5 Best-Performing Growth Stocks in November 2022

In this article, we discuss the 5 best-performing growth stocks in November 2022. If you want to see more stocks in this selection, 10 Best-Performing Growth Stocks in November 2022. 

5. Abiomed, Inc. (NASDAQ:ABMD)

Number of Hedge Fund Holders: 34

1-Month Share Price Gain as of November 30: 49.75%

Abiomed, Inc. (NASDAQ:ABMD) is one of the best-performing growth stocks as of November 2022. Abiomed, Inc. (NASDAQ:ABMD) is a Massachusetts-based company specializing in the research, development, and commercialization of medical devices to assist or replace the pumping function of the failing heart.

On November 1, Johnson & Johnson (NYSE:JNJ) announced that it has agreed to acquire Abiomed, Inc. (NASDAQ:ABMD) for an upfront payment of $380 per share in cash. The deal, valued at nearly $16.6 billion, including debt and cash, is expected to conclude before Q1 2023 ends.

Morgan Stanley analyst Cecilia Furlong upgraded Abiomed, Inc. (NASDAQ:ABMD) on November 2 to Equal Weight from Underweight with a price target of $380, up from $235, after Johnson & Johnson (NYSE:JNJ) agreed to acquire all outstanding shares of Abiomed, Inc. (NASDAQ:ABMD). She was priorly cautious on the short-term setup for the stock, but believes the transaction is likely to happen, the analyst told investors.

According to Insider Monkey’s data, 34 hedge funds were long Abiomed, Inc. (NASDAQ:ABMD) at the end of Q3 2022, compared to 30 funds in the last quarter. David Blood and Al Gore’s Generation Investment Management is the largest stakeholder of the company, with 1.3 million shares worth $328.3 million. 

4. JD.com, Inc. (NASDAQ:JD)

Number of Hedge Fund Holders: 67

1-Month Share Price Gain as of November 30: 53.31%

JD.com, Inc. (NASDAQ:JD) provides supply chain-based technologies and services in the People’s Republic of China. It is one of the best-performing equities in November 2022, with the shares up over 53% in the last month. JD.com, Inc. (NASDAQ:JD) reported a Q3 Non-GAAP EPADS of $0.88, beating market estimates by $0.25. Annual active customer accounts also increased by 6.5% to 588.3 million in the twelve months ended September 30, 2022.

On November 21, Citi analyst Alicia Yap raised the price target on JD.com, Inc. (NASDAQ:JD) to $90 from $85 and kept a Buy rating on the shares following the Q3 beat. Management confirmed that the higher profitability achieved through efficiency and controlled costs will be sustainable, the analyst told investors in a research note. She believes JD.com, Inc. (NASDAQ:JD) remains well positioned to capture accelerating growth in revenue and active user count once the pandemic is over.

According to Insider Monkey’s Q3 data, 67 hedge funds were long JD.com, Inc. (NASDAQ:JD), compared to 62 funds in the prior quarter. Chase Coleman’s Tiger Global Management is the largest position holder in the company, with approximately 30 million shares worth $1.50 billion. 

Here is what Argosy Investors has to say about JD.com, Inc. (NASDAQ:JD) in its Q3 2021 investor letter:

“We sold JD as a result of the furor over Chinese stocks during the quarter. We had been concerned about China’s lack of respect for investor rights for some time, and Beijing has become significantly more aggressive in asserting itself of late. In addition, the legal structure Chinese companies use to come public in the U.S., a Cayman Islands shell corporation leaves American investors with an unsure path to recovering value should these companies cease to trade on U.S. exchanges. Because of the uncertainty, we exited our position in JD completely. We still love JD’s long-term prospects, but we cannot estimate the legal/regulatory risk associated with these companies anymore. More broadly, we are freeing up cash for some other positions we already own which have declined in this market, and after additional review, remain attractive.”

3. Futu Holdings Limited (NASDAQ:FUTU)

Number of Hedge Fund Holders: 14

1-Month Share Price Gain as of November 30: 78.50%

Futu Holdings Limited (NASDAQ:FUTU) operates an online brokerage and wealth management platform in Hong Kong and internationally. On November 21, Futu Holdings Limited (NASDAQ:FUTU) reported a Q3 GAAP EPADS of $0.68, beating analysts’ estimates by $0.07. The revenue climbed 11.5% year-over-year to $247.9 million, outperforming Wall Street forecasts by $19.75 million. Total number of paying clients increased 23.8% year-over-year to 1,444,955 as of September 30 and non-GAAP adjusted net income increased 24.8% year-over-year to $102.7 million. Futu Holdings Limited (NASDAQ:FUTU) is one of the best-performing growth stocks to monitor. 

On October 24, investment advisory DBS Bank initiated coverage of Futu Holdings Limited (NASDAQ:FUTU) with a Buy rating and a $55 price target.

Among the hedge funds tracked by Insider Monkey, 14 funds reported owning stakes worth $113.3 million in Futu Holdings Limited (NASDAQ:FUTU) at the end of Q3 2022, compared to 9 funds in the prior quarter worth $153.2 million. Israel Englander’s Millennium Management is the leading position holder in the company, with 1.3 million shares valued at $49 million. 

Here is what Tao Value has to say about Futu Holdings Limited (NASDAQ:FUTU) in their Q1 2021 investor letter:

“Futu is a new “Opportunistic” position. It is an HK based online brokerage & wealth management platform with deep roots in technology. Futu sits in the confluence of 3 strong favorable forces of Meteorology, Topography & Commander, yet was underpriced at the time of our entry. In terms of Meteorology, there is a huge addressable market of Chinese domestic middle to upper classes’ wealth being deployed to overseas assets allocation in the next decade. Additionally, the incumbents being disrupted are extremely weak in their digital transformation. On Topography, Futu’s user-centric product design built an intuitive front end and great user experience, while the digital native development framework built a solid & reliable back end (including a self-developed order routing & execution system for the HK market). This is a rare combination compared to both offline incumbents (who lack flashy front end & UX) & other new online disrupters (who lack solid infrastructure). On Commander factor, founder CEO Li Hua was a Tencent engineer in its early days with deep knowledge in product design and development. Li is said to be a fanatic product manager, to this day still at the front-line, alpha testing any new features. Based on analyses of these factors, I think Futu could compound its revenue at a very high rate with very high certainty and with strong operating leverage, putting our entry price very attractive compared to earning power in 3-5 years. Yet just as we finished building a small position, the price started to take off and more than tripled in a month. When such price action happens, it is obvious that Mr. Market has turned very euphoric to this name. I decided to trim but kept a reasonable position given its growth certainty.”

2. Mayville Engineering Company, Inc. (NYSE:MEC)

Number of Hedge Fund Holders: 6

1-Month Share Price Gain as of November 30: 91.28%

Mayville Engineering Company, Inc. (NYSE:MEC) is a Wisconsin-based company that operates as a contract manufacturer serving the heavy and medium duty commercial vehicle, construction equipment, power sports, agriculture, military, and other end markets in the United States. 

After posting market-beating Q3 2022 results, Mayville Engineering Company, Inc. (NYSE:MEC) updated its full-year 2022 net sales outlook of $480 million-$530 million to $520 million-$540 million. With shares up over 91% in the last month as of November 30, Mayville Engineering Company, Inc. (NYSE:MEC) is one of the best-performing growth stocks. 

On November 3, Baird analyst Mircea Dobre upgraded Mayville Engineering Company, Inc. (NYSE:MEC) to Outperform from Neutral with a price target of $15, up from $7. Multiple free cash flow headwinds are “turning to tailwinds” as Mayville Engineering Company, Inc. (NYSE:MEC)’s capex and EBITDA margin normalize and new Hazel Park capacity becomes available, the analyst told investors. The analyst said Mayville Engineering Company, Inc. (NYSE:MEC)’s new CEO is working towards operational improvement and seeking growth in adjacent verticals. The analyst now sees “meaningful upside potential” in the shares.

According to Insider Monkey’s Q3 data, 6 hedge funds were bullish on Mayville Engineering Company, Inc. (NYSE:MEC), compared to 8 funds in the earlier quarter. Thomas E. Lynch’s Mill Road Capital Management is the leading stakeholder of the company, with 229,582 shares worth $1.5 million. 

1. MINISO Group Holding Limited (NYSE:MNSO)

Number of Hedge Fund Holders: 10

1-Month Share Price Gain as of November 30: 117.06%

MINISO Group Holding Limited (NYSE:MNSO) was founded in 2013 and is headquartered in Guangzhou, China. It is an investment holding company that engages in the retail and wholesale of lifestyle and pop toy products in Asia, the Americas, and Europe. MINISO Group Holding Limited (NYSE:MNSO) shares climbed more than 117% in the last month as of November 30, making it one of the best-performing growth stocks to monitor. 

On November 14, MINISO Group Holding Limited (NYSE:MNSO) reported a FQ1 Non-GAAP EPADS of $0.19 and a revenue of $389.7 million, outperforming Wall Street estimates by $0.07 and $18.75 million, respectively. Gross margin came in at 35.7%, compared to 27.4% in the same period of 2021 and 33.3% in the prior quarter.

According to Insider Monkey’s Q3 data, 10 hedge funds were long MINISO Group Holding Limited (NYSE:MNSO), compared to 11 funds in the last quarter. Fang Zheng’s Keywise Capital Management is the leading stakeholder of the company, with nearly 3 million shares worth $16 million. 

You can also take a look at 11 Best Delivery Stocks To Buy and 11 Best Canadian Dividend Stocks To Buy.