7 Exciting Stocks Poised for Explosive Growth in Key Sectors
Investors love growth stocks. And what’s not to love? For increasing personal wealth, one of the best ways to get there is to find stocks to buy for growth and let them deliver substantial returns.
While some investors may take a more laid-back attitude by investing in conservative, boring stocks, a more exciting way to go is to invest in the kinds of stocks to buy for growth that are considered aggressive plays. With their strong growth histories and promising prospects, these stocks have a greater chance of outperforming the market.
We used the Portfolio Grader to find the best stocks to buy for growth that also carry an “A” rating for growth and a better-than-average overall score. The Portfolio Grader rates all stocks on an “A” through “F” scale based on various data points, including earnings performance, revenue and profit growth, analyst sentiment, and momentum.
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It’s an impartial way to evaluate stocks that I find effective again and again.
According to the Portfolio Grader, these names are some of the best stocks to buy for growth that you can find.
IonQ (IONQ)
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IonQ (NYSE:IONQ) is a quantum computing hardware and software company. Quantum computer companies are on the cutting edge of computing technology, as they are using quantum bits to perform calculations much faster than traditional computers.
Quantum computers have a massive advantage over classical computers, which are binary code-based machines using transistor technology. While it’s still early in the development of the technology, many of the most forward-thinking companies are already investing heavily.
IonQ has three platforms of quantum computers that are commercially available. Harmony, which was its first quantum computer with #AQ 9 and 11 qubits; Aria, which has #AQ 25 and 25 qubits; and the highest-performing platform, Forte, which has #AQ 29 and 32 qubits.
Earnings for the third quarter were $6.1 million in revenue, which was above the high end of the company’s guidance and 122% better than a year ago. The company issued guidance for the fourth quarter to have revenue between $5.3 million and $6.1 million.
IONQ stock is up 150% in the last year. It gets an “A” rating for growth and a “B” overall in the Portfolio Grader.
Affirm Holdings (AFRM)
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Affirm Holdings (NASDAQ:AFRM) is a fintech company that operates a buy now, pay later platform for in-store and online purchases.
The company earns a commission from businesses that allow customers to use Affirm to finance their purchases and from interest on loans.
Affirm also operates a credit card branded by Visa (NYSE:V), allowing users to use Affirm for purchases outside its network of business partners.
Affirm says it has over 40 million users and reaches over 60% of the e-commerce space. Its credit card, which launched less than a year ago, already has over 500,000 active users.
It expanded its partnership with Walmart (NYSE:WMT) to allow its services at Walmart self-checkout registers, and also recently expanded its partnership with e-commerce king Amazon (NASDAQ:AMZN) to include Amazon Business, the e-commerce platform focusing on serving enterprises.
Revenue for the fiscal first quarter of 2024 was $497 million, up 37% from a year ago. Affirm claimed 16.9 million active customers, up 15% from last year.
AFRM stock is up 215% in the last year. It gets “A” ratings for growth and overall in the Portfolio Grader.
Broadwind (BWEN)
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Broadwind (NASDAQ:BWEN) is an essential company for developing wind power technology by making and assembling wind turbines.
But that’s not all. Broadwind’s heavy fabrication unit makes some of the world’s biggest fabricated steel structures, equipment and components. Its Brad Foote Gearing unit makes large-scale industrial gears and gearboxes. And its industrial solutions unit is involved int installing power generation units for oil, gas and solar energy production.
Broadwind reported Q3 revenue of $57.2 million, up $12.3 million from a year ago. Broadwind also had a profit of $4.4 million in GAAP net income or 20 cents per share. That’s an improvement from a net loss of $1.8 million and -9 cents per share in the previous year.
BWEN stock is up 20% since that earnings report came out in mid-November. It gets an “A” rating for growth and a “B” rating overall in the Portfolio Grader.
D-Wave Quantum (QBTS)
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D-Wave Quantum (NASDAQ:QBTS) is another quantum computing company with dual headquarters in Palo Alto, California, and Vancouver.
D-Wave provides a full-stack, cross-platform quantum computing solution built for businesses that are developing their quantum computing platforms. It includes Leap, the company’s cloud service, and professional services to help transition clients into the quantum space.
It works with customers who are attempting to develop quantum computing solutions that can solve logistics problems, manage supply chains or perform complex scheduling tasks.
D-Wave recorded $2.6 million in revenue in the third quarter, up 51% from the previous year. It’s expecting full-year revenue to come in between $10 million and $11.5 million, and for full-year losses to be less than $56 million.
D-Wave is losing money for now, but it’s scaling rapidly and has a bright future. But beware – D-Wave is still a small company with a market capitalization of less than $115 million, so the stock price will be volatile. Still, it gets an “A” rating for growth and a “B” rating overall in the Portfolio Grader.
C4 Therapeutics (CCCC)
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C4 Therapeutics (NASDAQ:CCCC) is a biotech company that’s working to develop new treatments for cancer and other diseases by using the body’s natural protein recycling system to attach disease-causing proteins.
C4 recently closed a $25 million investment from Betta Pharmaceuticals in China, giving it additional resources to fund research and development of therapies. And in December, it signed a license and research collaboration with Merck (NYSE:MRK) that supplied $10 million now and the potential for up to $600 million down the road, plus tiered royalties for products that C4 develops with Merck.
“Building on recent momentum, we are well positioned to make meaningful advances across our portfolio in 2024,” CEO Andrew Hirsch said.
Revenue in the third quarter was $11.1 million, up from $6.8 million a year ago. Because of research and development and general expenses, the company posted a net loss of $27 million, which was $5 million better than a year ago.
The company has cash on hand of $246 million, giving it enough money to continue to spend through the second half of 2025, at least.
CCCC stock is up 66% in the last six months and gets an “A” rating for growth and a “B” overall in the Portfolio Grader.
TG Therapeutics (TGTX)
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TG Therapeutics (NASDAQ:TGTX) is another biotech company. Based in North Carolina, TG Therapeutics is best known for its production of Briumvi, which was approved by the Food & Drug Administration a year ago to treat relapsing forms of multiple sclerosis.
The drug appears to be a major money-maker for TG Therapeutics, which is forecasting full-year 2023 sales for the drug to be $89 million, with an estimated $40 million coming in the fourth quarter.
The company is projecting $220 million to $260 million for Briumvi sales in the U.S. in 2024.
TG also has two other drugs in its pipeline to treat B-cell disorders, but both are still in Phase 1 trials, so Briumvi will be the major revenue stream for TGTX in 2024.
The stock is up 121% since October. It gets an “A” rating for growth and a “B” rating overall in the Portfolio Grader.
BridgeBio Pharma (BBIO)
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BridgeBio Pharma (NASDAQ:BBIO) is a commercial-stage biopharmaceutical company that makes, tests and delivers treatments for genetic diseases and cancer with genetic drivers.
Nulibry is approved for commercial use in the U.S. to treat mendelian diseases that develop from a single gene. It also sells Trusteltiq, which is an orally administered cancer treatment.
It appears to be on the verge of getting its third drug approved. It submitted its drug acoramidis to the FDA in December following a successful Phase 3 trial for in patients with transthyretin amyloid cardiomyopathy.
While several other potential treatments are in its pipeline, two are in advanced stages. BBP-418 is a treatment for muscular dystrophy, and infigratinib would treat achondroplasia, or ACH. Both potential treatments are in Phase 3 testing.
Revenue in the third quarter was $4.1 million, up from $300,000 a year ago. Investors looking for the stocks to buy for growth with greater profits in 2024 should consider BBIO stock is up more than 300% in the last 12 months.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
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