Stocks to buy

The stock market has been hitting record highs since the start of 2024. Driven by the technology sector, the Nasdaq has grabbed headlines, and several stocks have hit an all-time high. While it is not possible to time the stock market, pursuing high-growth stocks can help take home significant gains. There is a lot of optimism in the air, and investors are expecting the stock market to continue hitting new highs. The interest rates are likely to go down soon, leading to an improvement in consumer spending. The earnings season has been impressive, and several companies have started the year with a bang. If you want to make the most of the upside of the growth stocks post impressive Q4 results, now is the time to buy these three growth stocks.

Growth stocks to buy: SoFi Technologies (SOFI)

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A top tech stock, SoFi Technologies (NASDAQ:SOFI) has delivered on its promise. The company reported its first GAAP profit and is ready for some of its best days. The fintech company is transforming the banking experience for users and has seen a steady rise in active users. At the end of December, the company had 7.5 million members on the platform, which is up 44% YOY, leading to 11.1 million product signups.

Its GAAP profit of $48 million is only the beginning, and I believe the coming quarters will be interesting. The revenue was up 44% YOY to hit $615 million, and its financial services segment saw a 115% revenue jump while the lending segment saw a 24% rise. SoFi has been working on its products to ensure that it meets the changing needs of consumers. To a certain extent, it has become successful in the same.

With the resumption of student loan payments, SoFi will see a rise in demand for its lending products, which will be reflected in the coming quarters. It has already achieved a 30% gross margin in the recent quarter, and if it manages to keep the costs down, it could see an improvement in the margins. While it is not a cheap endeavor to transform traditional banking, the company has been successful in customer acquisition.

The management has a bullish outlook for 2024 and believes that it can grow the revenue at a compound growth rate between 20% to 25% through 2026. This can lead to an improvement in profit and EPS. The excellent results did not boost the stock, which is trading at $8.42 today and is down 12% year to date. This growth stock could double in 2024, and buying it below $10 seems wise.

Palantir Technologies (PLTR)

Source: Ascannio /

Once a government favorite, Palantir Technologies (NYSE:PLTR) has become everyone’s favorite after the jaw-dropping quarterly results. The company is making the most of the Artificial intelligence (AI) hype and has products that are high in demand. Its suite of data analytics platforms has helped the company attract several commercial clients.

The company offers boot camps that help enterprises adopt the AI suite, using it to understand how it works. These boot camps have led to a rise in conversions, and the company managed to lock 103 deals costing $1 million or more in the recent quarter. Out of these, 21 deals are worth $10 million. This has already set the tone for 2024, and I believe PLTR could have an excellent 2024.

The company reported its first-ever profit of $210 million since its founding, and the revenue came in at $608 million, up 20% YOY. Its commercial revenue was up 32% in the quarter, accounting for over 40% of the total sales. It is now aiming at a full-year revenue of $2.66 billion.

Trading at $25 today, the stock looks highly undervalued, and I feel that the market isn’t looking at the company’s long-term potential. It has survived years without a profit and has never run out of customers. It has no debt on the balance sheet and has seen the client base grow with its suite of products.

While the stock is up 51% year to date, driven by the quarterly results, I believe there is a lot more to come. The last time I wrote about this stock just a few days back, it was trading at $16. If you missed the chance to buy it, then do not make the same mistake. Buy PLTR stock before it skyrockets.

Uber Technologies (UBER)

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Ride-hailing giant Uber Technologies (NYSE:UBER) is a hot stock after the impressive quarterly results. The company is dominating the food delivery business and has seen higher profit growth versus the ride-hailing business. The company recently announced that it will buy back stock for the first time, and investors are happy with the announcement. It has announced a $7 billion share repurchase plan. This company has reported its first-ever profit after years of struggle.

The company is investing billions in research and development, which is paying off. It is one of the top players in the ride-hailing segment and has a strong global presence. Its mobile app is regularly updated to ensure safety, quick service, and convenience to both the drivers and the riders. It has a successful business model that will continue to drive growth in the years to come.

It earned a revenue of $9.9 billion in the fourth quarter, up 15% YOY. The company managed to reduce operational costs, which helped reach a profit. While the management did not provide guidance, it expects to reach $37 billion and $38.5 billion in gross bookings.

Both the positive news have worked as a catalyst for the stock, which is up 35% year to date and is trading at $79 today. It was trading at $58 on Jan 2 and is close to $80 today. This is a growth stock worth holding on to for the long term. The company has cracked the code towards achieving profit, and its delivery business, Uber Eats is growing at a significant rate.

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 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.