With the S&P/ASX 200 (INDEXASX: XJO) reaching a fresh 11-and-a-half year high last week, it remains a great time to be a growth investor. On top of this, the Reserve Bank of Australia has just served up a double shot interest rate cut this winter (and maybe more to come), so it seems like there is enough room for stock to reach even higher.
Here are two ASX growth stocks that have the potential to do just that. Both are beloved market darlings who have shot the lights out over 2019 so far.
Zip Co Ltd (ASX: Z1P)
Zip Co is probably best known as the underdog rival to 'buy now, pay later' favourite Afterpay Touch Group Ltd (ASX: APT), but Zip has been making waves in its own right. Zip shares have tripled in value in 2019 so far (and it's only July!) and at one point back in May they nearly skimmed the $4 mark. Although shares have now settled down somewhat around the $3 mark, its still along way from the $1.10 level Zip started the year at.
Zip has shown very impressive growth numbers, with 140,000 new customers during the most recent quarter and revenue growth of 20%. Although the company has yet to become profitable, things are certainly looking up for Zip Co, and this price pullback might be a good buying opportunity.
WiseTech Global Ltd (ASX: WTC)
Putting the W in 'WAAAX', WiseTech is one of the original tech darlings of the ASX and has done nothing to dent this reputation in 2019 so far. WiseTech shares are up 78% for the year and up 657% over the past 5 years. WiseTech has found itself a roomy niche in the global logistics sector, which it has seized with both hands and run. The company has managed to grow revenue by 44% and underlying earnings by 45% year-on-year in its most recent results and is showing no signs of slowing down. WiseTech's current share price is extremely lofty from a valuation perspective, but for growth investors, there may still be more momentum left in this tank.
Foolish takeaway
Both of these shares have shown they have what it takes to make a great growth stock. An investment in either of these shares a year ago would have made you very happy, and who knows what the next year may bring.
