If you're looking for new additions to your portfolio this week, then you might want to look at the growth shares listed below.
Here's why these ASX growth shares are rated highly:
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Hipages Group Holdings Ltd (ASX: HPG)
Hipages is a leading Australian-based online platform and software as a service (SaaS) provider. Its platform connects tradies with residential and commercial consumers, providing job leads from homeowners and organisations looking for qualified professionals.
The company estimates that over 3 million Australians have used its platform, providing work to over 34,000 trade businesses on the platform. Hipages also offers tradies its Call of Service job management software, which improves their productivity by streamlining their workflow and taking away the stress of doing admin.
Analysts at Goldman Sachs are positive on the company. They appear to believe it could be another REA Group Limited (ASX: REA) in the making. Goldman notes that the company currently captures around 5% of total industry advertising spend, but sees scope for this to increase to REA Group-type levels of 40% to 60% in the future as the company builds out its ecosystem.
Goldman Sachs has a buy rating and $3.35 price target on its shares.
Kogan.com Ltd (ASX: KGN)
Another option for growth investors to consider is Kogan. This ecommerce company is out of favour with investors right now because of some significant short term headwinds it is facing. This includes having a severe backlog of inventory after management failed to predict a slowdown in sales once the pandemic eased and physical stores reopened.
While this is very disappointing, nothing has changed in respect to its long term growth prospects. Thanks to its strong market position and the structural shift online, Kogan looks well-placed to grow its sales and earnings at a solid rate over the coming years once trading conditions return to normal.
Analysts at Canaccord Genuity appear to believe the recent weakness in the Kogan share price is a buying opportunity. The broker currently has a buy rating and $14.00 price target on its shares.
