Top growth stocks to watch this week on IBD's Sector Leaders include a handful of stocks that made powerful moves the past week. Palantir (PLTR) stock was one name that surged over 38%.
The enterprise software company reported earnings late Monday, which propelled shares over 20% higher Tuesday. Third-quarter earnings handily beat Wall Street targets amid a strong U.S. government business. Palantir earnings using generally accepted accounting principles came in at 10 cents a share, up 43% from a year earlier. Revenue rose 30% to $725.5 million.
↑ XPalantir is among a handful of infrastructure software companies that have begun to monetize generative AI. Palantir's government customers use it for intelligence gathering, counterterrorism and military purposes.
The stock most recently broke out from a 27.50 consolidation buy point in July. But overall market conditions weighed on Palantir until shares found support at their 200-day moving average in early August. From there, Palantir stock has managed to retake its 21-day exponential moving average and remain above it the past three months. Shares are over 43% extended from their 50-day line, so investors should wait for a new buy area to emerge.
Another powerful mover the past week was HubSpot (HUBS), which rose over 13% for the week. Shares are building the right side of a cup base with a 693.85 entry. The cloud-based marketing platform reported earnings on Tuesday, which moved the stock up over 7.5% the following day.
While shares are roughly 20% extended from their 50-day line, the stock is still a viable candidate for buying should shares take out the buy point, or form a handle pattern.
India-based online travel services provider MakeMyTrip (MMYT) is also nearing a proper buy point. The volatile stock scored a breakout on Wednesday as shares surged over 10%. But Thursday's action brought the stock back down. Shares are hovering roughly 4% below the 110.49 buy point.
MakeMyTrip has helped pioneer online travel bookings in India. Its services cover everything from flights, hotels and holiday packages to cabs, buses and trains.
Two stocks hitting the profit-taking zone are ServiceNow (NOW) and Shift4 (FOUR).
ServiceNow, which has been on the IBD Sector Leaders list for many weeks, scored a breakout from a flat base back in late August. After multiple tests of the 21-day exponential moving average, shares are finally reaching the 20% profit-taking target.
Shift4 also climbed to a 20% profit goal Friday. The stock broke out from an 84.26 cup-with-handle entry in September. Then it jumped about 10% for the week after rising from support at the 10-week line. With earnings due on Tuesday, it could be a good time to lock in some profits.
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