Growth Stocks

Best Performing Growth Stocks in 2023

Last Updated on December 8, 2023 by admin

Growth stocks are one of the ways to build your financial portfolio. It is not enough to invest in stocks; you need to buy the best-performing stocks to maximize your profit.Even though we have come far in 2022, you can still make life-changing investment decisions that will positively affect the rest of the year.

If you are an investor that is considering venturing into growth stock, the likely question
in your mind would be, “What are the best performing growth stocks at the moment?” Knowing which growth stocks to opt for and when to invest is vital because timing is everything.

What is Growth Stock?

Growth Stock, as the name implies, has much to do with ‘growth.’ It is a share in a company with a highly impressive growth rate. Such companies make earnings that exceed, by far, that of others in the average business market.

The difference between these companies and others – value stock – is what they do with their earnings. Rather than pay investors dividends, they would channel all their earnings back into the business for more profit.

“So how do I benefit from investing in growth stocks,” you may wonder? Investors in a company’s growth stock earn profits through their capital gains.

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Best Growth Stocks in 2022

Although 2022 has not been precisely ‘nice’ to the growth stock market, it is an excellent opportunity for long-term investors to buy stock while the prices are low. When searching for the best performance growth stock, you should keep two things in mind;

● A growth stock is not limited to the big and famous companies alone. You can
reap fruitful gains from smaller startup companies.
● Growth stocks cut across all sectors – health care, energy, technology, and

Here are some of the top performers in the growth stock market:

#1. Tesla – NASDAQ: TSLA

Tesla is one of the leading companies in the car industry. Founded in 2003, the firm first enjoyed public attention in 2010 through the NASDAQ. Through the years, TESLA has ranked as a valuable company in the car industry.

At the time of going public, shares at Tesla probably cost $17. Almost a decade later, TESLA
shares sold at about $1000. This shows that Tesla shares are a very profitable investment to consider.

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#2. Clarivate (CLVT, $14.68)

Clarivate is an information and data analytics company. Over the years, the growth rate of the company has been impressive. As of 2022, Clarivate’s Q1 revenue was $662.2 million. Comparing it to the previous year, it made a 54.6 percent increase.

#3. Papaya Technologies Ltd. (PGY)

Papaya Technologies is a driving force in the fin-tech industry. It primarily applies the
use of artificial intelligence to solving financial problems. After a recent merger, there was an $11 increase in the stocks. There has been a 149.9% increase in year-to-date gain.

#4. Shopify (NYSE: SHOP)

The pandemic season had some growth effects on Shopify, as it recorded wider patronage from its customers. Although there was some negative dive in the last quarter manual irecently Shopify still promises growth for its investors.

#5. Centerra Energy

Centerra Energy is a fast-growing oil and gas company. By the second quarter of 2022,
its earnings showed a surge in net income. The company recorded a 265 percent increase in revenue.

#6. McKesson Corp. (MCK)

McKesson is a top company that provides health care facilities with all the essentials they need. Generally, the health care sector is one sector that has some thick skin against recession. McKesson shares have seen a 30 percent steady rise in 2022. Hopefully, they will
continue to see more increases.

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How to Find Growth Stocks

There are a lot of promising growth stocks out there. The following will help you find the
right growth stock:

1. Identify Long-Term Market Trends

One of the things you should look out for is market trends that are here to stay for a while. You do not want to invest in fast growth that can not stand tall against future uncertainties. Once you have been able to identify the long trends, search for companies you can profit from these trends in the long run.

2. Know What You Want, and Stick to it.

This will help narrow down your list. On the top of your list should be businesses with
robust competitive benefits, large markets, and remarkable balance sheets. Think Growth Stocks are for You?

Do not forget that Growth stocks come with their risks. Don’t all investment ventures
involve risk-tasking anyway? If you think growth stocks are for you, by all means, go for
it. However, you may need additional guidance if you are new to the stock market. In that
case, you may have to consult with a finance expert to guide you.

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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