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Are these the best growth stocks to buy for your long-term portfolio right now?

Growth stocks have consistently outperformed broader markets for at least the past two decades. Plus, growth stocks generally don’t pay dividends to investors. This is due to the fact that these companies usually make the decision to reinvest profits in the company in order to accelerate its growth. As early as February, when the markets reached new highs, the top growth stocks to be observed performed quite well. Then the coronavirus struck and those stocks were shaken with the rest of the market. From the lows in March, we’ve seen some of the best growth stocks to buy have rallied on massive rallies that continue to this day in the stock market. Top growth stocks like Shopify (SHOP Stock Report) and Roku Inc. (ROKU Stock Report) have seen triple-digit gains for investors from March lows of 216.66% and 339.14%, respectively.

There are a number of other top growth stocks that have seen explosive growth, like the aforementioned companies in the stock market this year. While these stocks had tremendous rewards for investors, keep in mind that in just over 6 months we made 10 years worth of profits. There is a possibility of withdrawal. It’s not uncommon for top growth stocks to decline 20% to 40% +. Trends in the best growth stocks to buy may include an improvement in fundamentals and a history of bullish trading activity in the market.

Growth stocks can be in any industry. We see them frequently in industries like technology and biotechnology. If you take a closer look, you can identify their competitive advantages and future addressable markets. That way, you can potentially increase your chances of picking the best growth stocks. After all of this, let’s take a look at three top growth stocks we’ll see next week.

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Best growth stocks to buy [Or Avoid] Now: Unity Software Inc.

First up is Unity Software Inc. (U Stock Report). Unity stocks have been among the top growth stocks since going public in September. The U share price rose 78.63%, closing Friday’s trading session at $ 116.31 per share. Unity Software is the world’s leading platform for creating and operating interactive 3D content in real time. In the past year, more than half of the 1000 best games in the Apple App Store and Google Play Store were created using the Unity software platform. The company currently supports more than 90% of the world’s leading gaming companies. Some of Unity’s largest customers are Electronic Arts (EA Stock Report) and Tencent (TCEHY Stock Report).

This month Unity reported its third quarter earnings. The company had sales of $ 200.8 million, an increase of 53.3% over the previous year. They also reported a net dollar-based expansion rate of 144% in the third quarter. Unity has forecast that fourth quarter revenue is expected to be in the range of $ 200 million to $ 204 million, rounding out its fiscal 2020 outlook for revenue of between $ 752 million and $ 756 million.

“We are excited to begin our journey into the public company with such a strong quarter,” said Kim Jabal, Unity’s chief financial officer. “Revenue of $ 200.8 million for the third quarter, up 53.3% year over year, reflects the resilience of our business model and strong execution within our operational teams and regions. Our robust growth has strengthened our confidence in the fundamental strength of our business model and in the long-term opportunities we see ahead. “

The question that arises is whether you think the gaming industry will continue to grow shareholder wealth in the market like it did this year. If you enjoy gambling and investing, do you think Unity is a top growth stock to buy for your long-term portfolio?

Best growth stocks to buy [Or Avoid] Now: Pinterest

Next on the list of the best growth stocks to watch is Pinterest (PINS Stock Report). The tech share achieved great success on the stock market in 2020. Pinterest is a social media company that offers image sharing and social media services. Since the beginning of the COVID-19 pandemic, the San Francisco-based company has been one of the primary beneficiaries of lockdowns and people staying more at home. Since the market crash in March, PINS stock has seen a massive 552.97% rally from lows of $ 10.10 on March 18 to closing the trading session on Friday at $ 65.95 per share.

Pinterest released its third quarter financials in late October, beating analysts and investors’ estimates. The company had sales of $ 443 million, an increase of 58% over the previous year. This resulted in a 37% increase in monthly active users worldwide to 442 million. This is expected as people spend more time on their computers during the COVID-19 pandemic. From starting a new hobby to learning new food recipes, Pinterest has become the social media platform for creative inspiration. Pinterest enables its developers to share their ideas with people around the world.

Todd Morgenfield, Pinterest Chief Financial Officer, said, “The strong momentum in our business in July continued throughout the third quarter. We are extremely pleased with the broad strength of our business, supported by the recovery in demand for advertisers, as well as positive returns from our investments in promotional products and international expansion. ”

best growth stocks to buy (PINS stock)

The company also announced its guidance for the fourth quarter and expects it to grow nearly 60% year over year. Given PINS ‘impressive growth since March, can PINS stock continue its momentum next week?

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Best growth stocks to buy [Or Avoid] Now: NIO Inc.

The last growth stock to be observed is the Chinese electric vehicle manufacturer NIO, Inc. (NIO Stock Report). Nio was one of the best-performing electric vehicle stocks on the stock market this year. The shares of the NIO share are up an astonishing 1202.41% since the beginning of the year. On January 2, 2020, NIO was trading at a spread of $ 3 per share. On Friday, NIO shares closed at $ 48.45. The company is a premium electric vehicle manufacturer specializing in the SUV market.

Just last week, NIO published its results for the third quarter of 2020. The company exceeded expectations for the third quarter. NIO reported a loss of 12 cents per share on sales of $ 667 million. This corresponds to an increase in sales of 146% compared to the previous year. Wall Street analysts’ estimates showed a loss of 19 cents per share and sales of $ 663 million. The company also announced that it is expected to ship between 16,500 and 17,000 electric vehicles in the fourth quarter of this year. That news comes after the company reported in October that it had doubled its vehicle deliveries to new monthly highs.

“With another quarter of the record deliveries in the third quarter of 2020 and further improvements in average selling price, material costs and manufacturing efficiency, our vehicle margin rose to 14.5%. In addition, we achieved positive cash flow from operating activities for the second quarter in a row, ”said Steven Wei Feng, Chief Financial Officer of NIO.

best growth stocks (NIO stock)

Is NIO a top competitor to TSLA as Tesla (TSLA Stock Report) was recently added to the S&P 500? I just think time will tell One thing is certain, however: NIO is still one of the best growth stocks to watch on the stock market today.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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