Fri, March 01, 2024

Growth Stocks for 2022

Hang Seng index in Hong Kong gained 2.93%, or 739.76 points, to trade at 26,215.64, continuing its recovery

Supply chain concerns and rising inflation have dampened optimism about the global economic recovery. Advanced economies will grow at a 4.4 percent annual rate in 2022. The number went down from 5.4 percent in 2021. However, it is far ahead of the 3.2 percent contraction recorded in 2020. Moreover, the estimated growth rate for 2022 was 4.5 percent in August. IHS Markit, a market research firm, has made similar predictions but expects global GDP growth to be around 4.2 percent next year. Most analysts predict that growth will slow next year.

Even as overall economic growth slows, emerging conditions such as reduced supply pressures, slower inflation, and increased market confidence resulting from vaccine penetration are likely to benefit specific sectors of the economy.

Progyny

Progyny, Inc. (NASDAQ: PGNY) offers fertility and family planning services. Over the past few years, the company has built a strong relationship with doctors. It appears to benefit from increased consultancies as delayed parenthood and egg freezing becomes more common.

Barclays analyst Sarah James raised the price target on Progyny stock to $72 from $64 and maintained an Overweight rating on the shares. She noted that the adoption curve for fertility benefits pointed to increased business for the company in 2022.

At the end of the third quarter of 2021, 28 hedge funds in Insider Monkey’s database held stakes in Progyny, Inc, worth $200 million, a decrease from 39 in the previous quarter, worth $290 million.

RAPT Therapeutics

RAPT Therapeutics is a clinical-stage biopharmaceutical company developing oral molecule therapies. 

A New York-based hedge fund is a significant shareholder in RAPT Therapeutics, with 2.9 million shares worth more than $90 million.

YETI Holdings

YETI Holdings, Inc. (NYSE: YETI) manufactures and sells recreational products. Revenue and margins are increasing at the company. The stock has risen 34% in the last two years. Analysts predict that revenue growth in the double digits will continue next year as the company embarks on an aggressive expansion strategy.

YETI Holdings, Inc. (NYSE: YETI) recently reported third-quarter earnings of $0.64 per share, exceeding estimates by $0.04. Revenue for the period was $362 million, up 23 percent year on year and $5 million higher than expected.

Twenty-nine hedge funds in Insider Monkey’s database held stakes in YETI Holdings, worth $255 million, down from 34 in the previous quarter worth $282 million.

Trex Company

Trex Company is a building products company. Many building industry names are poised to do well as housing demand recovers next year.

Trey Grooms, a Stephens analyst, recently upgraded Trex Company, Inc. (NYSE: TREX) stock to Overweight from Equal Weight and raised the price target to $120 from $111, citing the company’s long-term solid demand heading into the new year.

According to Insider Monkey, Montanaro Asset Management, a London-based investment firm, is a leading shareholder in Trex Company, with 493,000 shares worth more than $50 million.

Alphabet Inc and Microsoft Corporation, Trex Company, Inc, are stock on hedge funds’ radar.

 

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