It’s the first trading Day in September. August ended with the market up. It was the fourth consecutive month of the stock market finishing on a high. Did you invest in anything? Tell us more on our Whatsapp Channel by joining here.
This week we’re watching 5 companies that rose by 30% or more last month and wondering which of them will make it into our portfolios this month but before we jump into it, we know not every investor is interested in stocks that jump because of they have zero desire to deal with the risks attached.
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- Fortinet (FTNT) was up 31%: Fortinet, Inc. is a cybersecurity company that develops and sells security solutions like firewalls, endpoint security and intrusion detection systems. The company is worth $56 billion. Fortinet’s stock surged 31% in the past month after a strong financial performance in its second-quarter results. The company reported an 11% year-over-year increase in revenue, driven by significant growth in its higher-margin service revenues. The upbeat earnings report and optimistic future outlook, particularly in the Secure Access Service Edge (SASE) market, made investors happy to give the company more money.
- Exact Sciences (EXAS) up 33.35%: Exact Sciences (EXAS) specialises in cancer screening and diagnostics and its stock rose by 33.35% over the past month for a bunch of reasons. The first is a strong second-quarter 2024 earnings report where the company announced a 12% year-over-year increase in revenue. Exact Sciences also told investors to expect them to make more money than was previously thought. The company’s key products are a Cologuard test for colorectal cancer screening and the Oncotype DX tests for cancer treatment decisions.
- Cava (CAVA) up 38.11%: Cava is a stock for foodies. The company is a fast-growing Mediterranean fast-casual restaurant chain in the United States. Cava’s stock increased by 38.1% in the past month primarily due to strong financial performance and positive investor sentiment after its recent earnings report. The company announced crazy same-store sales growth numbers because more customers came in to buy more food. Additionally, Cava’s aggressive expansion plans, which include opening new locations, have further boosted investor confidence.
- Kellanova (K) up 39.1%: Did you have some Kellogs, Pringles, M&M, Snickers or Orbit last month? If you did, congratulations, you contributed to the parent companies of these brands getting married. Kellanova, the maker of Kellogs, rose 39% over the past month because of an acquisition by Mars, Inc. The deal, valued at approximately $35.9 billion, or $83.50 per share, represents a significant premium over Kellanova’s prior trading price. This acquisition is a strategic move for Mars, allowing it to expand beyond its core confectionery and pet care businesses into the snacks market, where Kellanova, a spinoff from Kellogg’s, holds strong brands like Pringles.
- Affirm (AFRM) up 55.9%: Affirm is a buy-now-pay-later company that soared by 55.9% over the past month largely because of a combination of strong financial results and positive market sentiment. The company reported better-than-expected earnings for its fiscal fourth quarter of 2024, with a smaller-than-anticipated loss and strong revenue growth. Affirm also added key partnerships with major retailers like Amazon and Walmart. Affirm told investors to expect more positive news in the next quarter and that it will reach profitability by the end of the next fiscal year, ahead of previous expectations.
Which stock will be you be adding to your portfolio or watchlist?
