Futureproof Your Portfolio: 7 Stocks Destined for Skyrocketing Growth


  • Growth stocks are a great way to create wealth and here are the seven stocks to buy for skyrocketing growth
  • Palantir Technologies (PLTR): AI has worked in favor of Palantir and its financials and commercial client growth is proof of the same.
  • Nvidia (NVDA): Nvidia isn’t done yet. It may have had the best year in 2023, there is a lot more to come in the coming months.
  • Microsoft (MSFT): Tech dinosaur Microsoft will generate passive income through dividends and bring steady growth to your portfolio.
  • Read more to discover top growth stocks to buy now.
stocks to buy for growth - Futureproof Your Portfolio: 7 Stocks Destined for Skyrocketing Growth

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The stock market is recovering with solid earnings reports and the decision of the Fed to maintain the interest rate at the same level. While it will have a short-term positive impact on the market, investors who are looking to buy and hold for the long term need to look beyond the current ups and downs. Amid this development, it has led to the rise of stocks to buy for growth.

Investing in stocks that have the potential to grow over the years will ensure steady success and passive income. Growth stocks are a good way to create wealth in the market, and this means looking for companies that offer products and services to solve some of the biggest problems for consumers.

Smart investors know there are many fish in the pond but you need to look for the one that will beat the rest! With that in mind, let’s take a look at the seven stocks to buy for growth.

Palantir Technologies (PLTR)

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Palantir Technologies (NYSE:PLTR) came to the limelight this year after the massive opportunities in artificial intelligence. PLTR stock has soared 181% year to date and is exchanging hands at $17.97 today. Its Artificial Intelligence Platform was launched in May, and it has seen significant success. The company has already worked with some of the biggest Government and commercial clients. 

The company reported third-quarter results and beat analyst estimates. It reported a revenue of $558 million, up 17% yearly, and an EPS of 7 cents. The company has only turned profitable this year and is taking giant leaps in the industry. I think this is only the beginning.

Once criticized for heavily depending on the Government sector for its business, the company has bagged several commercial clients over time and increased 37% yearly to reach 181 commercial customers. With an impressive clientele and having turned profitable this year, Palantir is sitting in a sweet spot. 

Nvidia (NVDA)

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One of the biggest stocks of 2023, Nvidia (NASDAQ:NVDA) hasn’t reached its peak yet. It still has a long way to go, and AI will make it happen for the company. NVDA stock is already up 200% year to date and is trading at $435 today, but I think it will beat revenue expectations in the third quarter results, and the stock will soar. 

Nvidia has taken the tech world by storm, and its quarterly results have been impressive throughout the year. While the stock isn’t cheap, it is worth putting your money in. The company has seen soaring demand for its chips, and nobody is as close to its success regarding AI. 

Even after the White House’s chip ban, the stock looks like a good buy since there will not be any immediate-term effect on the company. The company is set to release third-quarter results on November 21, and the stock is a buy before that. 

Microsoft (MSFT)

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An industry leader, Microsoft (NASDAQ:MSFT) is a solid buy-and-hold. Trading at $348 today, it is cheaper than Nvidia and has much potential to skyrocket in the years ahead.

One cannot deny that Microsoft has the products and services that will continue to stay in demand in the coming years, and with the launch of Microsoft Copilot 365 AI tool, it could become an even bigger player in the AI space.

Microsoft’s investment in AI will start to pay off in the coming years, and this is when the revenue will soar. However, it did beat expectations and report strong financials in the recent quarter, with the revenue coming in at $56.2 billion and an EPS at $2.69. Its dividend yield of 0.86% makes the stock attractive. This is one dividend stock you will not regret buying and holding for a lifetime. 

SoFi Technologies (SOFI)

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SoFi Technologies (NASDAQ:SOFI) is a one-stop shop for financial products, including loans, investing, insurance, and banking. It has now expanded to credit cards, robo-advising, and crypto trading. SOFI stock is exchanging hands at $8.17 and is a steal below $10.

Student loan debt is a big catalyst for the company, and it has the potential to double the stock. It has provided billions of loans over the past few years, and the federal moratorium brought a pause on debt repayments, which affected the company’s business. However, I believe it will see substantial numbers from this quarter. 

The company already beat expectations and reported a net revenue of $537 million, up 27% year over year. It also ended the quarter with 6.9 million members, up 47% year over year. SOFI stock is ready to have some of its best days in the coming months, and buying it now will help make significant gains. 

Spotify Technology (SPOT)

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The European streaming company Spotify Technology (NYSE:SPOT) is growing at an impressive rate. It is one of the biggest streaming companies in the world and has more than 220 million paid subscribers. As long as it continues growing its subscribers, it will report impressive financials. It competes with some of the biggest tech giants and has shown immense strength in a competitive market. 

The company is a pioneer in the music streaming business and has reported impressive revenue growth in the recent quarter. It reported a profit of $0.33 per share and a 26% rise in the monthly active users, which hit 574 million. 

Another impressive number, its gross margin was up 166 BPS in the quarter. Exchanging hands at $167, SPOT is one of the stocks to buy for growth. It is up 104% year to date, and I believe this momentum will continue. 

Lithium Americas (LAC)

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I have written about the strong growth potential of Lithium Americas (NYSE:LAC) in the past, and I continue to believe in the company. It is sitting on one of the most valuable resources today and is developing two massive lithium projects. One is the Thacker Pass, and the other is Cauchari-Olaroz.

The stock is trading at $7.04 today and is a steal. It can soar over 100% once the Thacker Pass project commences. It has ample potential and has already received a grant of $650 million from the automaker General Motors. LAC is one of the top stocks to buy for growth.

The demand for battery materials will only soar in the coming years, and Lithium Americas could make the most of it. While it is still pre-revenue, it owns assets that have the potential to generate billions in the coming years. As an early-stage investor in the stock, you can take home solid gains. 

Li Auto (LI)

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If there is one Electric Vehicle company worth adding to your portfolio, it is Li Auto (NASDAQ:LI). The EV maker has been reporting strong monthly delivery numbers and impressive financials. In October, the company delivered a record 40,422 cars and achieved its goal of delivering over 40,000 cars each month in this quarter. It is much ahead of its peers and has been holding strong despite the inflationary pressure.

There is a massive demand for Li’s cars, as seen in the delivery numbers. It reported impressive financials for the second quarter, and I am sure it will beat the estimates for the third quarter as well.

As the company continues to increase the fleet, we will see the stock soar higher. It is trading at $35 today and is up 68% yearly. It looks undervalued to me and could hit $50 in 2024. 

On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis.

Article printed from InvestorPlace Media, https://investorplace.com/2023/11/futureproof-your-portfolio-7-stocks-destined-for-skyrocketing-growth/.

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