With major stock market indices hitting new highs in recent months, many investors are exploring opportunities in the stock market. It’s important to remember that the stock market goes through cycles of bear and bull markets.
If you have some extra cash to invest, here are two growth stocks worth considering:
1. Doximity (NYSE: DOCS) is currently trading 29% lower than a year ago. The platform offers services for healthcare professionals, including networking, medical news, telehealth, and career opportunities. Its main revenue drivers are marketing and hiring solutions for pharmaceutical companies and healthcare entities. Despite the stock price decrease, Doximity is profitable, with GAAP profits up 43% in the last quarter.
2. Ulta Beauty (NASDAQ: ULTA) has seen a 22% drop in its stock price over the past year. The company offers a wide range of beauty products and services through its omnichannel experience. Ulta Beauty’s loyalty program drives 95% of its sales, with most members preferring to shop in-store. In fiscal 2023, the company reported a 10% increase in net sales and $1.3 billion in net income.
Analysts predict upside potential for both stocks, making them attractive investment options. Despite the current market conditions, both Doximity and Ulta Beauty have strong business fundamentals and growth prospects. Consider these stocks for long-term investment opportunities.