Tech growth investors may want to consider the following stocks, as they have grown their quarterly revenue and net income significantly on a year-over-year basis.
Enphase Energy Inc
The first company to consider is Enphase Energy Inc (ENPH, Financial), a Fremont, California-based manufacturer and seller of solar microinverters to the American and international solar photovoltaic industry.
The company’s quarterly revenue grew 24% year-over-year to $205.55 million as of the first quarter of 2020, up from $100.15 million in the first quarter of 2019. The net income was $68.94 million in the first quarter of 2020, up from $2.77 million as of the same quarter of 2019.
The stock price was trading at $46.72 per share at close on June 19 for a market capitalization of $5.85 billion and a 52-week range of $9.15 to $70.36.
Enphase Energy Inc doesn’t pay dividends.
Wall Street sell-side analysts have issued an overweight recommendation rating for this stock with an average target price of $53.88 per share.
The company's top fund holders are VANGUARD GROUP INC and BlackRock Inc., both with 7.02% of shares outstanding, followed by FMR LLC with 6.34%.
Intellicheck Inc
The second company to consider is Intellicheck Inc (IDN, Financial), a Melville, New York-based developer of threat identification, identity authentication and security system solutions to prevent fraud in the U.S. retail businesses.
The company posted a 143.5% year-over-year increase in its quarterly revenue to $3.12 million as of the first quarter of 2020, up from $1.28 million in the first quarter of 2019. The quarterly net income increased to $27,000, an improvement from the net loss of $1.21 million in the prior year quarter.
The stock price was trading at $7.11 per share at close on June 19 for a market capitalization of $115.56 million and a 52-week range of $1.91 to $10.54.
Intellicheck Inc does not pay dividends.
Wall Street sell-side analysts forecasted this stock will outperform within a year with an average target price of $11 per share.
With 16.87% of shares outstanding, Bleichroeder LP is the company's top fund holder, followed by Clear Harbor Asset Management, LLC with 8.44% and VANGUARD GROUP INC with 3.74%.
SolarEdge Technologies Inc
The third company that meets the above listed criteria is SolarEdge Technologies Inc (SEDG, Financial), an Israeli developer of inverter systems for the solar photovoltaic industry worldwide.
The company saw its quarterly revenue grow by 58.6% year-over-year to $431.22 million as of the first quarter of 2020, up from $271.87 million in the first quarter of 2019. The net income also grew by 122% to $42.25 million, up from $19.02 million for the same quarter of 2019.
The stock price was trading at $153.60 per share at close on June 19 for a market capitalization of $7.62 billion and a 52-week range of $41.49 to $156.92.
SolarEdge Technologies Inc is currently not paying dividends.
Wall Street sell-side analysts recommended an overweight rating for this stock with an average target price of $129 per share.
The company's top fund holder is BlackRock Inc. with 7.82% of shares outstanding, followed by FMR LLC with 7.55% and Swedbank with 6.18%.
Disclosure: I have no positions in any securities mentioned in this article.
Read more here:
- These 3 Stocks Are Potential Bargains
- A Trio of Stocks That Have Grown Revenues Fast
- 3 High-Yield Stocks for the Dividend Investor
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