No one can deny it -- the stock market is on fire. As of this writing, the S&P 500 has closed at an all-time high on 38 occasions this year and is up more than 18% year to date. So, it's no surprise that there are lots of stocks making new 52-week highs. But that doesn't mean it's too late to invest in some excellent stocks. Let's examine three in more depth.
Walmart
First up is Walmart (NYSE: WMT). Up 40% year to date and 42% over the last 12 months, shares of the retail giant aren't just at 52-week highs, they're at all-time highs. That is rather astounding, considering that inflation has taken a toll on consumers.
However, that may, in fact, be part of the reason Walmart is performing so well. With prices up roughly 20% from four years ago, many consumers are "trading down" in their shopping habits -- moving from mid- and higher-end retailers to lower-end ones for groceries, clothing, and electronics.
At any rate, business is booming. Revenue has increased to a staggering $665 billion. What's more, part of the company's success can be attributed to its investments in generative artificial intelligence (AI). On the company's most recent earnings call, Walmart CEO Doug McMillon noted that the company is using generative AI to "create or improve more than 850 million pieces of data" in the company's online catalog. Not only does that save Walmart money, but it also improves the shopping experience for its customers -- leading to more sales.
Palantir
Next on the list is Palantir (NYSE: PLTR). Shares of this AI superstar are up 127% over the last 12 months and 97% year to date. The company, which operates an AI-powered platform used by government departments, defense contractors, and private organizations, has grown immensely in the last year as AI applications have caught fire.
Company revenue over the last 12 months has increased to $2.5 billion, up 27% year over year. What's more, Palantir's commercial (non-government) customer count is growing even faster. Its total U.S. commercial customer count increased 83% from a year earlier.
Overall, it's important to remember that Palantir is a growth-oriented company -- still early in its lifecycle. Nevertheless, the company has now reported a profit in every quarter dating back to the start of 2023, which shows that the company's business model is working.
MercadoLibre
Finally, there's MercadoLibre (NASDAQ: MELI). This company, which operates an enormous e-commerce business focused on the Latin American market, is firing on all cylinders. Shares of MercadoLibre are up 26% year to date and 65% over the last 12 months.
Simply put, MercadoLibre's sales are on fire. The company reported revenue of $17.4 billion over the last 12 months, up from $13.5 billion a year earlier. Moreover, analysts expect MercadoLibre to keep racking up huge sales figures. Sales are projected to rise to $24.5 billion in 2025.
In short, MercadoLibre's growth is simply too good to ignore. There are very few companies that have averaged close to 40% revenue growth over the last year, but MercadoLibre is one of them. That's why the stock is once again making new highs. Growth-oriented investors should take notice and consider adding shares of this e-commerce giant.
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*Stock Advisor returns as of August 26, 2024
Jake Lerch has positions in MercadoLibre. The Motley Fool has positions in and recommends MercadoLibre, Palantir Technologies, and Walmart. The Motley Fool has a disclosure policy.
3 Stocks Making 52-Week Highs That Are Screaming Buys Right Now was originally published by The Motley Fool