5 Best-Performing Growth Stocks in November 2022

2. Mayville Engineering Company, Inc. (NYSE:MEC)

Number of Hedge Fund Holders: 6

1-Month Share Price Gain as of November 30: 91.28%

Mayville Engineering Company, Inc. (NYSE:MEC) is a Wisconsin-based company that operates as a contract manufacturer serving the heavy and medium duty commercial vehicle, construction equipment, power sports, agriculture, military, and other end markets in the United States. 

After posting market-beating Q3 2022 results, Mayville Engineering Company, Inc. (NYSE:MEC) updated its full-year 2022 net sales outlook of $480 million-$530 million to $520 million-$540 million. With shares up over 91% in the last month as of November 30, Mayville Engineering Company, Inc. (NYSE:MEC) is one of the best-performing growth stocks. 

On November 3, Baird analyst Mircea Dobre upgraded Mayville Engineering Company, Inc. (NYSE:MEC) to Outperform from Neutral with a price target of $15, up from $7. Multiple free cash flow headwinds are “turning to tailwinds” as Mayville Engineering Company, Inc. (NYSE:MEC)’s capex and EBITDA margin normalize and new Hazel Park capacity becomes available, the analyst told investors. The analyst said Mayville Engineering Company, Inc. (NYSE:MEC)’s new CEO is working towards operational improvement and seeking growth in adjacent verticals. The analyst now sees “meaningful upside potential” in the shares.

According to Insider Monkey’s Q3 data, 6 hedge funds were bullish on Mayville Engineering Company, Inc. (NYSE:MEC), compared to 8 funds in the earlier quarter. Thomas E. Lynch’s Mill Road Capital Management is the leading stakeholder of the company, with 229,582 shares worth $1.5 million.