Growth stocks are often the hottest stocks on Wall Street. These companies usually have rapidly expanding revenues and substantial cash flows. Their revenues and earnings are expected to increase at a faster rate than the industry average.
The stock market has been performing excellently since the start of the year. It could go further over the coming years as analysts expect last-minute US-China trade deal to go through. If that happens, then there would be a lot of interest in the market. However, some growth stocks could be heading higher over the coming weeks.
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Best Growth Stocks That Could Surge Higher
Restoration Hardware Holdings, Inc. (RH)
Restoration Hardware Holdings is one of the leading growth stocks. The home-furnishings company could surge higher after recording massive gains in recent days. The stock price is up by 15% over the past week and could head higher over the coming days.
The company posted its third-quarter earnings last week, outperforming analysts’ estimation. The EPS was $2.79, which is higher than the $2.23 expected. The revenue of $677 million is also higher than the $676 million estimated by analysts. The strong performance led Restoration Hardware Holdings to increase its 2019 full-year EPS to between $11.58 and $11.70.
Mercadolibre, Inc. (MELI)
The shares of the Mercadolibre, Inc. online marketplace company could be heading higher over the coming weeks. The stock has performed excellently this year, up by 96% since the start of 2019.
As one of the leading online marketplaces in Latin America, Mercadolibre, Inc. is looking to expand its services to the under-banked regions of the continent. Its digital payment system, Mercado Pago, will help provide banking services to those areas. It is no wonder that hedge funds are betting on the stock to perform well over the coming weeks and months.
JD.com, Inc. (JD)
This Chinese e-commerce site had a fantastic year. Share prices gained 57% since the start of 2019. The company has been building its user base by marketing to lower-tier cities around the world, and the strategy could continue to pay off in the coming months.
The third-quarter revenues of JD.com surpassed analyst’s expectations. Since then, JD.com has been making moves to boost demand for its products. Recently, JD.com merged its luxury shopping offering with Farfetch China. The merger will see Farfetch China serve as a conduit for smaller luxury brands into China.
Cyberark Software Ltd (CYBR)
Cyberark Software Ltd is another growth stock that could surge higher over the coming weeks. The shares of the information security company is up by 64% year-to-date and could rise further over the next few weeks and months.
Cyberark recently announced that it had secured the AWS Security Competency status from Amazon. Cyberark is a recognized partner of Amazon and would help with AWS customers’ cloud transition. At the moment, Cyberark offers various solutions in the AWS marketplace, including, CyberArk Conjur Open Source, CyberArk Privilege Cloud, and more.
Yandex N.V (YNDX)
Russian internet service company, Yandex NV is another growth stock that could move higher soon. The price of its shares is already up by 48% since the start of 2019 but could be heading higher due to recent developments.
Some Wall Street analysts have rated Yandex’s stock as a ‘BUY’, with hedge funds increasing their position in the company. Out of ten rating firms, eight of them believe Yandex is a ‘BUY.’ Meanwhile, one analyst rated the stock a SELL while another one recommends HOLD. With some hedge funds increasing their positions in Yandex, the stock price could rally soon.
More Growth Stocks that Could Head Higher
Growth stocks have performed well this year, and they could head even higher over the coming weeks and months. Subscribe to the Dork to follow everything on growth stocks. You can get even more stock market news by following the Stock Dork on Twitter and Facebook. Don’t miss another update, sign up for mobile Dork Alerts to get hot stock picks, insights, and analysis delivered directly to your phone.