3 Nasdaq Stocks to Buy Now: May 2024


  • These are Nasdaq stocks that are perfect for any investment portfolio.
  • SkyWest (SKYW): Increased travel demand and earnings growth have increased its stock price.
  • Applovin (APP): It beat on Q1 earnings and is increasing its overall spending regarding advertising.
  • Blue Bird (BLBD): A recent earnings beat has brought in many new investors.
Nasdaq stocks to buy - 3 Nasdaq Stocks to Buy Now: May 2024

Source: Shutterstock

Technology stocks have been one of the major industries that have led the stock market on this bull run over the last year.

The Nasdaq is one of the three major indices. With its heavy exposure to tech stocks, it has increased by 34% within the past year, compared to the S&P 500 and the Dow, which have increased by 28% and 20%, respectively.

Below are a few Nasdaq stocks that stand out due to their strong financial positions and incredible share price appreciation recently. They all offer solid growth potential for new investors and shouldn’t be overlooked.

SkyWest (SKYW)

A close-up shot of a SkyWest (SKYW) plane.
Source: Heather Dunbar / Shutterstock.com

SkyWest (NASDAQ:SKYW) operates a fleet of over 500 aircraft and provides regional airline services such as passenger and cargo transportation. It also offers on-demand charters and aircraft leasing.

Over this past year, SkyWest’s share price has risen by over 150%, making it a massive outlier in the passenger airline sector. Other similar stocks, such as JetBlue Airways (NASDAQ:JBLU) and Copa Holdings (NYSE:CPA), have fallen by 11% and 2%, respectively, within the same timeframe.

On April 25, SkyWest released its earnings results for the first quarter of 2024, in which it stated that total revenue increased by 16% year-over-year. SKYW reported a net loss of $22 million for Q1 2023, which shifted to a net income of $60 million for Q1 2024. SKYW repurchased its common stock, totaling $8.7 million for the first quarter.

It is a strong buy due to its solid financial position and projected growth in the coming years. SKYW recently beat earnings expectations for the first quarter of 2024. Increasing travel demand and its continued partnership supplying E175 aircraft through 2026 with other major airlines like United Airlines (NASDAQ:UAL), Delta Air Lines (NYSE:DAL), and Alaska Air Group (NYSE:ALK) have resulted in very positive results for SkyWest.

Applovin (APP)

AppLovin (APP) logo and page displayed on phone and computer screen
Source: shutterstock.com/T. Schneider

Applovin (NASDAQ:APP) is an application software company that offers enhanced advertising services for its AppDiscovery and MAX applications.

On May 8, Applovin released its earnings for the first quarter of 2024, stating that total revenue increased by 48% compared to the previous year. A net loss of $5 million was reported for the first quarter of 2023, and for the first quarter of 2024, it increased to a net income of $236 million, which was a massive shift.

Over the past year, APP’s share price has more than tripled due partly to its innovative advertising AI engine, Axon 2.0, and the overall improvement in the app advertising marketplace.

Applovin is a stock that has benefited heavily from the excitement surrounding generative AI technology. With continued innovation and strong financial results, It is a solid technology stock that investors shouldn’t pass up.

Blue Bird (BLBD)

Source: ©iStock.com/kali9

Blue Bird (NASDAQ:BLBD) is an industrial company that manufactures and sells school buses to primarily state governments and independent service centers. It also provides financing and warranty services. It offers diesel-powered buses and alternative power options, including propane, gasoline, electric, and compressed natural gas.

Blue Bird’s share price surged massively after its most recent earnings release, which impressed investors. Since its earnings release on May 8, BLBD’s share price has surged by 43%.

As previously mentioned, BLBD’s second quarter earnings results for 2024 beat analyst expectations. Total revenue increased by 13%, and net income rose more than threefold to $26 million year over year.

It also increased its full-year 2024 guidance, stating that net revenue is anticipated to be between $1.275 billion and $1.375 billion.

Blue Bird has also experienced rapid growth in electric school bus sales and its backlog. At this time, BLBD has approximately 500 orders for electric school buses and saw an over 50% increase in related sales year over year.

BLBD is experiencing solid growth, especially in electric school bus sales. This is projected to grow due to the Environmental Protection Agency’s Clean School Bus Program established in 2021, an initiative to replace diesel-powered school buses with electric alternatives.

BLBD is a strong buy stock due to its projected growth and strong financial position.

As of this writing, Noah Bolton held a LONG position in SKYW. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Noah has about a year of freelance writing experience. He’s worked with Investopedia dealing with topics such as the stock market and financial news.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/3-nasdaq-stocks-to-buy-now-may-2024/.

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