What happened

Shares of cloud-computing company Fastly (NYSE:FSLY), telehealth specialist Teladoc Health (NYSE:TDOC), and innovative insurer Lemonade (NYSE:LMND) all surged higher on Monday. As of 3 p.m. EDT, the three stocks were up 3.8%, 2.8%, and 3%, respectively.

The share-price moves were likely due to broader market momentum for tech stocks -- particularly growth tech stocks like these three names.

A chart showing two stock prices rising sharply.

Image source: Getty Images.

So what

Highlighting bullishness in the overall market on Monday, the S&P 500 was up about 0.5% as of this writing. The tech-heavy Nasdaq Composite, however, was up more than 1%. Finally, many growth tech stocks were up several percentage points or more.

The three stocks have been beat up this year, along with a lot of the other growth stocks that performed exceptionally well in 2020. Even including their gains today, Fastly, Teladoc, and Lemonade are all still down 43%, 29%, and 47% year to date, respectively. Perhaps some investors think the three stocks are oversold.

Now what

Earnings season continues to unfold, with many tech stocks reporting earnings this week. Teladoc is scheduled to report its fiscal third-quarter results after market close on Wednesday. And Fastly's earnings report is scheduled for the following Wednesday, Nov. 3. 

Lemonade hasn't scheduled its third-quarter earnings date yet. But if last year's earnings release date is any indication, investors should look for a potential earnings report from the fast-growing insurance company sometime during the second week of November.

All three companies are expected to report rapid growth in their top lines for Q3.

The highest expectations out of these three (in terms of revenue growth rates) are for Lemonande. On average, analysts project the company will report third-quarter revenue of $33.4 million, up more than 87% year over year from $17.8 million. 

Expectations are high for Teladoc, too, though the company's October 2020 acquisition of Livongo Health is contributing substantially to the quarter's growth rate. On average, analysts expect Teladoc to report revenue of $516 million -- up from $289 million in the year-ago period. 

Finally, the consensus analyst forecast calls for Fastly to report third-quarter revenue of $84 million. This is up 18% from the third quarter of 2020. Fastly has been working through a challenge of facing a significant platform outage in Q2. The global outage for the edge computing platform led some customers to reduce their spending -- a trend the company forecast would have a negative impact in Q3 as well -- and Fastly management has been working hard to win those customers' full confidence back and see them increase their usage of the platform to their previous levels.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.