3 Hot IPO Stocks to Buy in November (And 1 Still to Come)

The initial public offering (IPO) market has been on fire in 2020 with some of the hottest IPOs we’ve seen in a decade. And when you include companies going public through special purpose acquisition companies (SPAC), there are dozens of exciting new businesses to invest in this year…

Sifting through the IPOs that have taken place and the ones still expected this year, four companies emerged as exciting growth stocks for investors: Asana (NYSE:ASAN)Snowflake (NYSE:SNOW)DraftKings (NASDAQ:DKNG), and Airbnb.

1. Asana: Managing work tasks more easily

Asana is the modern workflow-management tool that’s built for a mobile world. It allows teams to assign tasks, manage approvals, and even make sure assignment forms are filled out before going on to the next person. If you’ve ever tried to manage a disparate team of workers, you know how valuable a tool like this can be, and Asana makes it easy.

Like many companies going public, Asana isn’t yet profitable. It reported a $41.1 million net loss for the second fiscal quarter of 2021 on $52 million of revenue. And management expects a loss of $40 million to $42 million in the fiscal third quarter. But the financial opportunity for Asana is much longer term.

If Asana can engrain itself as a valuable tool, it’ll be a staple for businesses around the world. That’ll allow the company to charge higher prices as it adds more features, and eventually generate a profit. I like how simple Asana’s tools are, and for companies looking to get more efficient, it’s a great tool to use. And an easy-to-use product is great to get behind after an IPO.

2. Snowflake: Data in the cloud

The cloud-data company Snowflake has been one of the hottest IPOs of 2020, more than doubling on its first day on the market. The excitement isn’t without merit, either. The company’s sales increased 133% in the first half of 2020, the customer base has doubled over the past year, and there are more than 500 million queries daily on the company’s platform.

The $72 billion market cap is lofty, considering Snowflake’s $500 million revenue run-rate, but this is a stock that’s all about long-term growth. Management thinks the cloud-data platform could be an $81 billion market opportunity, and it’s just starting to be adopted.

Like lots of IPOs, Snowflake is…

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