Even though the Nasdaq and S&P 500 are hitting record highs, a lot of that growth is coming from just a few big tech and communication companies. When you take those out of the picture, earnings across the rest of the market are barely up at all, less than 1%, and revenue growth is only about 3%, which is basically in line with overall economic growth. As Peter Boockvar from BFG Wealth Partners pointed out in an interview with CNBC, this means the rally may not be as strong as it seems on the surface.
On top of that, inflation is still hanging around, and tariffs could start having a bigger impact in the second half of the year. This could lead to slower growth, making it harder for most companies to grow their earnings. But that doesn’t mean there aren’t still good opportunities out there.
In fact, outside of tech, there are still plenty of high-growth companies that analysts like, especially in areas like finance, energy, industrials, and consumer goods. These are businesses that are growing steadily, keeping costs under control, or taking advantage of long-term trends. Here are 10 high growth stocks outside tech analysts are bullish on, even in today’s tricky market.
A wide angle shot of a mixed-use property with office buildings, retail stores, and restaurants, capturing the diverse leasable area of the company.
Our Methodology
To arrive at 10 high growth stocks outsie tech analysts are bullish on, we used Finviz to weed out the tech stocks. Additionally, we only included stocks that have grown revenues at least 25% on a CAGR basis over the last five years. We also made sure the stocks have a minimum 20% average analyst upside. Finally we sorted the list in ascending order of analyst upside. We have also included the hedge fund sentiment around each stock as of Q1 2025.
Note: All data was recorded on July 29, 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10 High Growth Stocks Outside Tech Analysts Are Bullish On
10. Western Alliance Bancorporation (NYSE:WAL)
5-Year Revenue CAGR: 31.59%
Average Analyst Upside: 20.06%
Number of Hedge Fund Holders: 24
Western Alliance Bancorporation (NYSE:WAL) is one of the high growth stocks outside tech analysts are bullish on. Western Alliance Bancorporation (NYSE:WAL) received a price target boost from DA Davidson on July 21, which raised its estimate from $90 to $98 while maintaining a Buy rating on the stock. At the current market price of $80.60, this suggests an upside potential of roughly 21.6%.
The firm’s latest upside report was somewhat muted by investor concerns around a rise in “other real estate owned” (OREO) assets, typically properties that have been repossessed by the bank. Although management has expressed confidence in resolving these assets without incurring losses, the optics have raised some caution in the market. Additionally, the bank announced that long-time CFO Dale Gibbons will transition to the role of Chief Banking Officer in January 2026, a move that may prompt questions around succession and continuity.
Despite these developments, DA Davidson’s bullish stance suggests confidence in the bank’s fundamentals and its ability to manage both operational and real estate risks effectively.
Western Alliance is a regional bank that provides a wide range of lending, deposit, and treasury services, primarily catering to commercial clients. It’s known for its strong presence in real estate lending and specialty financial services.
9. DraftKings Inc. (NASDAQ:DKNG)
5-Year Revenue CAGR: 71.28%
Average Analyst Upside: 22.06%
Number of Hedge Fund Holders: 70
DraftKings Inc. (NASDAQ:DKNG) is one of the high growth stocks outside tech analysts are bullish on. On July 25, Susquehanna analyst Joseph Stauff raised the price target on DraftKings Inc. (NASDAQ:DKNG) to $60, up from $52, while maintaining a Positive rating. Based on the current market price of $43.80, this implies an upside potential of about 37%.
The firm adjusted its estimates for Q2 and the years 2025 through 2027, factoring in several key developments. These include higher tax expectations, updated second-quarter trends, timing for state launches, and the impact of Jackpocket, a digital lottery platform recently acquired by DraftKings. These adjustments reflect stronger-than-expected performance and better clarity on market expansion.
The online gambling sector had a cloud hanging over it for much of the first half of 2025 due to regulatory concerns. This started when governors in Maryland and Ohio proposed doubling online sports betting (OSB) tax rates, which created uncertainty across the industry. Despite this, DraftKings appears well-positioned to weather these changes and continue growing.
DraftKings is a leading digital sports entertainment and gaming company. It operates online sports betting, iGaming, and daily fantasy sports platforms across multiple U.S. states, offering fans a wide range of interactive gaming experiences.
8. Ryan Specialty Holdings, Inc. (NYSE:RYAN)
5-Year Revenue CAGR: 27.13%
Average Analyst Upside: 23.65%
Number of Hedge Fund Holders: 29
RYAN Specialty Holdings, Inc. (NYSE:RYAN) is one of the high growth stocks outside tech analysts are bullish on. On July 14, Morgan Stanley analyst Bob Huang increased the price target on RYAN Specialty Holdings, Inc. (NYSE:RYAN) to $80, up from $78, while maintaining an Overweight rating. Based on the current market price of $60.80, the revised target suggests a potential upside of approximately 31.6%.
This update is part of Morgan Stanley’s broader reassessment of companies within the Property & Casualty (P&C) Insurance sector. The firm noted that recent financial results across the sector varied depending on the type of business, but certain areas, particularly personal insurance lines, are showing encouraging signs of strength. Analysts believe this momentum can carry into 2025. As market conditions head toward greater stability, Morgan Stanley expects brokers and personal line insurers to be the key earnings drivers within the industry. For Ryan Specialty, this could translate into steady revenue growth as demand for specialized insurance services continues.
While the report doesn’t suggest dramatic changes in the broader sector, it highlights how companies like Ryan Specialty are positioned to benefit from steady, long-term trends. The focus on profitability and operating efficiency is expected to support the stock’s performance moving forward.
Ryan Specialty is a wholesale insurance broker that provides specialty solutions for complex and hard-to-place risks.
7. argenx SE (NASDAQ:ARGX)
5-Year Revenue CAGR: 94.72%
Average Analyst Upside: 25.7%
Number of Hedge Fund Holders: 54
argenx SE (NASDAQ:ARGX) is one of the high growth stocks outside tech analysts are bullish on. H.C. Wainwright analyst Douglas Tsao has reaffirmed a Buy rating on argenx SE (NASDAQ:ARGX) as of July 1, citing strong progress in the company’s neuromuscular treatment pipeline. With a current market price of $598.40 and Bank of America’s price target of $804, the stock offers a potential upside of about 34.3%.
The bullish stance is driven by the advancement of ARGX-119, now entering a registrational trial for congenital myasthenic syndromes (CMS). This marks the company’s third molecule to reach late-stage clinical development. Positive Phase 1b results showed promising safety and consistent improvements in patient outcomes, which boosted investor confidence.
ARGX-119 also highlights the growing potential of argenx’s SIMPLE Antibody platform, a proprietary technology for developing precise antibody-based therapies. The ongoing natural history study in CMS is expected to add valuable, real-world insight that could support regulatory submissions.
The company is also conducting a Phase 2a study of ARGX-119 in amyotrophic lateral sclerosis (ALS), a move that could broaden its future treatment offerings. If successful, ARGX-119 could become the first therapy approved for DOK7-CMS, a very rare form of neuromuscular disease.
argenx develops antibody-based therapies for rare autoimmune and neuromuscular disorders.
6. Wingstop Inc. (NASDAQ:WING)
5-Year Revenue CAGR: 25.67%
Average Analyst Upside: 26.69%
Number of Hedge Fund Holders: 39
Wingstop Inc. (NASDAQ:WING) is one of the high growth stocks outside tech analysts are bullish on. On July 18, Bank of America analyst Sara Senatore lowered the firm’s price target on Wingstop Inc. (NASDAQ:WING) from $430 to $420 while maintaining a Buy rating on the stock. At the current market price of $289.80, the revised target implies a potential upside of approximately 45%.
The change in price target comes as part of a broader adjustment by BofA, which is updating estimates and valuation multiples for over 20 restaurant stocks ahead of earnings season. While the reduction in Wingstop’s target is modest, it reflects shifts in both sector expectations and general market conditions rather than a negative view of the company’s fundamentals.
Despite the slight trim in target price, Wingstop remains one of the firm’s top picks in the restaurant space. Investors continue to view it favorably due to its consistent same-store sales growth, digital ordering strength, and strong brand loyalty. Additionally, Wingstop’s asset-light business model, based on franchising, offers steady margins and scalability with relatively low capital risk.
As the earnings season approaches, analysts will be closely watching for updates on international expansion, pricing power, and how the company is navigating cost pressures.
Wingstop is a fast-casual restaurant chain focused on chicken wings, primarily operating through a franchise model.
5. On Holding AG (NYSE:ONON)
5-Year Revenue CAGR: 25.67%
Average Analyst Upside: 27.8%
Number of Hedge Fund Holders: 53
On Holding AG (NYSE:ONON) is one of the high growth stocks outside tech analysts are bullish on. On July 22, Raymond James downgraded On Holding AG (NYSE:ONON) from Strong Buy to Outperform, setting a new price target of $66. Despite the downgrade, the firm remains optimistic about the company’s long-term outlook. With the stock currently trading at $52.00, the revised target represents an upside potential of approximately 27%.
The change in rating reflects short-term challenges rather than a shift in the broader investment thesis. According to the analyst, macro headwinds, such as slower consumer spending and global economic uncertainty, could weigh on the stock in the near term. Additionally, the firm expects a quarter-over-quarter slowdown in wholesale sales for Q2, primarily due to the timing of new product launches.
Even so, Raymond James continues to see strong growth potential for On Holding, pointing to the brand’s expanding global footprint and growing popularity with performance and lifestyle consumers. The company has also been steadily building out its direct-to-consumer business, which could help offset short-term softness in wholesale. Looking ahead, investors will likely focus on how the company manages inventory, navigates economic pressures, and continues to innovate in a competitive athletic wear space.
On Holding is a premium sportswear company known for its performance running shoes and expanding apparel line.
4. Permian Resources Corporation (NYSE:PR)
5-Year Revenue CAGR: 39.57%
Average Analyst Upside: 30.31%
Number of Hedge Fund Holders: 52
Permian Resources Corporation (NYSE:PR) is one of the high growth stocks outside tech analysts are bullish on. Permian Resources Corporation (NYSE:PR) received a fresh vote of confidence from Susquehanna on July 23, 2025. The firm maintained its positive rating on the stock and increased its price target from $19.00 to $20.00 per share. That represents a potential upside of around 38.7% from the current market price of $14.42.
This target hike suggests Susquehanna sees continued strength in the company’s fundamentals, with potential for strong performance ahead. Investors may view this as a sign that Permian Resources is well-positioned in a volatile energy market, especially as oil prices remain firm. There is growing optimism that the company could deliver better-than-expected earnings or benefit from higher commodity prices in the near term. For current or potential investors, the 38%+ upside makes this stock worth a closer look, especially for those looking to gain exposure to the oil and gas sector at a reasonable valuation.
Permian Resources is an independent oil and natural gas company focused on developing assets in the Delaware Basin.
3. XPeng Inc. (NYSE:XPEV)
5-Year Revenue CAGR: 76.03%
Average Analyst Upside: 30.66%
Number of Hedge Fund Holders: 19
Xpeng Inc. (NYSE:XPEV) is one of the high growth stocks outside tech analysts are bullish on. Xpeng Inc. (NYSE:XPEV) shared strong delivery numbers for June and the first half of 2025, showing major growth in its electric vehicle (EV) business.
In June alone, the company delivered 34,611 Smart EVs, which is a 224% increase compared to the same month last year. This also marks the eighth straight month where XPeng’s deliveries stayed above 30,000 units. The company also had a standout second quarter, delivering 103,181 vehicles, its best quarterly performance to date. For the first half of 2025, total deliveries reached 197,189 units, which is more than XPeng delivered in all of 2024. These results suggest growing demand for XPeng’s models, driven by improved production and stronger sales in both domestic and overseas markets.
The consistent growth may also show that XPeng is becoming a more serious player in the global EV space, competing with other big names in the industry. With strong momentum and new records being set, XPeng appears to be on track for another record-breaking year if current trends continue.
XPeng is a Chinese electric vehicle maker focused on smart, connected, and autonomous driving technologies.
2. Dutch Bros Inc. (NYSE:BROS)
5-Year Revenue CAGR: 39.98%
Average Analyst Upside: 37.42%
Number of Hedge Fund Holders: 47
Dutch Bros Inc. (NYSE:BROS) is one of the high growth stocks outside tech analysts are bullish on. Dutch Bros Inc. (NYSE:BROS) received a boost on Monday after Melius Research began coverage of the coffee chain with a Buy rating and a price target of $95. The stock was trading at $58.29 at the time of the announcement, suggesting a potential upside of over 60%.
Melius praised Dutch Bros for its strong brand, rapid expansion strategy, and loyal customer base. Analysts noted the company’s focus on drive-thru service and unique drink offerings as key strengths that help it stand out in a crowded market. “Dutch Bros is positioned to become a major national player,” Melius wrote in a note to investors.
At the current price, analysts see the stock as an attractive long-term growth opportunity. They highlighted that Dutch Bros is still in the early stages of expansion, especially outside the West Coast. The company’s growth model, which mixes company-owned and franchised locations, allows it to scale while maintaining quality.
Dutch Bros is a fast-growing drive-thru coffee chain known for its energetic culture and wide variety of drinks.
1. Natera, Inc. (NASDAQ:NTRA)
5-Year Revenue CAGR: 41.20%
Average Analyst Upside: 45.13%
Number of Hedge Fund Holders: 67
Natera, Inc. (NASDAQ:NTRA) is one of the high growth stocks outside tech analysts are bullish on. Evercore ISI Group has initiated coverage on Natera Inc. (NASDAQ: NTRA) with an “Outperform” rating and a $170 price target, signaling optimism about the company’s strategic positioning in the growing genetic testing space. With Natera trading at $135.81 as of Monday’s close, the target implies a potential upside of roughly 25.2%.
This initiation reflects Evercore’s confidence in Natera’s ability to capture meaningful market share through its differentiated platform, particularly in high-growth areas like minimal residual disease (MRD) testing in oncology and non-invasive prenatal testing (NIPT). The firm’s pricing also suggests it sees earnings momentum or adoption trends that may not yet be fully reflected in the current valuation.
Unlike a broad sector endorsement, this coverage initiation appears to be a conviction call based on company-specific catalysts. These could include upcoming clinical data, reimbursement tailwinds, or commercial traction in new markets. While risks remain, such as competition and regulatory shifts, the bullish stance hints that Evercore believes the risk-reward profile is favorable.
If Natera delivers on key execution fronts over the coming quarters, the target may prove conservative, particularly if revenue re-acceleration or gross margin expansion materializes. Natera develops and markets genetic testing solutions for oncology, women’s health, and organ health applications.
While we acknowledge the potential of NTRA to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NTRA and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 10 Most Profitable Consumer Stocks to Buy Now and 10 Best High-Margin Pharma Stocks to Buy Now.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
