3 Growth Stocks That Doubled in 2020 and Still Have More Room to Run

Growth stocks have been some of the best performing securities this year. Many of these companies have defied the economic slump to report impressive results amid the pandemic-driven global economic doldrums. The market-beating performance of growth stocks is evident in the  iShares Russell 1000 Growth ETF’s (IWF) 36.4% gains over the past year…

These companies, primarily operating in the tech space, have benefited from the remote lifestyle people worldwide have been forced to adopt. And, as a new strain of coronavirus is now causing the resumption of lockdowns in many European countries, these stocks are expected to keep climbing  in the coming months.

Penn National Gaming, Inc. (PENN – Get Rating), Twilio Inc. (TWLO – Get Rating), and Redfin Corporation (RDFN – Get Rating) operate in the cloud computing, online gaming and betting, and real estate sectors. They are some of the best performing growth stocks this year. Their unique business models and strategic expansions should translate into further upside in the coming months. As coronavirus vaccination efforts are unlikely to contain the spread of the existing virus and the new strain for many months, betting on these “stay-at-home” stocks now could be wise.

Penn National Gaming, Inc. (PENN – Get Rating)

PENN owns and manages gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The company conducts business through its various properties in the four segments: Northeast, South, West, and Midwest. It also operates in the retail sports betting industry through its interactive division, Penn Interactive.

PENN entered a definitive agreement with Gaming and Leisure Properties, Inc. (GLPI) in December to acquire the operations of Hollywood Casino Perryville for $31.10 million, and to lease associated real estate assets. This agreement will allow the company to expand its foothold nationwide.

PENN’s revenue has increased at a CAGR of 7.9% over the past three years, while its total assets have risen at a CAGR of 38.6% over the same period. This reflects the company’s strong growth potential.

PENN’s operating income has increased 9.1% year-over-year to $196.20 million in the third quarter ended September 30. Its adjusted EBITDA has increased 10.3% from the year-ago value to $343.60 million, while its EPS rose 144.7% from the same period last year to $ 0.93.

Analysts expect PENN’s revenues to…

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