Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Top Stocks Not Named Nvidia You Need To Know About In 2024: Here's What Investors Think About Them (Wall Street Vs. Reddit)

Published 29/02/2024, 21:57
Updated 29/02/2024, 23:10
© Reuters.  Top Stocks Not Named Nvidia You Need To Know About In 2024: Here's What Investors Think About Them (Wall Street Vs. Reddit)

Benzinga - by Piero Cingari, Benzinga Staff Writer.

Nvidia Corp. (NASDAQ:NVDA) has undoubtedly emerged as the standout performer among S&P 500 stocks in the initial two months of 2024.

While the Santa Clara, California-based tech company enjoyed a 60% gain, there’s a pack of lesser-trumpeted names that have quietly delivered impressive returns in their own right.

These stocks have significantly outpaced the broader market.

Within the S&P 500 index, 10 stocks have achieved returns exceeding 25% so far this year. Noteworthy among them are three from the Magnificent Seven subset, showcasing the enduring strength of mega-cap tech players.

In contrast, the median S&P 500 stock, tracked by the S&P 500 Equal Weight ETF (NYSE:RSP), has eked out a modest 3% return, while the market-cap weighted SPDR S&P 500 ETF Trust (NYSE:SPY) has posted a more substantial 7% surge.

Top 10 Performing S&P 500 Stocks (As Of Feb. 29, 2024)

CompanyYTD ReturnMarket Cap
NVIDIA Corporation 60.02%$1,950.35B
Constellation Energy Corporation (NASDAQ:CEG)43.31%$53.04B
Meta Platforms, Inc. (NASDAQ:CEG)38.14%$1,246.58B
Advanced Micro Devices, Inc. (NASDAQ:CEG)29.17%$307.66B
Eli Lilly and Company (NYSE:LLY)29.03%$677.07B
Ralph Lauren Corporation (NYSE:RL)28.37%$11.83B
Tapestry, Inc. (NYSE:TPR)28.27%$10.83B
Catalent, Inc. (NYSE:CTLT)28.24%$10.41B
Uber Technologies, Inc. (NYSE:UBER)28.18%$163.88B
Juniper Networks, Inc. (NYSE:JNPR)25.12%$11.96B

What Wall Street Thinks… Investors are likely considering whether the top-performing stocks still offer room for further growth, given their already impressive returns.

A reliable measure to gauge this potential is comparing the current stock price with the 1-year median price target projected by Wall Street analysts.

3rd party Ad. Not an offer or recommendation by See disclosure here or remove ads .

Among the top 10 S&P 500 stocks year-to-date, Uber Technologies stands out with the largest potential upside to its median price target, showing a significant difference of 13.8%. Catalent follows closely behind, boasting a 10% potential upside, while Nvidia still maintains a respectable 7% upside compared to its median price target.

However, it’s worth noting that there are other stocks within the S&P 500 index showing even more substantial potential upside.

Here’s a summary of the significant disparities between current market prices and Wall Street analysts’ forecasts within a one-year horizon.

Top 10 S&P 500 Stocks By Upside Potential Vs. Wall Street’s Price Target

Company1-Year Price Target (Med)

vs Current Price

Warner Bros. Discovery, Inc. (NASDAQ:WBD)54.73%
Newmont Corporation (NYSE:NEM)46.80%
Caesars Entertainment, Inc. (NYSE:CZR)45.11%
The AES Corporation (NYSE:AES)43.79%
Insulet Corporation (NASDAQ:PODD)43.12%
First Solar, Inc. (NASDAQ:FSLR)41.12%
Schlumberger Limited (NYSE:SLB)41.03%
Carnival Corporation & pIc (NYSE:CCL)38.85%
Biogen Inc. (NASDAQ:BIIB)36.04%
Baker Hughes Company (NYSE:BKR)35.75%

What Reddit Users Think… A method for gauging social sentiment among U.S. stocks is provided by the VanEck Social Sentiment ETF (NYSE:BUZZ).

This fund allocates investments to companies that exhibit favorable insights gathered from various online sources, such as social media platforms, news articles, blog posts, and other alternative datasets.

Below, a table highlights the top 10 holdings within the BUZZ ETF, along with their year-to-date performance:

Most-Loved Stocks By Social Users

CompanyWeight In Buzz ETFYTD Return
Coinbase Global, Inc. (NASDAQ:COIN)4.36%16.00%
MicroStrategy Incorporated (NASDAQ:MSTR)3.4261.51
Super Micro Computer, Inc. (NASDAQ:SMCI)3.37203.07
NVIDIA Corporation3.2160.06
SoFi Technologies, Inc. (NASDAQ:SOFI)3.16-9.55
PayPal Holdings, Inc. (NASDAQ:PYPL)3.09-1.68
Tesla, Inc. (NASDAQ:TSLA)3.07-19.05
Advanced Micro Devices, Inc.3.0029.65
Meta Platforms, Inc.2.9638.49, Inc. (NASDAQ:AMZN)2.9315.23
3rd party Ad. Not an offer or recommendation by See disclosure here or remove ads .

Now Read: EXCLUSIVE: Magnificent 7 Takes Center Stage In Roundhill’s Expanded ETF Lineup With Inverse And Leveraged Options

Image: Midjourney

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.