Best Growth Stocks for April 2023
Meta Platforms, Inc. (META) Analysis
First is social media giant Meta Platforms (META). The technology stock is up 67% in 2023.
This company was sold hard in 2022, but prospects have changed for the better.
The stock has been a Big Money favorite recently which you can see in the MAPsignals chart below. YTD there’ve been 7 unusually large volume inflows (green bars). This appears to be institutional accumulation:
Heavy demand for a stock can be bullish over the longer term. With a 12-month forward P/E of 19.3, shares could be attractive after a pullback. According to FactSet, the company is estimated to earn $12.30 per share in fiscal year 2024. That’s 23% growth compared to estimates for 2023.
High-quality beaten-down growth stocks are worthy of consideration.
Microsoft Corp. (MSFT) Analysis
Next up is Microsoft Corp. (MSFT) which is a large software firm popular with the Azure cloud and Office Suite and more. The stock has jumped 14% in 2023.
Since late last year there’ve been 9 days where the stock lifted in price alongside outsized volumes. That can indicate there’s institutional buying:
The company has a solid growth profile as the 3-year sales growth rate comes in at an attractive +16.5%. And according to FactSet the 3-year EPS growth rate sits at 24.3%.
As a bonus, the stock offers a modest dividend yield of 1%. With a 12-month forward P/E pegged at 26.4X, this name could be worth a spot in a growth-oriented portfolio.
Solid fundamentals and healthy institutional support make this stock a potential opportunity.
NVIDIA Corp. (NVDA) Analysis
The number 3 growth candidate is semiconductor firm NVIDIA Corp. (NVDA). This company has been a ramping in 2023, soaring an incredible 79%. Investors are excited about their cloud and AI prospects.
The chart speaks for itself as the stock has seen 17 unusual inflow signals, as you can see in the MAPsignals chart below:
When sizing up stocks, it’s important to check the fundamental picture too. The company is expected to earn $5.78 per share in fiscal year 2025, well north of the $4.38 EPS estimate in 2024. Investors are again excited for the growth prospects. Keep in mind, the forward 12-month PE sits at just over 56X, which is expensive.
This could be a solid addition to a growth portfolio after a meaningful pullback.
Bottom Line and Explanatory Video
META, MSFT, & NVDA represent 3 of the best growth stocks for April 2023 in my opinion. Unusual buying pressure plus a favorable fundamental picture, makes these stocks worthy of extra attention.
Each of these names have been top-rated multiple times at my research firm, MAPsignals. We have a ranking process that showcases stocks like these on a weekly basis.
To learn more about MAPsignals’ institutional process please visit: www.mapsignals.com
Disclosure: As of the time of this writing, the author holds long positions in MSFT in personal accounts at the time of this writing, but no positions in META or NVDA.
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