High Growth Tech Stocks to Watch in August 2024

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In the last week, the United States market has been flat, but it has risen 25% over the past 12 months and earnings are expected to grow by 15% per annum in the next few years. In this favorable environment, identifying high growth tech stocks that align with these trends can offer significant opportunities for investors.

Top 10 High Growth Tech Companies In The United States

Name

Revenue Growth

Earnings Growth

Growth Rating

Sarepta Therapeutics

24.22%

44.94%

★★★★★★

TG Therapeutics

28.62%

43.05%

★★★★★★

Ardelyx

27.44%

65.50%

★★★★★★

Super Micro Computer

20.76%

28.05%

★★★★★★

Iris Energy

70.63%

125.09%

★★★★★★

G1 Therapeutics

24.26%

51.62%

★★★★★★

Invivyd

42.85%

71.50%

★★★★★★

Amicus Therapeutics

20.45%

61.85%

★★★★★★

Seagen

22.57%

71.80%

★★★★★★

ImmunoGen

26.00%

45.85%

★★★★★★

Click here to see the full list of 250 stocks from our US High Growth Tech and AI Stocks screener.

Here we highlight a subset of our preferred stocks from the screener.

Cellebrite DI

Simply Wall St Growth Rating: ★★★★★☆

Overview: Cellebrite DI Ltd. develops solutions for legally sanctioned investigations across various regions including Europe, the Middle East, Africa, the Americas, and the Asia-Pacific with a market cap of $3.46 billion.

Operations: Cellebrite DI Ltd. generates revenue primarily from its Internet Software & Services segment, which accounted for $346.76 million. The company focuses on developing solutions for legally sanctioned investigations across multiple regions globally.

Cellebrite DI, known for its AI-driven Case-to-Closure platform, reported Q2 2024 revenue of $95.71 million, a 24.85% increase from $76.68 million the previous year. Despite a net loss reduction to $23.81 million from $32.35 million, the company forecasts annual revenue growth of 14.7%, outpacing the US market's 8.8%. Cellebrite's R&D expenses are substantial at approximately 25% of revenue, reflecting its commitment to innovation in digital forensics and cybersecurity solutions for high-profile clients like U.S federal agencies which generated around 19% of its annual recurring revenue in public sector last year.

NasdaqGS:CLBT Earnings and Revenue Growth as at Aug 2024
NasdaqGS:CLBT Earnings and Revenue Growth as at Aug 2024

SpringWorks Therapeutics

Simply Wall St Growth Rating: ★★★★★☆

Overview: SpringWorks Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing medicines for underserved patients with rare diseases and cancer, with a market cap of $2.93 billion.

Operations: SpringWorks Therapeutics focuses on developing and commercializing treatments for rare diseases and cancer. The company operates in the biopharmaceutical sector, aiming to address unmet medical needs.

SpringWorks Therapeutics reported Q2 2024 revenue of $59.73 million, reflecting a strong year-over-year growth trajectory. Despite a net loss reduction to $39.92 million from $77.93 million, the company is investing heavily in R&D, with expenses accounting for approximately 42.9% of revenue, underscoring its commitment to innovation in rare disease treatments like mirdametinib for NF1-PN. The forecasted annual earnings growth rate of 71.24% and expected revenue increase of 42.9% per year highlight its potential in the biotech sector despite recent shareholder dilution.

NasdaqGS:SWTX Earnings and Revenue Growth as at Aug 2024
NasdaqGS:SWTX Earnings and Revenue Growth as at Aug 2024

HubSpot

Simply Wall St Growth Rating: ★★★★★☆

Overview: HubSpot, Inc., along with its subsidiaries, offers a cloud-based customer relationship management (CRM) platform for businesses across the Americas, Europe, and the Asia Pacific with a market cap of $25.43 billion.

Operations: HubSpot generates revenue primarily from its cloud-based CRM platform, with Internet Software & Services contributing $2.39 billion. The company operates across multiple regions, including the Americas, Europe, and the Asia Pacific.

HubSpot's Q2 2024 revenue increased to $637.23 million, a notable rise from $529.14 million the previous year, with net loss narrowing significantly to $14.44 million from $111.8 million. The company’s R&D expenses reflect its commitment to innovation, accounting for 20% of revenue in the recent quarter, driving advancements in its CRM solutions and SaaS offerings. Revenue is projected to grow at 14.9% annually, outpacing the US market average of 8.8%, highlighting strong future prospects despite past shareholder dilution concerns and recent M&A speculations involving Alphabet Inc., which caused fluctuations in stock value.

NYSE:HUBS Revenue and Expenses Breakdown as at Aug 2024
NYSE:HUBS Revenue and Expenses Breakdown as at Aug 2024

Next Steps

  • Explore the 250 names from our US High Growth Tech and AI Stocks screener here.

  • Hold shares in these firms? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance.

  • Unlock the power of informed investing with Simply Wall St, your free guide to navigating stock markets worldwide.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include NasdaqGS:CLBT NasdaqGS:SWTX and NYSE:HUBS.

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