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10 Best Performing Stocks in November

In this article, we discuss the 10 best performing stocks in November. If you want to read about some more best performing stocks in November, go directly to 5 Best Performing Stocks in November.

After the eventful month of October, which is widely known for stock market crashes, the United States (US) stock market jumped back on a revival path in November, generally considered one of the best months of the year for investors. The relative performance of stocks during the month, compared to the year, which has been the worst year for the S&P 500 in more than a decade, revived hopes of a market rally at the turn of the year. The benchmark S&P 500 rose by more than 5% in November, up 14% compared to the beginning of October. 

The month of November is also renowned for Black Friday sales, a day on which big national retailers put inventories on sale. This November, on Black Friday, the shopping crowds and sales were better compared to last year, according to some estimates, although they still fell short of the traffic seen before the advent of the pandemic. Overall, sales for US retail outlets increased by 2.3% year-on-year to a record $9.1 billion. According to the National Retail Federation (NRF), 196.7 million Americans went shopping over the Black Friday weekend. 

The NRF report claims that this was nearly a 9.4% increase from last year’s 179.8 million shoppers. Moreover, Adobe Analytics reported that online sales on Cyber Monday totaled $11.3 billion, up 5.8% from 2021 and Black Friday online sales were $9.12 billion, 2.3% above 2021’s $8.92 billion. The gain that the S&P 500 registered in November brought the losses year-to-date for the index to around 14.3% at the end of November. The Dow Jones industrial average gained 5.67% during the time and the S&P MidCap 400 jumped 5.95%.

Heading into 2023, it is likely that interest rates will rise, though slower than previously expected, despite peak inflation. Higher interest rates increase the cost of capital, which discourages companies from borrowing and investing to expand their businesses. This results in a macro slowdown for investors, and even earnings growth tends to stagnate. Some of the best-performing stocks despite these concerns in November included NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Freeport-McMoRan Inc. (NYSE:FCX).

Our Methodology

The companies that registered a more than 20% gain in share price in November were selected for the list. Special importance was assigned to outlining the basic business fundamentals and analyst ratings for each firm to provide readers with some context so they can make more informed investment choices. Data from around 900 elite hedge funds tracked by Insider Monkey in the third quarter of 2022 was used to identify the number of hedge funds that hold stakes in each firm.

Source: pexels

Best Performing Stocks in November

10. Wynn Resorts, Limited (NASDAQ:WYNN)

Number of Hedge Fund Holders: 23    

Gain in Share Price in November: 31%

Wynn Resorts, Limited (NASDAQ:WYNN) designs, develops and operates integrated resorts. On November 25, Wynn Resorts revealed that Wynn Resorts Macau received a provisional award of a gaming concession from the Macau government. On October 31, Wynn Resorts Ltd shares soared after billionaire Tilman Fertitta acquired a 6.1% stake in the hotel and casino company.

On December 7, Stifel analyst Steven Wieczynski maintained a Buy rating on Wynn Resorts, Limited (NASDAQ:WYNN) stock and raised the price target to $109 from $85, noting that the company represents one of the most attractive investment possibilities given the significant underperformance over the last 24 months combined with favorable expectations.

At the end of the third quarter of 2022, 23 hedge funds in the database of Insider Monkey held stakes worth $191.6 million in Wynn Resorts, Limited (NASDAQ:WYNN), compared to 26 in the previous quarter worth $142.8 million.

Just like NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Freeport-McMoRan Inc. (NYSE:FCX), Wynn Resorts, Limited (NASDAQ:WYNN) is one of the stocks that registered an impressive gain in November.

In its Q3 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Wynn Resorts, Limited (NASDAQ:WYNN) was one of them. Here is what the fund said:

“In the most recent quarter, we exited the Fund’s holdings in Wynn Resorts, Limited (NASDAQ:WYNN) due to: (i) ongoing COVID-19-related travel restrictions in China, Macau, and Singapore; and (ii) the Macau government’s announcement to tighten its casino regulatory oversight.”

9. Abiomed, Inc. (NASDAQ:ABMD)

Number of Hedge Fund Holders: 34    

Gain in Share Price in November: 49%

Abiomed, Inc. (NASDAQ:ABMD) engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. On November 1, Johnson & Johnson, an American multinational corporation, said that it would buy Abiomed in a $16.6 billion deal. J&J’s offered an upfront payment of $380 per share, representing a 50.7% premium to Abiomed’s last closing price. The share of Abiomed rose about 50% in premarket trade.

On October 10, Piper Sandler analyst Matt O’Brien maintained an Overweight rating on Abiomed, Inc. (NASDAQ:ABMD) stock and lowered the price target to $350 from $425, noting that models in medical technology had to be updated to account for several considerations, such as inflationary pressures and currency headwinds that had not been adequately captured.

At the end of the third quarter of 2022, 34 hedge funds in the database of Insider Monkey held stakes worth $1 billion in Abiomed, Inc. (NASDAQ:ABMD), compared to 30 in the preceding quarter worth $1.04 billion.

8. The Boeing Company (NYSE:BA)

Number of Hedge Fund Holders: 42  

Gain in Share Price in November: 25%

The Boeing Company (NYSE:BA) designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. On December 8, Wells Fargo analyst Matthew Akers maintained an Overweight rating on The Boeing Company (NYSE:BA) stock and raised the price target to $218 from $185, noting that the company’s free cash flow can exceed its 2025-2026 target on very low investment and relatively mature mix of programs producing at a high rate.

At the end of the third quarter of 2022, 42 hedge funds in the database of Insider Monkey held stakes worth $691.7 million in The Boeing Company (NYSE:BA), compared to 51 in the preceding quarter worth $1.5 billion. 

In its Q3 2022 investor letter, Meridian Funds, an asset management firm, highlighted a few stocks and The Boeing Company (NYSE:BA) was one of them. Here is what the fund said:

“We similarly remained invested in largely out-of-favour The Boeing Company (NYSE:BA) , a global leader in developing and producing commercial jet aircraft. Due to some self-inflicted wounds and a bit of bad luck, as well as dramatic declines in air travel early in the pandemic, investor sentiment for this company has simply been awful. As part of our contrarian thinking, however, we view the business as critical to global transportation needs and see multiple catalysts to improve sentiment. In addition to the current surge in air travel worldwide, ramped-up production of the 737 MAX aircraft and the pending restart of 787 Dreamliner deliveries should help turn broader sentiment. Additionally, we anticipate a meaningful inflection in cash flow as Boeing starts delivering aircraft currently in storage as well as the eventual expansion of its production in both core platforms.”

7. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Number of Hedge Fund Holders: 44    

Gain in Share Price in November: 30%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) designs, develops and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. On December 5, Cowen analyst Jeffrey Osborne maintained an Outperform rating on SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock and raised the price target to $360 from $309, highlighting that the company is well positioned to benefit from secular solar demand driven by policy and higher electricity rates.

At the end of the third quarter of 2022, 44 hedge funds in the database of Insider Monkey held stakes worth $673.8 million in SolarEdge Technologies, Inc. (NASDAQ:SEDG), compared to 40 in the previous quarter worth $749.4 million.

In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. Here is what the fund said:

“We are well-positioned to participate in the accelerating energy transition. High and rising utility costs combined with policy support are driving increased penetration of home solar plus storage systems in Europe. Israel-based SolarEdge Technologies (NASDAQ:SEDG) expects to see significant growth in solar installations in this market led by Germany and Italy, among others, where consumers are not only demanding solar on the roof but a complete system solution including batteries. This phenomenon is accelerating revenue growth for these companies.” 

6. Microchip Technology Incorporated (NASDAQ:MCHP)

Number of Hedge Fund Holders: 45    

Gain in Share Price in November: 28%

Microchip Technology Incorporated (NASDAQ:MCHP) develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. On November 4, Microchip Technology shares were higher after its FQ2 earnings destroyed the general agreement mark. The revenue of the company grew 26% from the prior year and net income growth was 39% higher than in the same period of the last year. 

On November 29, Stifel analyst Tore Svanberg maintained a Buy rating on Microchip Technology Incorporated (NASDAQ:MCHP) stock and raised the price target to $80 from $77, noting that the company reiterated its quarterly guidance initially issued on November 3 and reaffirmed its March quarter sequential growth expectations.  

Among the hedge funds being tracked by Insider Monkey, Sydney-based investment firm Platinum Asset Management is a leading shareholder in Microchip Technology Incorporated (NASDAQ:MCHP) with 4 million shares worth more than $245.3 million. 

Along with NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Freeport-McMoRan Inc. (NYSE:FCX), Microchip Technology Incorporated (NASDAQ:MCHP) is one of the stocks that registered an impressive gain in November.

In its Q3 2022 investor letter, Madison Funds, an asset management firm, highlighted a few stocks and Microchip Technology Incorporated (NASDAQ:MCHP) was one of them. Here is what the fund said:

“We initiated a new investment in Microchip Technology Incorporated (NASDAQ:MCHP). A microchip is a global provider of microcontrollers and analog semiconductor chips. These products are near-ubiquitous in our daily lives, whether we know it or not. They serve as the embedded brains of all sorts of electronic devices and end products that are increasingly smart and connected to the internet, such as cars, phones, kitchen appliances, factory equipment, and so on. Importantly, microcontrollers and analog chips represent a small percentage of the end product bill of materials, yet account for a disproportionately large portion of the performance characteristics of that product. Product cycles and customer retention are very long, as once designed into a product, Microchip is rarely replaced. Growth should be well above average for many years given the increasing electronification around us. In addition, management has announced its intention to return a sizeable portion of its cash flow to shareholders through dividends and share buybacks. We like this dual threat of growth together with excess cash flow.”

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Disclosure. None. 10 Best Performing Stocks in November is originally published on Insider Monkey.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

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The “Toll Booth” Operator of the AI Energy Boom

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A New Dawn is Coming to U.S. Stocks

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Click to continue reading…