3 Under-the-Radar High-Growth Stocks Poised for Double-Digit Gains
Investing.com | Feb 05, 2024 08:25
- The US stock market is off to a bullish start in 2024, with the key indexes posting decent returns so far and looking poised for more gains.
- In this high-performing market, three high-growth stocks have stood out, showing robust fundamentals.
- Let's delve deep into the recent earnings and news for these stocks and examine if now would be a good time to buy.
- In 2024, invest like the big funds from the comfort of your home with our AI-powered ProPicks stock selection tool.
Given the markets are at all-time highs, many of the current winning stocks are likely to sustain their upward trajectory in the near term.
However, this doesn't necessarily imply there aren't great high-growth opportunities out there waiting to be scooped up.
While finding such companies amid the ocean of information is the tricky part, such growth stocks hold the key to long-term portfolio outperformance as they can significantly contribute to long-term wealth accumulation.
That where our predictive AI, ProPicks, comes in handy. By compiling a multitude of factors, including the long-term history of the stock market and state-of-the-art fundamental analysis, our six strategies have consistently beaten the market. See the performance chart of our strategies against the S&P 500 below:
(by-yearly).
Now let's take a look at three stocks worth considering for maximizing wealth creation.
h2 1. Encore Wire Showcases Strong Fundamentals/h2Encore Wire Corporation (NASDAQ:WIRE) dominates the copper wire production market, demonstrating a sustained long-term upward technically.
The company distinguishes itself in financial performance, outperforming its competitors with superior net profit and profitability. A notable example is the net profit per ordinary share, which significantly exceeds the sector average.
Source: InvestingPro
Furthermore, one of the pivotal Return on Investment (ROI) indicators boasts an impressive result exceeding 26%, positioning Encore Wire Corporation at the forefront compared to its leading competitors.
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Source: InvestingPro
This means that despite strong growth, the company maintains a positive percentage fair value indicator at 25% and the highest financial health rating. This makes any correction an interesting opportunity to consider entering a long position.
h2 2. Marathon Petroleum: 40% Upside Potential?/h2Marathon Petroleum Corp (NYSE:MPC), the leading American oil refinery operator, recently unveiled results that surpassed expectations, especially noteworthy in terms of earnings per share (EPS), which exceeded the market consensus by almost 80%.
The graph illustrates an impressive streak of nine consecutive quarters where EPS outperformed expectations.
This trend is mirrored in revenues, with only Q1 2023 experiencing an overestimation. The robust financial performance forms the bedrock of the ongoing upward trend, with a potential for continuation exceeding 40%.
Source: InvestingPro
h2 3. Cleveland-Cliffs Achieves Breakthroughs/h2This week, Cleveland-Cliffs (NYSE:CLF), a player in the metallurgical industry, successfully conducted tests injecting hydrogen (H2) into blast furnace no. 7 in Indiana Harbor—one of the largest facilities of its kind globally.
This breakthrough is crucial for curtailing greenhouse gas emissions in this process.
Although the upward trend on the chart is not as advanced as seen in the two previously discussed companies, there is still a potential for at least a 30% extension of the movement.
Breaking through the resistance level, situated in the price range of around $22 per share, will be pivotal for the trend to continue successfully.
Breaking out of this technical area technically opens the way for growth with a maximum reach towards the peaks from March of last year.
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Take your investing game to the next level in 2024 with ProPicks/h2
Institutions and billionaire investors worldwide are already well ahead of the game when it comes to AI-powered investing, extensively using, customizing, and developing it to bulk up their returns and minimize losses.
Now, InvestingPro users can do just the same from the comfort of their own homes with our new flagship AI-powered stock-picking tool: ProPicks.
With our six strategies, including the flagship "Tech Titans," which outperformed the market by a lofty 1,183% over the last decade, investors have the best selection of stocks in the market at the tip of their fingers every month.
for an extra 10% discount on the by-yearly plan.
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