Investing in growth stocks can be a great way to build life-changing wealth in the stock market. The key, of course, is knowing which growth stocks to buy and when. Growth stocks rebounded in 2023, surpassing the overall market and remained dominant through the first half of 2024. However, there may still be room for them to continue outperforming. 

What Are Growth Stocks? 

Growth stocks represent a unique and distinctive sector of stock market investments. They are stocks of companies expected to have a promising future and can generate increasing revenues and profits over time, growing at a higher-than-average rate compared to other companies in the same sector or the market as a whole. 

However, investing in growth stocks carries substantial risks as they are characterized by high volatility. This category of stocks took a hit in 2022, taking longer to recover than the overall market despite its strong performance in 2023. 

Unlike value stocks, growth stocks tend to be more expensive in terms of profitability ratios, such as price-to-earnings, price-to-sales, and price-to-free cash flow ratios. Despite their high prices, the best among them can still deliver rewarding returns to investors when their remarkable growth potential is realized. 

High inflation puts pressure on growth stocks as it reduces the future value of their expected earnings. Additionally, supply chain constraints affect some companies' ability to expand. However, recession periods can offer long-term investors a buying opportunity when growth stock prices are lower. 

Growth Stocks to Focus on in November: 

The earnings season for the quarter that ended in September has started strongly, with Forbes reporting that 79% of S&P 500 companies that have announced their results so far have exceeded expectations. 

1. Duolingo (DUOL) 

Duolingo is the largest digital language-learning platform globally, providing an engaging and fun educational experience accessible to anyone with a smartphone. As of Q2 2024, which ended June 30, Duolingo recorded a record 103.6 million monthly active users, a 40% increase from the previous year. 

During the same quarter, Duolingo generated $178.3 million in revenue, reflecting a 41% increase and surpassing the company’s forecast range of $175 million to $177.5 million. This led management to raise their full-year revenue forecast to $738.3 million, marking an upward revision for the second time this year. Many analysts expect another strong outcome in the upcoming Q3 report, partly due to advancements in artificial intelligence (AI). 

Current stock price: $291.61, with analyst price targets ranging from $250.00 to $380.00. 

2. Bill.com (BILL) 

Bill.com offers software solutions for small to mid-sized businesses, simplifying workflows for accounts payable, receivable, and expense management, saving business owners time and money. The company ended its fiscal 2024 on June 30, exceeding revenue expectations each quarter. Analysts believe this trend will continue when it announces its first quarter of fiscal 2025 results on November 7. The company estimates there are over 70 million small to medium-sized businesses in its target market worldwide, giving it a long growth runway. 

Current stock price: $54.77, with analyst price targets ranging from $54.00 to $115.00. 

3. Fortinet (FTNT) 

Fortinet is a cybersecurity company aiming to become a leader in secure access services. Fortinet benefits from machine learning and artificial intelligence technologies. It is expected that Fortinet’s revenue for Q3 will reach the upper end of the company’s forecast with a potential modest increase, and Q4 revenue is expected to increase by 12%. 

Current stock price: $80.34, with analyst price targets ranging from $64.00 to $104.00. 

4. GitLab (GTLB) 

GitLab is a cloud-based AI software company helping organizations improve developer productivity, operational efficiency, and security and compliance risk management. GitLab’s Duo Pro product is expected to gain momentum in 2025, driven by generative AI. The company is also optimistic about GitLab Dedicated, which has received stronger-than-expected customer interest, resulting in higher average revenue per unit. 

Current stock price: $55.12, with analyst price targets ranging from $59.00 to $80.00. 

Best Broker for US Growth Stocks in November 2024

• Pepperstone - Best overall US Growth stocks trading broker for beginners. Founded 2010. Multiple regulated licenses. Minimum deposit: $0. 20% discount on deposit.
• Plus500 - Best licensed broker for investing in US Growth stocks (CFDs). Founded 2008. Multiple regulated licenses. Minimum deposit: $100.
• XM - Top US Growth stocks trading platform for educational materials and copy trading. Founded 2009. Multiple regulated licenses. Minimum deposit: $5. Periodic competitions and bonuses.

Compare the Best Brokers for US Growth Stocks

Pepperstone

Licenses:

CySEC, BaFin, FCA, SCB, CMA

Minimum Deposit:

$0

Trade Now

XM

Licenses:

CySEC, ASIC, IFSC, DFSA, FCA

Minimum Deposit:

$5

Trade Now

Crude oil price traded with clear positivity to test the key resistance 72.15$, noting that breaching this level will stop today’s suggested negative scenario and lead the price to turn to rise, while the price needs to break 70.58$ to confirm opening the way to head towards 68.65$.

Gold price found solid support at 2722.00$, to rebound bullishly and head towards attempting to return to the minor bullish cannel, noting that breaching 2740.00$ will push the price to regain the main bullish trend and achieve gains that start at 2760.00$ and extend to 2782.00$.

The EURUSD price rebounds bearishly after the EMA50 formed solid resistance barrier against the price, to head towards potential test to the key support 1.0760$, which urges caution from the upcoming trading, as continuing the decline and breaking this support will stop the correctional bearish scenario and lead the price to resume the main bearish trend again.