In 2024, the top 10 best performing stocks have all traded on the Nasdaq, with exceptional gains ranging from 387% to over 1100%. What is surprising is that these top performers are not AI pure plays, prompting a deeper dive into the factors contributing to their success and the risks and catalysts that may influence their future performance. The stock market has been thriving in 2024, with record highs set by all three benchmark indexes. Despite the Dow Jones lagging behind, experts believe that the U.S. stock market rally is far from over, driven by expanding gross margins and the AI boom.
Within the top 10 best performing stocks are companies like Swvl Holdings, Laird Superfood, and Elevation Oncology. Swvl Holdings, a Dubai-based transport-as-a-service provider, saw a significant turnaround in its stock price after restructuring efforts led to positive operating cash flow and profits. Laird Superfood, co-founded by Laird Hamilton, rebounded from pandemic-induced challenges to report positive net income and operating cash flows, driving a rally in its stock. Elevation Oncology, focused on developing innovative cancer therapies, saw a surge in its shares after positive data readouts from its clinical programs and the granting of Orphan Drug Designation for its lead drug candidate.
Other notable companies include AGBA Group, a Hong Kong-based financial services firm that announced a merger with Triller, a social video platform, to create a new entity valued at $4 billion. MediaCo, operating urban radio stations, saw a sharp increase in its stock price following a regulatory filing revealing a sizable stake by hedge fund Standard General LP. Fitell, an Australian online retailer of gym and fitness equipment, defied weak financial performance to see a dramatic rally in its stock price, possibly driven by optimism about the recovery of the Australian economy.
Looking ahead, these top performing stocks face various opportunities and challenges that could impact their future performance. Factors such as expanding into new markets, new product offerings, and improved financial outlooks could drive further growth. However, risks such as execution challenges, volatility, and macroeconomic headwinds may also impact their performance. Investors are advised to conduct their own research and due diligence before making any investment decisions based on the information provided in this article.
