10 Stocks That Will Make You Rich In 2024

In this article, we discuss the 10 stocks that will make you rich in 2024.

So far, the Fed’s efforts have managed to contain the inflation and is expected to push the US economy toward a soft landing rather than a recession like the European countries such as the U.K. and Germany experienced.

Last year was another strange year for the market as it was believed that the US economy would go into a recession. However, the complete opposite happened, and the S&P 500 was able to manage gains of over 25%. While it is believed that growth stocks usually perform well during interest rate cuts and have bearish outcomes during economic downturns, the economy was saved by the technology sector, which is dominated by growth stocks. Companies like Nvidia and Meta saw triple-digit growth and are still up 63.63% and 39.78% year-to-date (YTD) at the time of market closing on February 23.

It is important to note that while it is a popular belief that AI and semiconductor stocks were the top performers of the year, it is not entirely true. Blockchain and crypto news were wildly overshadowed by the AI revolution. Some of the best-performing ETFs included Global X Blockchain ETF (BKCH) and Valkyrie Bitcoin Miners ETF (WGMI). However, cryptocurrencies have shown a significant amount of volatility in the first two months of the year.

While the Fed has not been clear on its rate-cutting position in 2024, experts believe that it might start in the first half of the year, which means that growth stocks might make you rich in 2024. Although experts still have mixed opinions about the current year, you can still take a look at 14 Best Beaten Down Stocks To Buy Right Now, which also contains a list of stocks with the potential to make you rich in 2024.

2024 Outlook According to Analysts

Even though 2023 was a great year for the market, many analysts believe that the current year might not be as great and should be an average year. It shouldn’t come as a surprise as the news of a soft landing has been spreading around. The “average year” analysis is provided by Morgan Stanley, which believes in it due to normalizing financial conditions, excessive valuations, and a few other factors. The firm suggests maintaining a preference for value stocks as compared to growth stocks at least till the first rate cut by the Federal Reserve.

On the other hand, B.Riley and JP Morgan have quite bullish views about the future of the market. One of their main concerns is the over-valuation of stocks due to the 2023 rally. JP Morgan warns about a potential 20% to 30% dip in the market, while B. Riley Strategist Paul Dietrich predicts a mild recession, which could steer the market toward a 40% decline.

While most analysts believe in a mediocre market performance this year, there are still some investments that can make you rich. For this purpose, we created a list of stocks that could make you rich in 2024, and some of them include Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Advanced Micro Devices, Inc. (NASDAQ:AMD).

A financial analyst looking through a microscope at stocks to determine their market value.

Our Methodology

For this article, we chose the 10 stocks that will make you rich according to the consensus opinion of financial media websites such as The Motley Fool, Kiplinger, and Moneycontrol in addition to financial services firms like Morningstar and some experts. We chose the stocks that were mentioned by at least three different sources and then listed them according to their hedge fund sentiment as of the fourth quarter of 2023.

The hedge fund data was taken from Insider Monkey’s database that tracks 933 elite hedge funds. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

Stocks That Will Make You Rich In 2024

10. Symbotic Inc. (NASDAQ:SYM)

Number of Hedge Fund Holders: 24

Symbotic Inc. (NASDAQ:SYM) is a Massachusetts-based company that constructs and operates automated warehouse systems using AI-powered software.

11 Wall Street analysts covered Symbotic Inc. (NASDAQ:SYM) over the past three months, and 9 maintained a Buy rating on the stock. As of the February 23 market close, the average price target of $53.44 represented an upside of 32.28%.

On February 7, DA Davidson analyst Matt Summerville upgraded the rating of Symbotic Inc. (NASDAQ:SYM)’s stock to Buy from Neutral with an unchanged price target of $50.

Symbotic Inc. (NASDAQ:SYM) is one of the stocks that will make you rich in 2024, along with Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Advanced Micro Devices, Inc. (NASDAQ:AMD).

9. SoFi Technologies, Inc. (NASDAQ:SOFI)

Number of Hedge Fund Holders: 29

SoFi Technologies, Inc. (NASDAQ:SOFI) provides financial services and products, including credit cards, investing, and more.

According to Insider Monkey’s database that tracks 933 hedge funds, hedge fund sentiment was positive toward SoFi Technologies, Inc. (NASDAQ:SOFI) as 29 funds had a total stake value of $697.437 million in Q4, up from 24 hedge funds with a combined stake value of $499.934 million in Q3. Jim Davidson, Dave Roux And Glenn Hutchins’ Silver Lake Partners was the top investor in the company, with 31.154 million shares worth $309.984 million.

On January 29, SoFi Technologies, Inc. (NASDAQ:SOFI) reported its Q4 earnings result with a non-GAAP EPS of $0.02. The revenue jumped 34.0% year-over-year (YoY), surpassing the estimates by $22.74 million.

8. Li Auto Inc. (NASDAQ:LI)

Number of Hedge Fund Holders: 31

Li Auto Inc. (NASDAQ:LI) is a Chinese company that produces new energy passenger vehicles (NEV).

On February 1, Li Auto Inc. (NASDAQ:LI) reported that its January deliveries increased by 105.8% YoY to 31,165 vehicles. Xiang Li, chairman and chief executive officer of the company, mentioned that the company is aiming to reach 800,000 annual deliveries this year.

Over the last three months, 4 Wall Street analysts covered Li Auto Inc. (NASDAQ:LI), and all kept a Buy rating on the stock. The average price target of $52.30 had an upside of 50.29% as of the February 23 market close.

Li Auto Inc. (NASDAQ:LI) takes the eighth spot on our list of stocks that will make you rich in 2024.

7. e.l.f. Beauty, Inc. (NYSE:ELF)

Number of Hedge Fund Holders: 34

e.l.f. Beauty, Inc. (NYSE:ELF) is a California-based company that produces and sells cosmetic and beauty products. The company takes the seventh spot on our list of stocks that will make you rich in 2024.

On February 6, e.l.f. Beauty, Inc. (NYSE:ELF) reported its Q3 non-GAAP EPS of $0.74, which beat the estimates by $0.18. The revenue of $270.9 million increased by 84.9% YoY, surpassing the estimates by $31.99 million.

On February 24, DA Davidson reiterated a Buy rating on e.l.f. Beauty, Inc. (NYSE:ELF)’s stock with a $220 price target. The firm mentioned that “a case can be made for a doubling of sales from here,” after the company mentioned US and international growth opportunities and that its share at Target Corporation (NYSE:TGT) went above 20%, while Maybelline’s share is around 15% or 16%.

In the fourth quarter, the number of hedge fund investors of e.l.f. Beauty, Inc. (NYSE:ELF)’s stock remained the same as the previous quarter’s, but the combined stake value increased to $763.554 million from Q3’s $362.488 million. With 616,912 company shares worth $89.045 million, Ben Jacobs’ Anomaly Capital Management was the most significant stakeholder in the company.

6. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 44

Palantir Technologies Inc. (NYSE:PLTR) is a Colorado-based company that produces data analytics and data integration software solutions.

On February 6, Wedbush raised the price target on Palantir Technologies Inc. (NYSE:PLTR)’s stock to $30 from $25 and maintained an Outperform rating on the shares.

Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Advanced Micro Devices, Inc. (NASDAQ:AMD) are some of the stocks that will make you rich in 2024, besides Palantir Technologies Inc. (NYSE:PLTR).

Palantir Technologies Inc. (NYSE:PLTR) was mentioned in Carillon Tower Advisers’ third-quarter 2023 investor letter. Here is what it said:

“Palantir Technologies Inc. (NYSE:PLTR)’s stock moved higher on hopes that it could win business from the U.K.’s National Health Services and as customer counts grew rapidly in the latest quarterly report for the company’s new Artificial Intelligence Platform (AIP). Palantir also won a significant new contract with the U.S. Army in September, which should last through 2026. The debate on the street is how fast Palantir can monetize its new commercial customers. After the quarter closed, the company announced an enhanced marketing deal with a major auditing and consulting firm.”

5. Autodesk, Inc. (NASDAQ:ADSK)

Number of Hedge Fund Holders: 46

Autodesk, Inc. (NASDAQ:ADSK) is a California-based company that provides engineering, 3D design, and entertainment software and services.

On February 5, Autodesk, Inc. (NASDAQ:ADSK) announced that it would acquire the PIX business unit of X2X. The acquisition is expected to be completed early in fiscal year 2025.

On February 20, Barclays raised the price target on Autodesk, Inc. (NASDAQ:ADSK)’s stock to $300 from $278 and kept an Overweight rating on the shares.

RiverPark Advisors made the following comment about Autodesk, Inc. (NASDAQ:ADSK) in its Q2 2023 investor letter:

“Autodesk, Inc. (NASDAQ:ADSK): Autodesk was our next top detractor despite quarterly results reported in late May that were in line with expectations. For 1Q, revenue grew 12%, Remaining Performance Obligation (RPO) grew 15%, and the company generated $714 million of FCF, which increased 69% year over year. Profitability for the company was strong, with a 32% non-GAAP operating margin for the quarter, and management reiterated its outlook for the year.

Autodesk has a near monopoly on software for designing, building, and managing buildings, as well as software for infrastructure and manufacturing plants, prototyping software for manufacturers of products (including autos, machinery, and consumer products) and document sharing. As a result, we believe ADSK’s business is very sticky. The company expects to grow revenue mid-teens annually over the next several years, and, as we have seen in similar SaaS businesses, as revenue scales, operating margins are expected to expand significantly from their current 32% to more than 40%, more in-line with peers. We believe that ADSK shares can grow along with its mid-teens free cash flow growth over the next several years.”

4. UnitedHealth Group Incorporated (NYSE:UNH)

Number of Hedge Fund Holders: 113

UnitedHealth Group Incorporated (NYSE:UNH) is a Minnesota-based company that provides healthcare coverage, software, and data consultancy services.

UnitedHealth Group Incorporated (NYSE:UNH)’s subsidiary, Optum, majorly contributed to revenue growth in 2023. When reporting full-year 2023 earnings results, the company reported that Optum’s full-year revenues jumped 24% year-over-year (YoY) to $226.6 billion.

On February 23, UnitedHealth Group Incorporated (NYSE:UNH) declared a quarterly dividend of $1.88, payable by March 19 to the shareholders of record on March 11. As of the February 23 market close, the stock’s dividend yield was 1.43%.

Wedgewood Partners mentioned UnitedHealth Group Incorporated (NYSE:UNH) in its fourth quarter 2023 investor letter. Here is what it said:

“UnitedHealth Group Incorporated (NYSE:UNH) contributed less to portfolio performance than the majority of our holdings during the quarter. The Company reported double-digit revenue, operating earnings and earnings per share growth during their third quarter. The Company has been able to adjust pricing in its health care segment to keep up with medical cost inflation while working with its Optum units to deliver more value-based care that replaces the traditional fee for service health care model. Value-based care is a sensible, long-term growth opportunity for the Company to pursue and also differentiates it from the vast majority of healthcare providers, particularly as it relates to Medicare patients. For example, the Company’s value-based care programs provide more preventative care opportunities and home-based care visits for patients which helps save the U.S. healthcare system billions in unnecessary spending while also providing patients with better outcomes, as diseases and behaviors are caught or corrected at earlier stages. The Company has invested in several core assets over many years to execute this value-based strategy and it will become the standard of care as the proportion of people in the U.S. with healthcare insurance coverage continues to reach new highs.”

3. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 120

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a California-based company that manufactures semiconductor devices used in computer processing.

On February 6, Advanced Micro Devices, Inc. (NASDAQ:AMD) unveiled a brand-new architectural solution called AMD Embedded+. It is a combination of AMD Ryzen™ Embedded processors with Versal™ adaptive SoCs onto a single integrated board.

34 Wall Street analysts covered Advanced Micro Devices, Inc. (NASDAQ:AMD) in the last three months, and 29 maintained a Buy rating on the stock. As of the February 23 market close, the average price target of $196.65 had an upside of 11.40%.

White Falcon Capital Management stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth quarter 2023 investor letter:

“It is important to note that the returns depicted above actually originated in the market turmoil of 2022 and were only realized in 2023. We assess that about 75% of the returns in 2023 were derived from just 35% of the portfolio. Notably, the technology companies we acquired in 2022 – Advanced Micro Devices, Inc. (NASDAQ:AMD), Amazon, Docebo, NU, Rover – performed exceptionally well. In hindsight, the decision to allocate to technology stocks appears straightforward; but it actually demanded courage and conviction to buy and add to these stocks during the fear and uncertainty of the 2022 bear market.

The top 5 positions in the portfolio were: Precious Metals royalty basket, Nu Holdings, AMD Amazon.com and Converge Technology Services. AMD has worked out great for us but we must admit that it has gotten expensive. AI was not part of our original investment thesis and AMD is a great reminder of how one can get ‘lucky’ investing in quality businesses run by competent management teams (ditto for Amazon).”

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 214

Alphabet Inc. (NASDAQ:GOOGL) is a tech holding company that provides various services and products through its subsidiaries, including apps for web-based search, advertisements, maps, and more.

On February 23, Redburn Atlantic raised the price target on Alphabet Inc. (NASDAQ:GOOGL)’s stock to $170 from $165 and maintained a Buy rating on the shares.

In the fourth quarter, 214 hedge funds had investments in Alphabet Inc. (NASDAQ:GOOGL)’s stock. Billionaire Ken Fisher’s Fisher Asset Management was the top investor in the company, with 45.22 million shares worth $6.317 billion, representing 3.11% of the investment portfolio.

First Pacific Advisors stated the following regarding Alphabet Inc. (NASDAQ:GOOGL) in its fourth quarter 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) continued going from strength to strength during 2023 despite concerns that competition may infringe on the company’s dominant position in Search. Thus far, Alphabet has continued to hold its own, and we look forward to seeing how the company incorporates further AI developments across the Alphabet ecosystem. Lastly, we are hopeful that the impending arrival of a new CFO will bring a renewed focus on efficiency – an area where we believe Alphabet has ample room for improvement.”

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 302

Microsoft Corporation (NASDAQ:MSFT) develops computer software, operating systems, AI products, and more. The company tops our list of stocks that will make you rich in 2024.

Microsoft Corporation (NASDAQ:MSFT) was covered by 35 Wall Street analysts over the last three months, and 33 maintained a Buy rating on the stock. As of the February 23 market close, the average price target of $469.58 represented an upside of 14.44%.

On January 30, Microsoft Corporation (NASDAQ:MSFT) reported its Q2 earnings result with a GAAP EPS of $2.93, which beat the estimates by $0.16. The revenue grew by 17.7% YoY to $62.02 billion, surpassing the estimates by $890 million.

Microsoft Corporation (NASDAQ:MSFT) was mentioned in Baron Funds’ fourth quarter 2023 investor letter. Here is what it said:

“Our biggest purchase in the fourth quarter was a new position we initiated in the software platform Microsoft Corporation. While we have owned shares of Microsoft Corporation (NASDAQ:MSFT) in the large-cap core growth Baron Durable Advantage Fund, we have been reluctant to add Microsoft to this Fund for many years namely since we viewed it as a better fit for a post high-growth strategy. However, Microsoft’s transformation under the helm of Satya Nadella has changed the company’s trajectory as it went from a windows-centric, on – premises technology provider to one of the top two global cloud providers. Cloud now represents over 55% of total revenues and has been growing rapidly. Over time, Microsoft was able to build a $125 billion run-rate cloud business that is still growing at a rapid pace and continues to take market share, while becoming a more important driver for the company. For example, in the last quarterly earnings release, Microsoft Cloud grew 23% year-over-year in constant currency, significantly outpacing the company’s 12% overall constant currency growth as well as the growth of its main competitors. A 23% growth rate at this scale essentially implies that Microsoft added a run rate of around $24 billion of cloud revenues year-over-year. Just to put this in perspective, $24 billion is nearly the size of Mastercard’s business, it is over 8 times Snowflake’s total revenue and is nearly 3 times ServiceNow’s total revenue. We continue to view cloud as early in its penetration opportunity – according to latest estimates from Gartner, global cloud spend is expected to be $564 billion3 which still represents only 12% of the total $4.7 trillion worldwide IT spending.

We also believe that Microsoft is one of the best competitively positioned large-cap companies with its vertically integrated software stack (infrastructure + applications), while the inflection in the adoption of artificial intelligence (AI) and GenAI represents potentially the biggest addressable market expansion for the company in recent history. We also view Microsoft’s competitive positioning in AI as advantaged thanks to both the fact that it does not face an innovators dilemma in its core business (as compared with Alphabet’s core search business, which could potentially be at risk due to GenAI). Microsoft also has a tight partnership with OpenAI, has a large proprietary data asset built over time, and has a go-to-market advantage through a vast and robust partner ecosystem and its significant installed base and product bundling opportunities. These should enable it to cross-sell its existing user base as AI becomes embedded into current and new products…” (Click here to read the full text)

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Disclosure. None. 10 Stocks That Will Make You Rich In 2024 is originally published on Insider Monkey.