After September’s 5.2% correction, stocks exhibited strength in October, with the S&P 500 returning an impressive 6.6% for the month. Better than expected earnings numbers from tech names helped lift the Nasdaq by 6.4%. The Dow also gained amid heightened activity, ticking 4.3% upward in October.
With earnings season starting to wind down and an FOMC meeting scheduled for Tuesday and Wednesday, investor focus may shift to economic factors like the Fed’s taper timeline this week. Fed Chair Jerome Powell is expected to address the media on Wednesday at 2 pm.
Seasonality is on the bulls’ side as we move into November. Our team has been investigating a number of interesting stocks and spotted some unusual activity in certain areas of the market. Here are our three recommendations for stocks to add to your watchlist.
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Virtual reality (VR) has existed in science fiction and fantasy for decades. Thanks to advancements in VR technology and computing power, fiction is becoming a reality in the Metaverse — a space that has the potential to be as big as the internet. In fact, Bloomberg Intelligence estimates that the market size for the Metaverse could reach $800 billion by 2024.
The ticker that tops our list of stocks to watch this week is Facebook (FB), soon to be known as Meta Platforms Inc. (MVRS), or just Meta. The name change announcement came last week after Facebook CEO Mark Zuckerberg proclaimed in July that the company would “effectively transition from people seeing us as primarily being a social media company to being a metaverse company” and will go into effect in December.
A host of companies are seeking to make the Metaverse happen, but FB was arguably first on the scene and holds a leadership position in hardware with its Oculus app and VR headset. Earlier this year, FB launched a public version of a new Oculus app called Horizon Workrooms. Using the firm’s VR headsets, users are able to participate in meetings via avatars. They can see their computer screens, keyboards and even participate on virtual whiteboards.
“In the future, working together will be one of the main ways people use the metaverse,” Zuckerberg wrote in a recent blog post. And Facebook wants to be one of the first to bring such tools to the market. Given the recent surge in work-from-home arrangements due to COVID-19, this certainly could be a significant win in the near term.
The Metaverse is still a ways off, but for investors who want to get their foot in the door now, FB is a logical choice. There’s no denying the firm’s cash flow generation or profitability, which makes FB an attractive play on the Metaverse, even for conservative investors. Given the company’s solid foundation and first-mover status, we’ll be watching FB or MVRS stock as the Metaverse takes shape.
The 46 analysts offering 12-month price forecasts for Meta Platforms Inc. have a median target of $410, representing a 27% increase from the last price. The consensus among 53 analysts is to Buy FB stock. Among them, 40 rate the stock a Buy, 11 say to Hold it, and none give it a Sell rating.
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Since going public in June, Israeli cloud-based software firm Monday.com (MNDY) has become one of the most-watched IPOs of the year. From the low of its IPO on Jun. 10 until a peak on Sept. 2, Monday.com rose 175%.
The Monday.com Work OS open platform is fully customizable and allows organizations to easily build software applications and work management tools to fit their needs. Over 127,000 customers currently use the platform across over 200 industries in 190 countries.
While not yet profitable, Monday.com has generated seven quarters of solid sales growth. Revenue gains have been more than 85% for each quarter during that period. Plus, the company has zero debt.
In Q2, for their first quarter as a public company, it surpassed the consensus revenue estimate of $62.11 million by 13%, reporting $70.62 million in revenue. “We delivered strong results in our first quarter as a public company, as strong execution and expanding adoption of Monday.com Work OS drove total revenue growth of 94%. We are pleased with the momentum in our business that demonstrates continued high growth at scale,” said Monday.com founder and co-CEO Roy Mann.
On Friday, Tigress Financial analyst Ivan Feinseth initiated coverage of Monday.com with a Buy rating and $432 price target. The company’s unique, “industry-leading” low-code/no-code business management platform, Work OS, continues to see growing demand, said Feinseth. The company also continues its ongoing innovation and integration of new features, which he said will continue to drive new client acquisitions.
You never know how Wall Street will react to a company’s earnings, but MNDY looks promising ahead of its Nov. 10 call. We’ll be keeping an eye on the stock as the call approaches.
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Real estate investing has been a solid choice so far in 2021. The Real Estate Select Sector SPDR Fund (XLRE) is up more than 35% for the year, while the S&P 500 has only gained around 24%. The last stock to make our weekly watchlist is a leading REIT in a particularly attractive category.
Summit Hotel Properties, Inc (INN) is a leading publicly-traded REIT focused on owning premium-branded, select-service hotels in the upscale and upper-midscale segments of the lodging industry. As hotel demand continues to recover broadly, Summit’s revenue per available room has increased to near pre-pandemic levels, resulting in $71 million of additional annualized revenue.
The trust is also outperforming the broader market over the past year. Summit shares have increased 81%. In comparison, the S&P 500 has only moved 39%. One factor contributing to the ongoing strength of INN’s share price is the level of attention trust management gives to portfolio diversification.
INN’s portfolio currently boasts 73 properties, 61 of which are wholly owned. The REIT owns properties in 23 U.S. states spread across all regions, and no single region in the portfolio comprises more than 8% of the portfolio. This safeguards the trust, to some degree, against unpredictable threats that can arise.
INN has been exhibiting strong momentum ahead of its Nov. 3 Q3 earnings call. Analysts forecast that Summit will report $101.16 million in sales for the third quarter, representing a 93% growth rate over the same quarter last year when the company reported $52.41 million in sales. The Wall Street analyst rating is bullish for INN with 7 Buy ratings and 1 Sell rating. A median 12-month price target of $11.50 represents a 15% increase from the current price.
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