4 US Growth Stocks Punching Through Their 52-Week Highs: Are They a Buy?

The US market performed well in 2024 as growth stocks pulled off a remarkable performance.

The bellwether S&P 500 Index gained 23.3% last year, building on a 24.2% rally in 2023.

The technology-heavy NASDAQ Composite Index has shot up 28.6% for 2024.

Investors are seeing optimism permeate many stocks in the market, pushing them to their year-highs.

Here are four such growth stocks that recently hit their 52-week highs that you may wish to consider for your buy watchlist.

Amer Sports Inc (NYSE: AS)

Amer Sports sells athletic footwear, apparel, and equipment under brands such as Salomon, Wilson, Atomic, and Peak Performance.

The company’s products are sold in nearly 100 countries and it employs more than 11,400 staff globally.

Amer Sports’ share price has been on a tear, more than doubling within a year and touching its 52-week high of US$31.32 recently.

The sporting goods company pulled off an impressive performance for the first nine months of 2024 (9M 2024).

Revenue rose 15.5% year on year to US$3.5 billion while operating profit climbed 14.3% year on year to US$277.2 million.

Amer Sports reported a net profit of US$57.2 million for the period, reversing the US$115.6 million net loss incurred in the previous corresponding period.

The company’s store count stood at 453 as of 30 September 2024, a 49% year-on-year increase from a year ago.

Management is confident of a strong performance and has raised its 2024 guidance, with an expectation of 16% to 17% year-on-year revenue growth.

Back in October 2024, Peak Performance opened a new concept store in London while also opening its US online store to consumers.

Tapestry (NYSE: TPR)

Tapestry is a luxury retailer that sells apparel and bags and owns famous brands Coach, Kate Spade, and Stuart Weitzman.

The company’s share price has leapt 77.6% in the past year and recently touched a 52-week high of US$68.42.

Tapestry reported a downbeat set of earnings for its first quarter of fiscal 2025 (1Q FY2025) ending 30 September 2024.

Sales stayed flat year on year at US$1.5 billion while operating profit dipped slightly from US$253.2 million to US$252 million.

Net profit fell by 4.3% year on year to US$186.6 million.

Despite the lower profit, Tapestry generated US$93.9 million of free cash flow for the quarter, nearly 73% higher than a year ago.

The luxury goods company recently terminated the merger with Capri Holdings (NYSE: CPRI) and reaffirmed its commitment to driving organic growth to create shareholder value.

Tapestry also announced an accelerated US$2 billion share repurchase program.

Graham Corporation (NYSE: GHM)

Graham Corporation is a leader in the design and manufacture of fluid, power, heat transfer, and vacuum technologies for the defence, space, energy, and process industries.

The engineering firm saw its share price more than double in the past year to US$45.38, slightly below its 52-week high of US$49.28.

Graham Corporation reported a solid set of earnings for the first half of fiscal 2025 (1H FY2025) ending 30 September 2024.

Sales increased by 12% year on year to US$103.5 million while gross profit jumped 39% year on year to US$25.2 million.

Gross margin expanded from 19.6% to 24.3% for 1H FY2025.

Operating profit climbed 66% year on year to US$7.5 million and net profit more than doubled year on year to US$6.2 million.

Graham Corporation also generated a positive free cash flow of US$16.2 million, almost 89% higher than the US$8.6 million it churned out in 1H FY2024.

The company had a record backlog of US$407 million for the second quarter of FY2025, up 30% year on year.

In November last year, Graham Corporation announced plans to construct a state-of-the-art cryogenic propellant testing facility in Florida to meet demand for efficient, scalable testing solutions.

The company also acquired a new plot of land for US$1.4 million to support its longer term growth initiatives.

A new facility will commence construction in FY2026 and will allow for additional product expansions and future smaller-scale programs.

Miniso Group (NYSE: MNSO)

Miniso Group is a global retailer offering trendy lifestyle products through its network of Miniso stores.

The company carries aesthetically pleasing designs for its products and focuses on affordability as the cornerstones of its corporate policy.

Miniso’s share price increased by 14.2% in the past year and recently touched a 52-week high of US$27.71.

The retailer reported a commendable set of earnings for 9M 2024 as revenue shot up 22.8% year on year to RMB 12.3 billion.

Operating profit climbed 14.3% year on year to RMB 2.3 billion while net profit increased by 12% year on year to RMB 1.8 billion.

The total number of Miniso stores in China and internationally stood at 7,186 as of 30 September 2024, up 17.5% year on year.

Back in September last year, Miniso entered into a share purchase agreement with DFI Retail Group (SGX: D01) to purchase a 29.4% stake in Yonghui Superstores Co., Ltd for around RMB 6.3 billion.

Management will continue to focus on product innovation and consumer experience as it grows its network of stores.

Its core business is committed to its five-year development plan and will stick to its dividend policy of paying out 50% of its adjusted net profit each year.

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Disclosure: Royston Yang does not own shares in any of the companies mentioned.

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