10 stocks that tripled in 2021

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In this article, we discuss the 10 stocks that tripled in 2021. If you want to skip our detailed analysis of these stocks, head straight to the 5 stocks that tripled in 2021.

2021 has been an upside down year for the market, characterized by highs in the post-pandemic economy and lows in inflation that have repeatedly threatened to reverse the recovery trend. Even though the growth rate of gross domestic product (GDP) slowed in the third quarter from a record 6.7% in the second quarter, most economic indicators remain positive. News platform CNN reports that industrial production in the United States has peaked in two years, that corporate profits are also at record levels, and that most companies pass supply chain costs on to customers without affecting sales.

So far this year, the Dow Jones is up 17%, the S&P 500 is up 25%, and even though labor shortages have hit the world’s biggest companies, it looks like workers have the upper hand when it comes to changes in wage structures. , as indicated by union negotiations at companies like Amazon. Market experts to say that severance pay and competition for higher wages has sparked a mini-revolution within the industry that will be difficult to stop as employees easily leave lower paying jobs for higher paying jobs.

Investors who wish to position their portfolios with respect to these new developments should check out some of the stocks that have managed to exceed market expectations for growth over the past eleven months. Some stocks that have posted notable gains this year include Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOG), among others discussed in detail below.

Our methodology

These were chosen based on their cumulative earnings (YTD). The exact current year gain is discussed alongside analyst ratings and company trading fundamentals to provide readers with some context for their investment choices.

Hedge fund sentiment around each stock was calculated using data from 867 hedge funds tracked by Insider Monkey.

Luis Louro / shutterstock.com

Shares that tripled in 2021

10. Signet Jewelers Limited (NYSE:GIS)

Number of hedge fund holders: 33

Gain since the start of the year: 300%

Signet Jewelers Limited (NYSE: SIG) is a specialty store retailing diamonds, watches and other luxury goods. The company recently announced that it will acquire Diamond Direct, a jewelry retail business, for $ 490 million. The agreement in this regard will be concluded by the fourth fiscal quarter of 2022.

Wells Fargo analyst Ike Boruchow recently maintained an overweight rating on Signet Jewelers Limited (NYSE: SIG) stock and raised the price target to $ 120 from $ 100, noting that the purchase of Diamond Direct would increase the company’s existing revenue.

Among the hedge funds tracked by Insider Monkey, a New York-based investment firm Select the equity group is a major shareholder of Signet Jewelers Limited (NYSE: SIG) with 5.2 million shares valued at over $ 412 million.

Just like Apple Inc. (NASDAQ: AAPL), Amazon.com, Inc. (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOG), Signet Jewelers Limited (NYSE: SIG) is the one of the stocks on the radar of elite investors.

In its letter to investors Q3 2020, Miller Value Partners, an asset management company, put forward a few stocks and Signet Jewelers Limited (NYSE:GIS) was one of them. here this is what the fund says:

“We also saw Signet Jewelers (SIG) start to improve performance during the quarter and believe their initiatives to close unprofitable stores, expand new omnichannel capabilities and launch new product offerings should start to lead to an improvement in their operations over the next few months. quarters. Historically, the Signet share price has performed very well out of an economic downturn. With the company’s valuation multiples close to 2009 lows, it wouldn’t take much to see Signet’s share price double during the ongoing economic recovery. While our focus is on the consumer space, we also wanted to mention a new investment, Chicos FAS, Inc. (CHS). The investment opportunity reminds us a lot of Bed Bath and GameStop earlier this year: a new CEO who executes a new transformation plan well, closing unprofitable stores, significantly streamlining and realigning their operations and improving a new product for their Chicos. , White House Marques Black Market and Soma. Chicos has an asset-rich balance sheet, nearly $ 1.4 billion in total assets. The company’s real estate assets (land and buildings) combined with the balance sheet cash flow are significantly higher than the current market capitalization of the company! Over the next two years, the company has the potential to return to a revenue base of over $ 2 billion, which would support $ 100 million in free cash flow. We believe that a successful turnaround over the next two years has the potential to push the stock price up to 5-10 times higher than current levels. “

9. Tecnoglass Inc. (NASDAQ:TGLS)

Number of hedge fund holders: 12

Gain since the start of the year: 384%

Tecnoglass Inc. (NASDAQ: TGLS) markets construction products. The company recently reported third-quarter earnings, with earnings per share of $ 0.45, beating estimates by $ 0.10. Revenue for the period was $ 130 million, up 26% year-over-year.

On November 9, investment adviser B Riley upgraded Tecnoglass Inc. (NASDAQ: TGLS) stock to Buy from Neutral and raised the price target to $ 37 from $ 25, citing a gain in market share and high demand as some of the reasons for the upgrade.

At the end of the third quarter of 2021, 12 hedge funds in Insider Monkey’s database had holdings worth $ 58.7 million in Tecnoglass Inc. (NASDAQ: TGLS), up from 11 in the previous quarter of ‘worth $ 58.5 million.

8. SM Energy Company (NYSE:SM)

Number of hedge fund holders: 24

Gain since the start of the year: 396%

SM Energy Company (NYSE: SM) is an independent energy company based in Colorado. The stock has benefited from a record spike in oil prices in recent weeks as demand increases amid winters and the holiday season approaches.

RBC Capital analyst Scott Hanold has a sector performance rating on shares of SM Energy Company (NYSE: SM) with a price target of $ 44. In a recently drafted investor note, the analyst said the company had an “unconventional” resource development strategy that clouded the outlook.

At the end of the third quarter of 2021, 24 hedge funds in Insider Monkey’s database had $ 321 million in stakes in SM Energy Company (NYSE: SM), up from 25 in the previous quarter of a worth $ 260 million.

7. Upstart Holdings, Inc. (NASDAQ:UPST)

Number of hedge fund holders: 23

Gain since the start of the year: 404%

Upstart Holdings, Inc. (NASDAQ: UPST) owns and operates a cloud-based lending platform that uses artificial intelligence technology. The company reported third-quarter earnings on Nov. 9, with earnings per share of $ 0.60, beating estimates by $ 0.27. Revenue for the period was $ 228 million, exceeding expectations by $ 13 million.

Upstart Holdings, Inc. (NASDAQ: UPST) has rallied this year amid heightened interest in digital banking. Company CEO Dave Girouard said earlier this year that the company expects hundreds of banks and credit unions to operate on the Upstart platform in the coming months.

Among the hedge funds tracked by Insider Monkey, a New York-based investment firm Third point is a major shareholder of Upstart Holdings, Inc. (NASDAQ: UPST) with 12.4 million shares worth over $ 3.9 billion.

In its letter to investors in Q2 2021, Vulcan Valuable Partners, an asset management company, put forward a few stocks and Upstart Holdings, Inc. (NASDAQ:UPST) was one of them. here this is what the fund says:

“During the quarter, we purchased Upstart Holdings Inc. Upstart is an artificial intelligence (AI) and cloud-based lending platform. The company uses AI models to take out premium loans with lower interest rates, lower default rates, higher approval rates, and increased underwriting automation. Consumers can access Upstart financed loans through the websites of its banking partners; however, most of his loans are taken out on Upstart.com. Upstart has a fee-based revenue model and only retains a small portion of loans, while the majority of loans end up on the balance sheets of its partner banks or are sold in capital markets. We believe that Upstart’s technology is superior to the FICO score, which is ubiquitous in consumer credit markets. With a great product and a large total addressable market, we believe the outlook for Upstart is bright.

6. Lucid Group, Inc. (NASDAQ:LCID)

Number of hedge fund holders: 18

Gain since the start of the year: 410%

Lucid Group, Inc. (NASDAQ: LCID) manufactures and sells electric vehicles. Stock has skyrocketed in the past few days after the company presented an update on an electric vehicle production plan, revealing reservations for one vehicle model had climbed to 17,000 from 13,000 at the end of September. , representing units worth $ 1.3 billion.

Lucid Group, Inc. (NASDAQ: LCID) plans to ramp up production at a plant in Arizona and is confident to manufacture 22,000 units at that plant by the end of 2022. Analysts and investors have responded positively to the news.

At the end of the third quarter of 2021, 18 hedge funds in Insider Monkey’s database had holdings worth $ 432 million in Lucid Group, Inc. (NASDAQ: LCID).

Besides Apple Inc. (NASDAQ: AAPL), Amazon.com, Inc. (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOG), Lucid Group, Inc. (NASDAQ: LCID) is one of the values ​​attracting the attention of hedge funds.

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Disclosure. Nothing. 10 stocks that tripled in 2021 was originally published on Insider Monkey.

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