3 More Stocks That Have More Than Doubled in 2019
The market's holding up well these days, but some stocks are cranking out some serious wealth-altering returns in 2019. I went over three stocks that have more than doubled so far this young year two weeks ago, but a few other names are now joining them in the Triple-Digit Return Club.
Snap (NYSE: SNAP), Guardant Health (NASDAQ: GH), and Yeti Holdings (NYSE: YETI) have all more than doubled this year. Let's check out what has made these three stocks so hot in 2019.
Snap: Up 103%
Snapchat's parent company has been a dud since going public at $17 two years ago, but it's finally rewarding its scorched shareholders in 2019. Posting a better-than-expected 36% spike in revenue in its fourth-quarter report turned heads in February. The gains have continued into March as analysts upgrade their ratings or initiate bullish guidance.
Advertisers are warming up to the social media platform, largely because it's one of the few surefire ways to reach a large number of millennials. Snap claims that Snapchat reaches 70% of the country's 13-to-34-year-olds, a group that doesn't watch TV or listen to radio the way their ad-consuming parents did.
Guardant Health: Up 161%
One of this year's biggest winners is Guardant Health, a company using gene sequencing to create more efficient blood tests for cancer. A recent study showed that its Guardant360 liquid biopsy product is just as effective as the more costly and cumbersome tissue-based testing for lung cancer.
We're still early in Guardant's growth trajectory, but revenue for its precision oncology testing products nearly doubled in its latest quarter. Guardant trades at a sky-high revenue multiple based on its $8.4 billion market cap, but there's a $35 billion market opportunity here with Guardant's liquid biopsy products clearly gaining traction.
Yeti Holdings: Up 101%
It took Snap two years to reshape investor sentiment after a rough start, and Yeti is trying to turn things around in its rookie campaign. It's been five months since the distributor of stylish ice chests, drinkware, and other outdoor lifestyle products hit the market at $18. It closed out 2018 as a broken IPO, but it has bounced back with the general market in 2019.
Net sales rose just 19% in its latest quarter, but it's showing improving gross margins. Yeti has come through with back-to-back quarters of better-than-expected earnings in its first two reports as a public company, a good start for Yeti's brief exchange-trading tenure.
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Rick Munarriz has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Guardant Health. The Motley Fool has a disclosure policy.