Many traders use the terms growth stocks and technology stocks side by side. This is because the five top technology companies, which are Apple, Microsoft, Amazon, Tesla, and Alphabet, are the best-performing growing stocks of 2024 in the stock market. These are the five most heavily weighted components of the S&P 500 index, so they have an outsized influence on the overall movement of the stock market. However, not all growth stocks are technology stocks. Here is our pick of best-performing growth stocks so far this year :

1. The Vita Coco Company Inc.

The Vita Coco Company is a publicly traded family of brands that delivers healthy, nutritious, and great-tasting products that are better for consumers and better for the world. Pioneers in the functional beverage category, today, The Vita Coco Company’s brands include the leading coconut water, Vita Coco, sustainable enhanced water, Ever & Ever, and protein-infused water, PWR LIFT. With its ability to harness the power of people and plants, and balance purpose and profit, The Vita Coco Company has created a modern beverage platform built for current and future generations. The Vita Coco Company recently announced its financial results for the second quarter ended June 30, 2024:

• Net sales grew by 3 % in the second quarter to $ 144 million and 3 % year-to-date to $ 256 million.
• Gross profit was reported at $ 59 million in the second quarter, an increase of $ 8 million, and $ 106 million year-to-date, an increase of $ 21 million.
• Net sales grew 3 % in the second quarter to $ 144 million and 3 % year-to-date to $ 256 million.

The Vita Coco Company stock last closed at $ 28.44 on 19.09.24 and has a market cap of $ 1.637 billion. The below chart shows the last one-year stock performance of the company stock. The stock has been on a bearish run since December 2023. The bearish journey continued till the stock dropped to the low of $ 19.47. From here the stock picked up pace and started to recover. The company’s stock continued to rise till it reached a peak of $ 31.06. From here the stock again dipped and eventually closed at $ 28.44.

2. Broadcom Inc.

Broadcom Inc. is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software, and cybersecurity solutions. Broadcom’s category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software and is often considered as a leader among the best semiconductor stocks. Their solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom Inc. recently announced third-quarter results for the fiscal Year 2024:

• Revenue was reported at $ 13 billion for the third quarter, an increase of 47 percent from the prior year during the same period
• GAAP net loss was reported at $ 1.875 billion for the third quarter
• GAAP diluted loss per share was reported at $ 0.40 for the third quarter
• The quarterly common stock dividend was reported at $ 0.53 per share

The below chart shows the last 12-month stock performance of the company. The stock has been on a continuous bullish run in these past 12 months. After hitting the peak of $ 184.3, the stock pulled back a little and last closed at $ 171. Overall, the appreciated by approx. 57.5 % in these 12-months. The 52-week high is at $ 185.16 and the 52-week low is at $ 79.51.

3. Full Truck Alliance Co. Ltd.

The FTA platform is a leading digital freight platform in China, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types. They have built a vibrant ecosystem of millions of shippers and truckers and is among the top shipping stocks out there. The company was formed after merging two companies, Yunmanman and Huochebang, establishing a nationwide road logistics network with significant economies of scale. They are constantly improving their offerings to better meet the diverse, complex, and often non-standard needs of industry participants. They have evolved from a directory of freight listings to an ecosystem that enables logistics transactions from end to end with data-driven technology and a comprehensive range of value-added services. In the first quarter of 2023, an average number of approximately 1.75 million shippers posted shipping orders on the FTA platform each month, and 3.55 million truckers fulfilled shipping orders on the FTA platform for the 12 months ended March 31, 2023. In the first quarter of 2023, the Group facilitated 30.3 million fulfilled orders. Full Truck Alliance recently reported its second-quarter results for the Fiscal Year 2023:

• Net Revenues were reported at RMB 2.76 billion, as compared to RMB 2.062 billion from the previous year same period.
• Net Income was reported at RMB 840 million, as compared to RMB 609 million from the previous year’s same period.

The below chart shows the stock performance of the company’s stock for the past 12 months. The stock was on a bullish trend when it changed its course after hitting $ 8.3. The stock started to decline and went as low as $ 6.03. From here the stock started to recover after multiple ups and downs hit the peak of $ 9.42 in May. Now the stock again changed its course and started to decline. The stock last closed at $ 7.44.  

4. Blackrock Inc.

BlackRock is one of the world’s leading providers of investment, advisory, and risk management solutions. They are a fiduciary to their clients and invest for the future on behalf of their clients, inspiring their employees, and supporting the local communities. BlackRock, Inc. reported financial results for the six months ended June 30, 2024:

• Total Net inflows were reported at $ 81.6 million, as compared to $ 80.2 million for the previous year’s same period
• Operating Income was reported at $ 1.55 billion as compared to $ 1.4 billion for the previous year’s same period.
• Net Income was reported at $ 1.9 billion as compared to $ 1.675 billion for the previous year’s same period.
• Earnings per share was reported at $ 10.36 for the second quarter.

The below chart shows the past 12-month performance of the stock. The stock has been on a bullish trend throughout this period. The stock started the year 2024 at a price of $ 811.8. From here on the stock continued to climb and last closed at $ 928.78. The year-to-date performance shows a 14.4 % appreciation of the stock.  

5. Wells Fargo & Co.

Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. Wells Fargo reported its second quarter report for the year 2024:

• Total revenue was reported at $ 20.7 billion, as compared to $ 20.5 billion for the previous year’s same period
• Net Income was reported at $ 4.91 billion as compared to $ 4.94 billion for the previous year’s same period.
• Earnings per share was reported at $ 1.33 for the second quarter as compared to $ 1.25 for the previous year’s same quarter

The below chart shows the stock performance of the company’s stock for the past 12 months. The stock has been on a bullish run during this period. The stock kicked off the year 2024 at a price of $ 49.22. From here on the stock continued its bullish journey and hit a peak of $ 62.34 in May. The stock pulled back from here on and after multiple ups and downs closed at $ 56.29. Overall, the year-to-date performance shows

CONCLUSION

Stocks that have strong share price momentum and consistent growth in profits and sales are listed among growth stocks. Even though the market is always unpredictable, the above list is some of the best-performing growth stocks.

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