3 Stocks That Are Making Investors Pinch Themselves

Stocks to buy

If you’re one the hunt for top performing stocks to buy this month, look no further. The stock market is still on a hot streak following deceased fears surrounding the compounding issue of inflation and possible interest rate cuts on the horizon. Another aspect of the continued rally in this bullish environment is the impressive growth of the innovation-driven tech sector. These key circumstances have led to a boom in the stock market that shows no sign of stopping.

Below are a few strong stocks with robust fundamentals and strong earnings growth that have most notably experienced a rapid increase in share price that has left investors speechless.

Top Performing Stocks: SkyWest (SKYW)

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SkyWest (NASDAQ:SKYW) operates as a passenger and cargo transport airline that offers leasing services for its fleet of over 500 aircraft.

SkyWest has beaten most consensus concerning its last few earnings reports, which has helped to increase its share price, which has more than tripled within this last year. Its peers, such as JetBlue Airways (NASDAQ:JBLU) and Frontier Group (NASDAQ:ULCC), have reported negative share price growth within the same time period.

On Feb. 2, SkyWest reported earnings for the fourth quarter of the full year 2023, which stated that total revenue increased 10% compared to the previous year. SkyWest reported a net loss of $47 million in Q4 2022. And in Q4 2023, that changed to a net income of $18 million. It also laid out a timeline for which SkyWest will deliver E175 aircraft to airline companies such as Delta Air Lines (NYSE:DAL), United Airlines (NASDAQ:UAL), and Alaska Air (NYSE:ALK).

Airlines, especially ones such as SkyWest, have experienced an uptick in travel demand, particularly following a busy holiday season. Investors are still in disbelief that SkyWest is still trading at a relatively low valuation and still has more upside, even after recently being one of the best-performing passenger airline companies.

Meta Platforms (META)

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Meta Platforms (NASDAQ:META) operates multiple social media applications such as Instagram, Facebook, and Messenger.

On Feb. 1, it announced earnings results for the fourth quarter full year 2023, which stated that revenue increased by 25% year-over-year (YOY). Earnings per share went from $1.76 in Q4 2022 to $5.33 in Q4 2023. Its daily and monthly active users rose slightly compared to the previous year. Meta also announced an initial quarterly dividend of fifty cents per share.

The share price of Meta Platforms has increased rapidly this last year, most notably following its last earnings report, in which it surged by 20%. Its share price has grown by over 60% within six months.

Issues surrounding the very popular social media app TikTok and its potential ban within the U.S. could lead to users migrating to other platforms, such as Meta’s Facebook Reels. Meta’s substantial ad revenue growth of 24% YOY and the quarterly dividend payout that Meta just initiated give investors a very positive outlook for the company.

Uber Technologies (UBER)

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Uber Technologies (NYSE:UBER) operates an on-demand transportation application that engages in passenger ground, delivery, and other freight transport.

Over the last year, its share price has more than doubled. On Feb. 7, Uber reported earnings for the fourth quarter of the full year 2023, in which it stated that net income increased by 140%, total revenue grew by 15%, and gross booking rose by 22% YOY.

The outlook for the first quarter of 2024 includes expected gross booking between $37 billion and $38.5 billion and adjusted EBITDA between $1.26 billion and $1.34 billion.

Uber also saw major interest on the part of investors following its press release that announced its first share buyback program, which could total $7 billion in share repurchases. Uber’s CFO stated that this move shows the company is on a strong financial trajectory.

With its recent announcement of a stock buyback program and strong financial position, Uber could be a solid option for investors looking to gain exposure to the industry, making it one of those top performing stocks to watch.

As of this writing, Noah Bolton held a LONG position in UBER. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Noah has about a year of freelance writing experience. He’s worked with Investopedia dealing with
topics such as the stock market and financial news.

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