U.S. Treasury Secretary Janet Yellen recently expressed optimism about the U.S. economy, stating that she sees no immediate signs of an impending downturn. Yellen acknowledged that while the labor market remained strong, it was gradually cooling off from its previous high levels. This development is a significant step in the government’s aim to reduce inflation. Consumer spending continued to show considerable strength and fostered a positive sentiment that encouraged increased investment in stocks and assets. This positive outlook both fuels business profitability and fosters an environment of long-term economic growth. In light of this news, these hot stocks are due for long-term growth based on the partnerships and innovative products being produced.
Coinbase (COIN)
Coinbase (NASDAQ:COIN) is a global online platform for purchasing cryptocurrencies and other digital intangibles. With the surge of cryptos in recent years, hot stocks related to the industry have jumped. COIN stock has increased by 128% year-to-date (YTD).
In Q2 2023 Coinbase had revenues of $707.9 million down from $808.3 in Q2 2022. Despite the decline in revenue, all other significant metrics increased substantially, with net income, diluted EPS and operating income all growing. Additionally, Coinbase outperformed consensus estimates as EPS beat projections by 180.45%.
Coinbase’s key catalyst in the coming year is its strategic shift towards international expansion. The company has unveiled ambitious plans to increase its presence in global markets. This international push not only aligns with Coinbase’s overarching goal of extending its global reach but also offers a strategic advantage by potentially enabling the company to navigate around certain regulatory hurdles, such as those posed by the SEC. By establishing international hubs, Coinbase aims to not only boost profitability but also ensure the sustained growth of its business, paving the way for a promising future.
Asana (ASAN)
Asana (NYSE:ASAN) is a sales as a service company that offers a project management software. ASAN boasts strong financials, with $162.4 million in Q3 2023 revenue. And, the company shows signs of growing equity through $956.4 million in total assets and $37.9 million in free cash flow.
Asana has long-term growth potential because of partnerships and new developments that position it for future success. Technology consulting firm Cprime has joined with Asana to offer its solution expertise to Asana users. The addition of Cprime’s consulting services will help further accelerate productivity. Asana is further harnessing artificial intelligence in its platform to give project managers real-time insights into workflow optimization.
ASAN is among the hot stocks that are worth buying because of its strong financials, growth potential and new features.
ACM Research (ACMR)
ACM Research (NASDAQ:ACMR) is a developer, manufacturer and seller computer cleaning equipment. Semiconductor manufacturers use their products in numerous manufacturing steps to remove particles, contaminants and other debris from their parts. ACM Research recently unveiled a groundbreaking tool designed to address the specific demands of chiplets and other advanced 3D packaging structures. This innovative solution has already showcased remarkable cleaning performance.
ACM Research’s recent quarter financials have been strong. Revenues grew 38.49% year-over-year to $144.58 million. This beat analyst expectations by 25.95%. Its diluted EPS of 41 cents grew 127.28% which beat analyst expectations by 214.75%. Lastly, a net income of $26.82 million hints at its potential for long-term growth.
ACMR is a stock to buy now for long-term returns. There will be increased demand for the products as the semiconductor industry continues to grow.
On the date of publication, Michael Que did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.