Since the stock market crash in March due to the novel coronavirus, some of the top stocks to buy right now have rallied with vengeance in 2020. The S&P 500 index has recorded a 66.41% increase from March lows. This past week the Dow Jones Industrial Average hit new all-time highs and is up more than 64% since March. This rally comes on the heels of positive COVID-19 vaccine news from top biotech stocks to watch like Pfizer’s (PFE Stock Report), Moderna’s (MRNA Stock Report), and AstraZeneca (AZN Stock Report) reporting positive late-stage phase 3 clinical trials showing positive results.
Pfizer, Moderna, and AstraZeneca had reported their vaccines to have effectiveness rates of 95%, 94.5%, and 70% respectively. This is important because it passes the FDA’s efficacy minimum of 50% for emergency authorization approval. Pfizer has reported they anticipate to start distributing its vaccine doses by mid-December around the holiday time. As we look to hopefully get the coronavirus pandemic behind us, you may be asking yourself, “What are the top stocks to buy right now?” Well, let’s take a closer look at my list of the top 4 stocks to buy (or sell) in the stock market today.
- Tesla Inc. (TSLA Stock Report)
- ROKU (ROKU Stock Report)
- Pinterest (PINS Stock Report)
- Unity (U Stock Report)
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First up on the list is electric vehicle maker Tesla Inc. (NASDAQ:TSLA). Tesla, notably the largest and most popular EV stock has been one of the best-performing stocks in the stock market this year. Tesla recently announced that they have been included in the S&P 500. TSLA stock has rallied in November, reporting an increase in the share price of 43.42%. Tesla’s stock price year to date is up an impressive 487.95%. In addition to that, the largest EV maker also got some bullish momentum on positive commentary from Morgan Stanley analyst Adam Jonas who gave TSLA stock a price target of $540. The stock closed Wednesday’s trading session at $555.38 but then surged after hours to $575 a share.
In October, the company reported its third-quarter earnings. Tesla reported that total revenue increased by 39% year-over-year. This was mainly due to a significant increase in vehicle deliveries. They also reported an increase with their quarter-end cash and cash equivalents by $5.9 billion quarter-over-quarter to $14.5 billion. With a market capitalization of around $544 billion, Tesla is currently the world’s largest automaker by value. Other traditional automakers like Ford (F Stock Report) and General Motors (GM Stock Report) have followed suit to Tesla and started manufacturing their own electric vehicles.
Despite the competition growing in the EV space, Tesla continues to be at the forefront of the U.S. market. As the company continues to report strong growth in its vehicle deliveries, as well as its other areas of business, would you consider buying TSLA stock right now for your long-term portfolio?Top Stocks To Buy [Or Avoid] Right Now #2: ROKU
Next up on the list is streaming stock Roku Inc. (NASDAQ:ROKU). ROKU has been on an absolute tear in the stock market this year. The average household right now likely has multiple streaming service subscriptions. ROKU’s platform is the solution to managing multiple streaming services on a single user interface. Share of ROKU stock is up 140.96% year-to-date, making it one of the best stocks to buy in the stock market today.
The company recently reported its third-quarter earnings, and they were strong. Roku reported a 43% year-over-year active account growth rate. They also reported their total net revenue increased by 73% year-over-year to $452 million and an 81% year-over-year increase in platform revenue to $319 million.
Aside from another strong quarter from ROKU, coronavirus is still very much present causing more people to stay at home. We can assume that more people staying at home means more people spending time streaming television. As we’re coming into the holiday season, is ROKU stock on your list of the top stocks to buy in the stock market right now?Top Stocks To Buy [Or Avoid] Right Now #3: Pinterest
Third on the list is image sharing and social media service provider Pinterest Inc. (NYSE:PINS). Pinterest has seen a lot of success in the stock market this year. The San Francisco based company has been a big beneficiary of the coronavirus pandemic. PINS stock has enjoyed an increase in the share price of a whopping 567.52% from March’s lows of $10.10. The stock closed Wednesday’s trading session at $67.42.
Last month, Pinterest released its third-quarter financials and beat analyst and investor expectations. The company reported revenues of $443 million, which showed a 58% increase year-over-year. Pinterest also reported a surge in global monthly active users of 37% to 442 million. This is to be expected as people are spending more time on their computers at home during the pandemic. Whether someone is looking for new diets or start a new hobby, Pinterest has become the premier online destination for creative inspiration.
Considering the company’s strong growth this year and the coronavirus still lingering, should investors bet on PINS stock right now for their long-term portfolio?Top Stocks To Buy [Or Avoid] Right Now #4: Unity
Coming in at number 4 on this list is top software stock Unity Software, Inc. (NYSE:U). Unity Software is one of the best growth stock stories on Wall Street right now. The company had its IPO in September of this year. Since its first day of trading, U stock has seen an increase in the share price of 101.11% closing Wednesday’s trading session at $137.46 a share. The company is the world’s leading platform for creating and operating interactive, real-time 3D content. In 2019, more than 50%of the top 1000 games in Apple’s App Store and Google’s Play Store were built using Unity’s software platform. Unity currently supports more than 90% of the top video game companies worldwide.
In November, Unity announced its third-quarter results. The company reported revenues of $200.8 million, representing a 53.3% increase year-over-year. Unity also reported a dollar-based net expansion rate of 144% in the third quarter. In the company’s guidance for Q4, they estimate that its revenue numbers will be an anticipated $200M to $204M, rounding out its 2020 fiscal year outlook to revenues between the range of $752 million to $756 million.
Even though Unity is still relatively new to the public market space, it’s not new to the gaming industry. In fact, because of the company’s positioning within the gaming industry, combined with strong quarterly earnings is why U stock is on this list of the top stocks to watch right now.