded industry, all of these businesses are expanding quickly, and earnings growth in the double digits is projected to occur in 2023.

 

1. Rocket Companies (RKT:NYE):

Last Closing Price: $6.61

Market CAP: 13.73 Billion

Average Analyst Rating: Hold

Average Analyst Price Target: $8.84

 See Detailed Analysis; (RKT:NYE)

 

Rocket Companies, Inc. engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business. In addition, the company originates, closes, sells, and services agency-conforming loans. Rocket Companies, Inc. was founded in 1985 and is headquartered in Detroit, Michigan. Rocket Companies, Inc. operates as a subsidiary of Rock Holdings, Inc.

 

2. AppLovin (APP:NYE):

Last Closing Price: $16.07

Market CAP: 5.96 Billion

Average Analyst Rating: Strong Buy

Average Analyst Price Target: $58.88

See Detailed Analysis; (APP:NYE)

 

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company’s software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app’s advertising inventory by running a real-time competitive auction. Its business clients include various advertisers, publishers, internet platforms, and others. The company was incorporated in 2011 and is headquartered in Palo Alto, California.

 

3. NU (NU:NYE):

Last Closing Price: $4.79

Market CAP: 23.38 Billion

Average Analyst Rating: Strong Buy

Average Analyst Price Target: $10.27

See Detailed Analysis; (NU:NYE)

 

Nu Holdings Ltd. operates as a digital financial services platform and technology company primarily in Brazil, Mexico, and Colombia. It offers Nu credit and debit cards; Ultraviolet credit and debit cards; and mobile payment solutions for NuAccount customers to make and receive transfers, pay bills, and make everyday purchases through their mobile phones. The company provides savings solutions, such as Nu Personal Accounts, a digital account solution that supports all personal finance activities, from daily purchases and money transfers to savings; and Nu business accounts designed specifically for entrepreneur customers and their businesses. The company was founded in 2013 and is headquartered in Sao Paulo, Brazil.

 

4.  Huaneng Power International (HNPIY:NYE):

Last Closing Price: $18.46

Market CAP: 14.59 Billion

Average Analyst Rating: N/A

Average Analyst Price Target: N/A

 See Detailed Analysis; (HNPIY:NYE)

 

Huaneng Power International, Inc., together with its subsidiaries, engages in the generation and sale of electric power to the regional or provincial grid companies in the People’s Republic of China and internationally. It is involved in the development, construction, operation, and management of power plants and related projects. The company also generates power from gas turbine, hydro, wind, photovoltaic, coal-fired, and biomass resources.  The company engages in the management of industrial water and waste, as well as provides environmental engineering, information technology, and management consulting services. It also sells raw and processed coal; and offers central heat and desalinated water services. As of December 31, 2021, the company had a controlled generating capacity of 118,695 megawatts and an equity-based installed capacity of 103,875 megawatts. Huaneng Power International, Inc. was incorporated in 1994 and is based in Beijing, the People’s Republic of China.

 

5. Tata Motors (TTM:NYE):

Last Closing Price: $25.27

Market CAP: 19.35 Billion

Average Analyst Rating: Hold

Average Analyst Price Target: N/A

See Detailed Analysis; (TTM:NYE)

 

Tata Motors Limited designs, develops, manufactures, and sells various automotive vehicles. The company offers passenger cars; sports utility vehicles; intermediate and light commercial vehicles; small, medium, and heavy commercial vehicles; defense vehicles; pickups, wingers, buses, and trucks; and electric vehicles, as well as related spare parts and accessories.  The company offers its products under the Tata, Daewoo, Harrier, Safari, Fiat, Nexon, Altroz, Punch, Tiago, Tigor, Jaguar, and Land Rover brands. It operates in India, China, the United States, the United Kingdom, rest of Europe, and internationally. The company was formerly known as Tata Engineering and Locomotive Company Limited and changed its name to Tata Motors Limited in July 2003. Tata Motors Limited was incorporated in 1945 and is headquartered in Mumbai, India.

 

6. Cameco Corp. (CCJ:NYE):

Last Closing Price: $23.08

Market CAP: 10.27 Billion

Average Analyst Rating: Strong Buy

Average Analyst Price Target: $43.00

See Detailed Analysis; (CCJ:NYE)

 

Cameco Corporation produces and sells uranium. It operates through two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services. This segment also produces fuel bundles or reactor components for CANDU reactors. The company sells its uranium and fuel services to nuclear utilities in the Americas, Europe, and Asia. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.

 

7. Penumbra Inc. (PEN:NYE):

Last Closing Price: $157.38

Market CAP: 6.42 Billion

Average Analyst Rating: Strong Buy

Average Analyst Price Target: $232.27

See Detailed Analysis; (PEN:NYE)

 

Penumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions, and neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies. It also provides neurosurgical aspiration tools for the removal of tissue and fluids under the Artemis Neuro Evacuation Device brand; aspiration-based thrombectomy systems for vascular applications under the Indigo System brand; and detachable embolic coil systems for peripheral embolization under the Ruby Coil and Ruby LP brand names. The company sells its products through direct sales organizations and distributors. Penumbra, Inc. was incorporated in 2004 and is headquartered in Alameda, California.

 

8. Scientific Games (SGMS:NSD):

Last Closing Price: $46.99

Market CAP: 5.61 Billion

Average Analyst Rating: Hold

Average Analyst Price Target: $62.40

See Detailed Analysis; (SGMS:NSD)

 

Scientific Games Corporation, doing business as Light & Wonder Inc., develops technology-based products and services, and related content for the gaming, lottery, social and digital gaming industries in the United States and internationally. The company’s Gaming segment sells new and used gaming machines, electronic table systems, video lottery terminals, conversion game kits, and spare parts; table products, including shufflers; and perpetual licenses to proprietary table games. The company’s SciPlay segment develops and publishes digital games on mobile and web platforms. It sells virtual coins, chips, or bingo cards, which players can use to play slot games, table games, or bingo games. The company also offers software design, development, licensing, maintenance, support services, and technology solutions. Majestic Corporation Limited was incorporated in 1984 and is based in Las Vegas, Nevada.

 

9. United Airlines (UAL:NSD):

Last Closing Price: $41.11

Market CAP: 14.08 Billion

Average Analyst Rating: Buy

Average Analyst Price Target: $52.85

See Detailed Analysis; (UAL:NSD)

 

United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, training, and maintenance services for third parties. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.

 

10. RenaissanceRe Holdings (RNR:NYE):

Last Closing Price: $161.23

Market CAP: 6.74 Billion

Average Analyst Rating: Buy

Average Analyst Price Target: $175.25

See Detailed Analysis; (RNR:NYE)

 

RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes. The Casualty and Specialty segment writes various classes of products, such as directors and officers, medical malpractice, and professional indemnity. The company distributes its products and services primarily through intermediaries. RenaissanceRe Holdings Ltd. was founded in 1993 and is headquartered in Pembroke, Bermuda.

 

11. Allstate Corp. (ALL:NYE):

Last Closing Price: $123.34

Market CAP: 33.34 Billion

Average Analyst Rating: Buy

Average Analyst Price Target: $140.15

See Detailed Analysis; (ALL:NYE)

 

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance. The Protection Services segment provides consumer product protection plans and related technical support for mobile phones, consumer electronics, furniture, and appliances. Allstate Health and Benefits provides life, accident, critical illness, short-term disability, and other health insurance products. The Run-off Property-Liability offers property and casualty insurance. It sells its products through call centers, agencies, financial specialists, independent agents, brokers, wholesale partners, and affinity groups, as well as through online and mobile applications. The Allstate Corporation was founded in 1931 and is based in Northbrook, Illinois.

 

12.  T-Mobile US (TMUS:NSD):

Last Closing Price: $150.02

Market CAP: 187.87 Billion

Average Analyst Rating: Buy

Average Analyst Price Target: $173.80

See Detailed Analysis; (TMUS:NSD)

 

T-Mobile US, Inc., together with its subsidiaries, provides mobile communications services in the United States, Puerto Rico, and the United States Virgin Islands. The company offers voice, messaging, and data services to 108.7 million customers in the postpaid, prepaid, and wholesale markets. It also provides wireless devices, including smartphones, wearables, and tablets and other mobile communication devices, as well as wireless devices and accessories. In addition, the company offers services, devices, and accessories under the T-Mobile and Metro by T-Mobile brands through its owned and operated retail stores, T-Mobile app and customer care channels, and its websites. It also sells its devices to dealers and other third-party distributors for resale through independent third-party retail outlets and various third-party websites. As of December 31, 2021, it operated approximately 102,000 macro cell and 41,000 small cell/distributed antenna system sites. The company was founded in 1994 and is headquartered in Bellevue, Washington.

 

13. Liberty Global (LBTYA:NSD):

Last Closing Price: $17.79

Market CAP: 8.46 Billion

Average Analyst Rating: Strong Buy

Average Analyst Price Target: $31.17

See Detailed Analysis; (LBTYA:NSD)

 

Liberty Global plc, together with its subsidiaries, provides broadband internet, video, fixed-line telephony, and mobile communications services to residential and business customers. It offers value-added broadband services. The company also provides various tiers of digital video programming and audio services, as well as digital video recorders and multimedia home gateway systems; and channels. Further, the company offers business services comprising voice, advanced data, video, wireless, cloud-based services, and mobile and converged fixed-mobile services to small or home office, small business, and medium and large enterprises, as well as on a wholesale basis to other operators. It operates in the United Kingdom, Belgium, Switzerland, Ireland, Poland, Slovakia, and internationally. Liberty Global plc was founded in 2004 and is based in London, the United Kingdom.

 

Investing In Best Growth Stocks-Benefits:

Growth stocks are not well renowned for their dividend yields, but rather for their rate of expansion. It makes it reasonable that the shares would be worth two times as much if the company has a value of $100 million and the stock trades at X dollars before increasing to $100 million.

Investors may also hope that a company will develop into a well-known, dividend-paying asset, but most investors take a very long-term perspective on that.

Companies going through aggressive expansion stages may also divide their stock. They do this to generate more money by increasing the number of outstanding shares, which keeps the share price cheap and draws additional investors. After the four splits that Apple has had in the past 30 years, if you had purchased only 10 shares of this computer giant in 1980, you would now own 650 shares of it.

 

Investing In Best Growth Stocks-Risks:

The biggest risk with growth stocks is investing too soon when they are still completely unproven. They might have a unique image that sets them apart from other inexpensive stocks to buy, but their business plan might fail miserably, they might declare bankruptcy, or the market might be overinflated like the cannabis market was.

Growth stock valuations may also be excessive. This is due to the fact that they draw a lot of attention and that the value of their shares depends on forecasts of future profits. If those results come through, that’s excellent news because it means the company is not overpriced; however, if they don’t, share prices risk collapsing.

Growth stocks have a reputation for being among the most volatile securities on the market, which is bad news for the typical retail investor. Bumpy pricing will send them on a terrifying ride if they lack the knowledge to understand the stock market’s waves and when to get on and off, eventually bringing them back to where they started with little to no profit. It takes years of trading expertise to truly integrate the arts and sciences necessary to determine which stocks to buy right now. Stock trading is not for everyone.

 

Buying Growth Stocks-Takeaway:

Stock trading is a terrific way to profit from capital growth, but you must be aware of what you’re buying. For investors who wish to increase the value of their portfolio or surf a wave of prospective success to the shores of enormous cash growth, growth stocks are fantastic.

These companies that are aggressively expanding issue these growth stocks, either as part of their business plan or because they have a sizable market share secured by proprietary technology or a patent.

It can be challenging to forecast where growth businesses’ stock prices will go from day to day, though, as many of them are startups that have only recently been created.

Nevertheless, investors can lower their risk profile by balancing their portfolio of growth equities with certain value firms. Depending on how much danger they can take, the two will be distributed differently.