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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.

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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
Amazon.com, Inc. (NASDAQ:AMZN)2.9315.23
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Now Read: EXCLUSIVE: Magnificent 7 Takes Center Stage In Roundhill’s Expanded ETF Lineup With Inverse And Leveraged Options

Image: Midjourney

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

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