High Growth Tech Stocks To Watch In October 2024

Over the last 7 days, the United States market has risen 1.1%, and over the past 12 months, it is up 32%, with earnings expected to grow by 15% per annum in the coming years. In this favorable environment, identifying high growth tech stocks involves looking for companies with strong innovation potential and robust financial health that align well with these positive market trends.

Top 10 High Growth Tech Companies In The United States

Name	Revenue Growth	Earnings Growth	Growth Rating
Super Micro Computer	20.86%	27.98%	★★★★★★
Sarepta Therapeutics	23.67%	43.83%	★★★★★★
TG Therapeutics	28.39%	43.54%	★★★★★★
Invivyd	42.91%	70.39%	★★★★★★
Ardelyx	27.19%	66.44%	★★★★★★
Apellis Pharmaceuticals	22.87%	69.56%	★★★★★★
Amicus Therapeutics	20.33%	62.45%	★★★★★★
Travere Therapeutics	27.18%	69.88%	★★★★★★
Seagen	22.57%	71.80%	★★★★★★
ImmunoGen	26.00%	45.85%	★★★★★★

Click here to see the full list of 253 stocks from our US High Growth Tech and AI Stocks screener.

We'll examine a selection from our screener results.

Veracyte (NasdaqGM:VCYT)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Veracyte, Inc. is a diagnostics company that operates both in the United States and internationally, with a market cap of $2.62 billion.

Operations: Veracyte generates revenue primarily from its diagnostic products, totaling $399.58 million. The company operates in both the United States and international markets.

Veracyte, with its focus on genomic diagnostics, has shown a promising trajectory by leveraging advanced technologies to enhance cancer diagnosis accuracy. The company's recent announcement of a 9.7% annual revenue growth rate outpaces the broader U.S. market's 8.8%, indicating robust sector-specific expansion. Notably, Veracyte is poised for profitability within three years, supported by an impressive forecasted earnings growth of 59.3% annually. This financial outlook is underpinned by strategic R&D investments which are critical in maintaining its competitive edge in the high-stakes biotech industry, particularly in personalized medicine for prostate cancer—a field where it recently demonstrated significant advancements through its Decipher Prostate Genomic Classifier at major clinical trials.

• Dive into the specifics of Veracyte here with our thorough health report.

• Gain insights into Veracyte's historical performance by reviewing our past performance report.

Cipher Mining (NasdaqGS:CIFR)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Cipher Mining Inc. focuses on developing and operating large-scale bitcoin mining data centers in the United States, with a market cap of approximately $1.47 billion.

Operations: Cipher Mining Inc. generates revenue primarily through its data processing operations, amounting to $158.67 million. The company's business model centers on the development and operation of industrial-scale bitcoin mining data centers in the U.S., leveraging advanced technology to optimize efficiency and output.

Cipher Mining, showcasing a robust 50.9% forecasted annual revenue growth, significantly outpaces the broader U.S. market's 8.8%, highlighting its potential in the tech sector. This growth is complemented by an impressive expected earnings surge of 73.2% per year, positioning Cipher as a dynamic player amidst technological advancements in high-performance computing and bitcoin mining operations. The company's strategic R&D investments have not only fueled its innovation but also supported its transition to profitability this year, underscoring its commitment to advancing cutting-edge technologies in the blockchain domain.

• Delve into the full analysis health report here for a deeper understanding of Cipher Mining.

• Explore historical data to track Cipher Mining's performance over time in our Past section.

Tenable Holdings (NasdaqGS:TENB)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Tenable Holdings, Inc. offers cyber exposure solutions across various regions including the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan with a market capitalization of approximately $5.07 billion.

Operations: Tenable Holdings generates revenue primarily from its Security Software & Services segment, amounting to $852.04 million. The company operates globally, providing cyber exposure solutions across multiple regions.

Tenable Holdings, demonstrating a 10% annual revenue growth, outstrips the broader U.S. market's 8.8% pace, positioning itself as a resilient contender in cybersecurity solutions. Despite current unprofitability, the company is on a trajectory to achieve profitability within three years, supported by strategic R&D investments which are crucial for innovation in cloud and AI security landscapes. Recent enhancements in Tenable Cloud Security underscore its commitment to addressing complex threats with new data security management capabilities; these initiatives not only expand its service offerings but also solidify its market position against emerging cybersecurity challenges.

• Navigate through the intricacies of Tenable Holdings with our comprehensive health report here.

• Evaluate Tenable Holdings' historical performance by accessing our past performance report.

Where To Now?

• Dive into all 253 of the US High Growth Tech and AI Stocks we have identified here.
• Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up.
• Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor.

Searching for a Fresh Perspective?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com