In this article, we will discuss 10 stocks that will make you rich in 2024. To skip the detailed analysis of recent events and expert outlooks in financial markets, please go directly to the following page: 5 stocks that will make you rich in 2024.
So far, the Fed's efforts have managed to keep inflation under control, and the U.S. economy is expected to be headed for a soft landing rather than inflation. recession This is similar to what European countries such as the UK and Germany experienced.
Last year was another strange year for markets, as it was believed the U.S. economy was heading into recession. However, exactly the opposite happened and the S&P 500 was able to sustain his over 25% gain. Growth stocks are typically thought to do well when interest rates are cut and do poorly during recessions, but the economy was saved by the technology sector, which is dominated by growth stocks. Companies such as Nvidia and Meta have seen triple-digit growth, with him still up 63.63% and 39.78% year-to-date (year-to-date) as of market close on February 23rd.
While the common belief is that AI and semiconductor stocks have been the top performers this year, it's important to note that that's not entirely true. blockchain And the news of cryptocurrencies has been greatly overshadowed by the influence of the AI revolution. Some of the best performing ETFs included Global X Blockchain ETF (BKCH) and Valkyrie Bitcoin Miners ETF (WGMI). However, the cryptocurrency showed significant volatility in the first two months of this year.
The Fed has not been clear about its intention to cut interest rates in 2024, but experts believe they could begin in the first half of this year, meaning growth stocks could get rich in 2024. It is said thatYou can still see it this year 14 best shabby stocks to buy right nowalso includes a list of stocks that could make you rich in 2024.
Analyst forecasts for 2024
While 2023 was a great year for the market, many analysts think this year is not so great and should be normal. This is not surprising since news of the soft landing was all over the place. The “average year” analysis is provided by Morgan Stanley, which believes this analysis is due to normalization of financial conditions, overvaluation, and several other factors. The company proposes: maintain preferences for value stocks compared to growth stocks At least until the first rate cut by the Federal Reserve.
Meanwhile, B. Riley and JPMorgan are quite bullish about the future of the market. One of their main concerns is overvaluation of the stock due to the rise in stock prices in 2023. JPMorgan has warned of a possible 20% to 30% market decline, and B. Riley strategist Paul Dietrich said: mild recessionthis could send the market heading for a 40% decline.
Although most analysts believe this year's market performance has been mediocre, there are still some investments that can make you rich. To this end, we have created his list of stocks that could make you rich in 2024. Among them is Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:Google), Advanced Micro Devices, Inc. (NASDAQ:AMD).
A financial analyst who looks at stocks under a microscope to determine their market value.
our methodology
In this article, we've selected 10 stocks that can make you rich, based on the consensus of financial services companies like Morningstar and some experts, as well as financial media websites like The Motley Fool, Kiplinger, and Moneycontrol. We selected stocks that were mentioned by at least three different sources and listed them according to hedge fund sentiment as of Q4 2023.
Hedge fund data comes from Insider Monkey's database, which tracks 933 elite hedge funds. The top 10 consensus stocks selected by hedge funds have outperformed the S&P 500 index by more than 140 percentage points over the past 10 years (Please see here for the detail). That's why we pay close attention to this often ignored metric.
Stocks that will make you rich in 2024
10. Symbotic Inc. (NASDAQ:SYM)
Number of hedge fund holders: 24 people
Symbotic Inc. (NASDAQ:SYM) is a Massachusetts-based company that uses AI-powered software to build and operate automated warehouse systems.
Eleven Wall Street analysts have covered Symbotic, Inc. (NASDAQ:SYM) in the past three months, with nine maintaining a buy rating on the stock. As of market close on February 23rd, the average price target was $53.44, representing a 32.28% upside.
On February 7th, DA Davidson analyst Matt Somerville raised his rating on Symbotic, Inc. (NASDAQ:SYM) to Neutral and maintained his price target of $50.
Symbotic Inc. (NASDAQ:SYM) is a member of Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Advanced Micro Devices, Inc. (NASDAQ: AMD).
9. SoFi Technologies, Inc. (NASDAQ:Sophie)
Number of hedge fund holders: 29 people
SoFi Technologies, Inc. (NASDAQ:SOFI) provides financial services and products including credit cards, investments, and more.
According to Insider Monkey's database, which tracks 933 hedge funds, 29 funds had a total equity value of $697,437,000 in the fourth quarter, with hedge fund sentiment pointing to SoFi Technologies, Inc. (NASDAQ:SOFI) , and increased more than the 24 hedge funds with total holdings. The third quarter value was $499,934,000.Jim Davidson, Dave Lu, Glenn Hutchins silver lake partners was the top investor in the company, holding 31,154,000 shares worth $309,984,000.
SoFi Technologies, Inc. (NASDAQ:SOFI) on January 29th reported fourth quarter earnings results of non-GAAP EPS of $0.02. Revenue increased 34.0% year over year and exceeded expectations by $22.74 million.
8. Li Auto Inc. (NASDAQ:Lee)
Number of hedge fund holders: 31 people
Li Auto Inc. (NASDAQ:LI) is a Chinese company that produces new energy passenger vehicles (NEVs).
On February 1, Li Auto Inc. (NASDAQ:LI) announced that vehicle deliveries in January increased 105.8% year-on-year to 31,165 vehicles. Xiang Li, the company's chairman and CEO, said the company aims to deliver 800,000 units this year.
Four Wall Street analysts have covered Lee Auto (NASDAQ:LI) over the past three months, and all maintained a Buy rating on the stock. The average price target is $52.30, with an upside rate of 50.29% as of market close on February 23rd.
Li Auto Inc. (NASDAQ:LI) ranks #8 on the list of stocks that will make you rich in 2024.
7. elf Beauty, Inc. (NYSE:fairy)
Number of hedge fund holders: 34 people
elf Beauty, Inc. (NYSE:ELF) is a California-based company that manufactures and sells cosmetics and beauty products. The company is number 7 on the list of stocks that will get you rich in 2024.
elf Beauty, Inc. (NYSE:ELF) on February 6th reported third quarter non-GAAP EPS of $0.74, beating estimates by $0.18. Sales increased 84.9% year over year to $270.9 million, exceeding expectations by $31.99 million.
On February 24th, Attorney Davidson reiterated his “buy” rating on Elf Beauty Inc. (NYSE:ELF) with a price target of $220. The company is pursuing growth opportunities in the U.S. and internationally and Target Corporation (NYSE:target) has exceeded 20%, but Maybelline's share is around 15% or 16%.
In the fourth quarter, the number of hedge fund investors in Elf Beauty, Inc. (NYSE:ELF) stock was unchanged from the previous quarter, but the total value of the stock was $700 million, up from $362,488,000 in the third quarter. The amount increased to $63,554,000. Ben Jacobs owns 616,912 company shares worth $89,045,000. Anomaly Capital Management was the company's most important stakeholder.
6. Palantir Technologies Inc. (NYSE:PLTR)
Number of hedge fund holders: 44 people
Palantir Technologies Inc. (NYSE:PLTR) is a Colorado-based company that manufactures data analytics and data integration software solutions.
On February 6th, Wedbush raised his target price on shares of Palantir Technologies (NYSE:PLTR) from $25 to $30 and maintained an Outperform rating on the stock.
Palantir Technologies Inc. (NYSE: PLTR).
Palantir Technologies Inc. (NYSE:PLTR) was mentioned in the following article. Carillon Tower AdvisorQ3 2023 Investor Letter. here It said:
Palantir Technologies (NYSE: PLTR) shares soar on hopes of securing a deal from the UK's National Health Service and customer numbers rise rapidly on latest quarterly report for the company's new artificial intelligence platform (AIP) Palantir also won a major new contract with the U.S. Army in September, with the contract set to run through 2026. It's about how quickly they can monetize it. After the quarter ended, the company announced an enhanced marketing agreement with a major auditing and consulting firm.”
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Disclosure. none. 10 stocks that will make you rich in 2024 Originally published on Insider Monkey.
