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Welcome to Episode #402 of the Zacks Market Edge Podcast.
Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.
This week she has gone solo to screen for the stocks everyone wants right now: Zacks top ranked growth stocks.
Screening for #1 Growth Stocks
What does that mean? The stock must have the Zacks Rank of #1 which is Zacks top rank of Strong Buy. On any given day, only about 220 to 240 stocks have this prestigious Zacks Rank out of over 4,000 stocks.
The Strong Buy Zacks Rank usually indicates the analysts are raising earnings estimates. Why should we care about that? Because it usually means there is something good going on at the company if all the analysts are revising higher for the full year.
The screen also looks for double digit growth for last year and this year. That means the company isn’t just a flash in the pan. It has a 2-year track record.
Wingstop has been a growth machine throughout the pandemic and now post-pandemic. First quarter domestic same-store-sales skyrocketed 21.6% with much of the growth from transactions, not from price increases.
Wingstop is expected to grow earnings in 2024 by 36.7%. Shares of Wingstop are up 87% over the last year compared to the S&P 500 which is just up 26.8%.
Super Micro Computer has been one of the big AI and data center winners of the last year. Earnings are expected to jump 99% this fiscal year thanks to the AI revolution.
Shares of Super Micro Computer have soared 430% in the last year but have pulled back from all-time highs.
Should investors be buying Super Micro Computer instead of other AI names like NVIDIA?
Medpace is a clinical contract research company that provides Phase I-IV clinical development services. First quarter revenue was up 17.7% while Medpace’s net new business awards rose 10.8%.
Shares of Medpace are up 86% in the last year. Earnings are expected to rise 27% this year.
Should a medical services #1 Rank stock like Medpace be on your short list?
Him & Hers Health operates a health and wellness platform which saw subscribers jump 41% to 1.7 million in the first quarter of 2024. Free cash flow was $11.9 million in the first quarter, up from $7 million last year.
Shares of Him & Hers Health have taken off in 2024, gaining 70.2% over the last year. Earnings are expected to soar 263% to $0.18 from a loss of $0.11 last year.
Is Him & Hers Health the next great subscription business?
The Vita Coco Company makes healthy, nutritious beverages including coconut water. It has no debt and had cash on hand as of Mar 31, 2024 of $122 million.
Shares of Vita Coco have been subdued over the last year, rising just 0.04%. But on the two-year stack, Vita Coco is up 148.8%. Earnings are expected to rise 40.8% this year.
Is this a buying opportunity in Zacks #1 Rank (Strong Buy) Vita Coco?
What Else Should You Know About these Strong Buy Stocks?
Tune into this week’s video podcast to find out.
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5 Top Ranked Strong Buy Growth Stocks for 2024
Welcome to Episode #402 of the Zacks Market Edge Podcast.
Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.
This week she has gone solo to screen for the stocks everyone wants right now: Zacks top ranked growth stocks.
Screening for #1 Growth Stocks
What does that mean? The stock must have the Zacks Rank of #1 which is Zacks top rank of Strong Buy. On any given day, only about 220 to 240 stocks have this prestigious Zacks Rank out of over 4,000 stocks.
The Strong Buy Zacks Rank usually indicates the analysts are raising earnings estimates. Why should we care about that? Because it usually means there is something good going on at the company if all the analysts are revising higher for the full year.
The screen also looks for double digit growth for last year and this year. That means the company isn’t just a flash in the pan. It has a 2-year track record.
This screen returned 52 stocks.
5 Top Ranked Strong Buy Growth Stocks for 2024
1. Wingstop Inc. (WING - Free Report)
Wingstop has been a growth machine throughout the pandemic and now post-pandemic. First quarter domestic same-store-sales skyrocketed 21.6% with much of the growth from transactions, not from price increases.
Wingstop is expected to grow earnings in 2024 by 36.7%. Shares of Wingstop are up 87% over the last year compared to the S&P 500 which is just up 26.8%.
Should Wingstop be on your short list?
2. Super Micro Computer, Inc. (SMCI - Free Report)
Super Micro Computer has been one of the big AI and data center winners of the last year. Earnings are expected to jump 99% this fiscal year thanks to the AI revolution.
Shares of Super Micro Computer have soared 430% in the last year but have pulled back from all-time highs.
Should investors be buying Super Micro Computer instead of other AI names like NVIDIA?
3. Medpace Holdings, Inc. (MEDP - Free Report)
Medpace is a clinical contract research company that provides Phase I-IV clinical development services. First quarter revenue was up 17.7% while Medpace’s net new business awards rose 10.8%.
Shares of Medpace are up 86% in the last year. Earnings are expected to rise 27% this year.
Should a medical services #1 Rank stock like Medpace be on your short list?
4. Him & Hers Health, Inc. (HIMS - Free Report)
Him & Hers Health operates a health and wellness platform which saw subscribers jump 41% to 1.7 million in the first quarter of 2024. Free cash flow was $11.9 million in the first quarter, up from $7 million last year.
Shares of Him & Hers Health have taken off in 2024, gaining 70.2% over the last year. Earnings are expected to soar 263% to $0.18 from a loss of $0.11 last year.
Is Him & Hers Health the next great subscription business?
5. The Vita Coco Company, Inc. (COCO - Free Report)
The Vita Coco Company makes healthy, nutritious beverages including coconut water. It has no debt and had cash on hand as of Mar 31, 2024 of $122 million.
Shares of Vita Coco have been subdued over the last year, rising just 0.04%. But on the two-year stack, Vita Coco is up 148.8%. Earnings are expected to rise 40.8% this year.
Is this a buying opportunity in Zacks #1 Rank (Strong Buy) Vita Coco?
What Else Should You Know About these Strong Buy Stocks?
Tune into this week’s video podcast to find out.