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The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have shown significant gains in 2023, increasing by 24%, 24%, and 17% respectively. Investors are being advised to consider three standout tech stocks for October: PayPal Holdings, Duolingo, and Palantir Technologies.
PayPal Holdings (NASDAQ: PYPL) is currently trading at a price-to-sales ratio of 2.8, much lower than its 10-year average of 6.5, following an 83% drop from its all-time high in 2021. The company’s latest quarter reported an operating margin of 17.5%, its highest since 2021, and a record free cash flow per share of $6.23.
Duolingo (NASDAQ: DUOL) has experienced 87% revenue growth over the past two years, reaching $634 million. As of June 30, 2024, it had 100 million monthly active users, including over 8 million subscribers. Meanwhile, Palantir Technologies (NYSE: PLTR) reported a 27% year-over-year revenue growth and a 41% increase in its customer base in the same quarter.
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