With the ASX having a rough start to the week yesterday, it looks as though investors aren't filled with confidence after last week's big gains. Still, this might be a good time to check out some growth stocks on the ASX – growth stocks tend to get cheap fast if things aren't looking too peachy in the overall market.
Here are 2 ASX growth shares that I think are looking interesting this week.
Appen Ltd (ASX: APX)
Appen is one of the famous WAAAX shares – the ASX's hottest 2019 growth stocks. APX shares have had an interesting couple of months, climbing from $12.80 in January all the way up to $32 by late July. However, sentiment quickly turned on Appen soon after and the stock has been trending lower ever since – ending up at just below the $20 mark around the start of November.
Things changed quickly yesterday when Appen reported it expects to beat its full year guidance by around $10–15 million with a new range of $96–99 million. APX shares shot up over 13% yesterday and closed the day at $26.43. Still, I think these results show the quality of Appen's business, and it might not be too late to buy in on these prices.
WAM Microcap Ltd (ASX: WMI)
This LIC might not have been the growth stock you were expecting, but I think WAM Microcap's 23.7% annualised rate of return since its inception proves it has real growth stock qualities.
WAM Microcap invests in microcap companies that WAM's management think are under-priced or show stellar growth qualities. Due to size constraints, this LIC also pays out most of its profits as dividends, so it's a handy stock to own for some extra income too. Thus, I think WMI shares are well worth checking out this week.
Foolish takeaway
I think these 2 ASX growth stocks are looking compelling this week and would well be worth checking out if you're a growth hunter. We don't know how things will look on the markets tomorrow, next week or next year, but if you're finding good quality stocks – it doesn't really matter!
