12 Best 52-Week High Stocks To Buy Now

In this article, we will take a look at the 12 best 52-week high stocks to buy now.

The equity markets have been taking a beating this year as the Dow Jones Industrial Average (DJIA) Index, the S&P 500 Index, and the tech-heavy NASDAQ Composite Index have observed a year-to-date (YTD) decline of 19.8%, 9.1%, and 33%, respectively. Furthermore, notable hedge fund managers are also betting against the stock market. In an interview with CNBC, Billionaire David Tepper shared that he is leaning towards taking a short position on stocks as the increase in benchmark interest rates will further dent stock price performances. Elon Musk-led Tesla, Inc. (NASDAQ:TSLA) has also seen its stock lose 68% of its value this year as investors have been concerned by the billionaire’s high interest in buying and managing social media and microblogging platform Twitter. These developments have caused Mr. Musk to lose his position as the wealthiest person in the world. The Austin, Texas-based electric vehicle (EV) manufacturer revealed a steep discount of $7,500 on Model 3 and Model Y, which are the two highest-selling variants for the company. The company is making this move to boost the weakening demand for its products.

However, all is not lost in the equity markets, as there are notable stocks across numerous sectors that are hovering around their 52-week highs. Some of these stocks, such as T-Mobile US, Inc. (NASDAQ:TMUS), Energy Transfer LP (NYSE:ET), and Graphic Packaging Holding Company (NYSE:GPK), still offer significant upside potential to investors due to their strong business models.

Our Methodology

We have shortlisted the 12 best stocks that are trading at most 5% lower than their 52-week highs. These stocks are expected to provide strong long-term returns to investors due to their strong fundamentals and growth strategies. We have discussed the analysts’ ratings to provide investors with the overall market sentiment on these companies. The stocks have been ranked according to the number of hedge funds having a stake in them as of Q3 2022.

12 Best 52-Week High Stocks To Buy Now

12. Mobileye Global Inc. (NASDAQ:MBLY)

Number of Hedge Fund Holders: N/A

Mobileye Global Inc. (NASDAQ:MBLY) is a Jerusalem, Israel-based developer of an advanced driving-assistance system based on cameras, computer chips, and software.

The company went public on October 26 following its spin-off from Intel Corporation (NASDAQ:INTC) and is an important player driving the progress of autonomous driving systems. On the first day of trading, Mobileye Global Inc. (NASDAQ:MBLY) stock soared by more than 37%. On December 16, Vijay Rakesh at Mizuho increased the price target on Mobileye Global Inc. (NASDAQ:MBLY) from $35 to $40 and maintained a Buy rating on the stock. The analyst thinks that the stock price outperformance has been due to the positive response received by the company’s SuperVision platform based on the pent-up demand from leading Chinese automobile manufacturers. Rakesh anticipates the company to experience tailwinds as the constraints in the global automotive supply chain ease. Furthermore, Mobileye Global Inc. (NASDAQ:MBLY) has multiple new product launches lined up for 2023.

11. Provention Bio, Inc. (NASDAQ:PRVB)

Number of Hedge Fund Holders: 13

Provention Bio, Inc. (NASDAQ:PRVB) is a New Jersey-based clinical-stage biotech company focused on developing affordable therapeutics to treat or manage autoimmune and inflammatory diseases.

On November 22, Charles Zhu at Guggenheim upgraded Provention Bio, Inc. (NASDAQ:PRVB) stock from a Neutral to a Buy rating and assigned the stock a target price of $12. The analyst anticipates the company to experience near-term catalysts due to the positive outcome from clinical data. Zhu highlighted that the management has been encouraged by the positive data coming out for lorigerlima and is expected to present data at a medical conference in Q1 2023. The analyst also added that the balance sheet of Provention Bio, Inc. (NASDAQ:PRVB) had been strengthened by the partnership with Gilead Sciences, Inc. (NASDAQ:GILD).

Adage Capital Management was the leading hedge fund investor in Provention Bio, Inc. (NASDAQ:PRVB) by over 500% as of Q3 2022.

10. Gerdau S.A. (NYSE:GGB)

Number of Hedge Fund Holders: 15

Gerdau S.A. (NYSE:GGB) is a Sao Paulo, Brazil-based steel manufacturer with a presence in 10 countries and an annual installed capacity of 21.7 million tons. The company, with a history of over 120 years, boasts a headcount of over 30,000 employees globally. Gerdau S.A. (NYSE:GGB) is a member of the 30 biggest producers of steel in the world and is also in the business of mining iron ore.

Not only is Gerdau S.A. (NYSE:GGB) stock trading around a 52-week high, but it also offers an attractive forward dividend yield of 11.88% as of December 27. The company also has a strong share buyback plan in place. Experts believe that despite its rich history, Gerdau S.A. (NYSE:GGB) is still in the early phase of expansion. In the past, Gerdau S.A. (NYSE:GGB) has shown resilience in margins growth and efficient asset utilization even during economic downturns. These fundamentals have made analysts consider Gerdau S.A. (NYSE:GGB) as one of the best buy-the-dip stocks in the market.

9. Viking Therapeutics, Inc. (NASDAQ:VKTX)

Number of Hedge Fund Holders: 18

Viking Therapeutics, Inc. (NASDAQ:VKTX) is a San Diego, California-based biotech company developing therapeutics for patients that are suffering from endocrine and metabolic disorders.

On December 20, Naz Rahman at Maxim increased the target price for Viking Therapeutics, Inc. (NASDAQ:VKTX) from $10 to $15 and maintained a Buy rating on the stock. The analyst made the upward revision in target price following the announcement by Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) that its advanced clinical candidate, resmetirom, was able to meet the primary endpoints at 52 weeks. This is a positive development for Viking Therapeutics, Inc. (NASDAQ:VKTX) because it is developing its assets in the same category of compounds, especially focused on thyroid hormone receptor-beta agonists. This has partially lowered the risk of endpoint results for Viking Therapeutics, Inc.’s (NASDAQ:VKTX) offering.

8. Haleon plc (NYSE:HLN)

Number of Hedge Fund Holders: 21

Haleon plc (NYSE:HLN) is a Surrey, UK-based consumer healthcare company with a presence in over 170 countries and a headcount of over 22,000 employees.

The company behind Sensodyne and Parodontax was upgraded from an Equal Weight to an Overweight rating by Iain Simpson at Barclays on December 7. The analyst increased the price target on Haleon plc (NYSE:HLN) from 298 GBP per share to 360 GBP. The value is equivalent to $8.69 per American Depository Share (ADS), as one share of Haleon listed on the New York Stock Exchange (NYSE) is equivalent to two ordinary shares listed on the London Stock Exchange (LSE).

In Q3 2022, Haleon plc (NYSE:HLN) observed its revenue increase by 16%. Furthermore, the management also raised the operating and top-line margin guidance for FY22. The company is expected to announce a dividend in 2023 with a payout of around 2.5%.

Here’s what Ariel Investments said about Haleon plc (NYSE:HLN) in its Q3 2022 investor letter:

“We initiated two new positions in the quarter. We added British multinational consumer healthcare company Haleon plc (NYSE:HLN) following its spin-off from longtime holding, GSK plc. The company’s world-class portfolio of health brands is delivering double-digit organic revenue growth and margin expansion across channels and geographies. We continue to see potential for significant incremental value creation from a more focused and independent consumer health franchise in the years ahead.”

7. Amicus Therapeutics, Inc. (NASDAQ:FOLD)

Number of Hedge Fund Holders: 28

Amicus Therapeutics, Inc. (NASDAQ:FOLD) is a Philadelphia, Pennsylvania-based biotech company focused on developing medicines targeting rare diseases.

Amicus Therapeutics, Inc. (NASDAQ:FOLD) is in the limelight due to its two significant offerings. The company has filed a Biologics License Application (BLA) for cipaglucosidase alfa and a New Drug Application (NDA) for migalastat. Migalastat is already approved by the US Food and Drug Administration (FDA) for the treatment of Fabry Disease, which is a source of stable revenue for the company. Amicus Therapeutics, Inc. (NASDAQ:FOLD) is now trying to have the therapeutic approved for the treatment of Pompe Disease. The NDA is facing a delay as the US authorities are unable to visit the manufacturing facility located in WuXi, China. Experts anticipate the approval to go through, which would double the market size for Amicus Therapeutics, Inc.’s (NASDAQ:FOLD) offering.

6. ICICI Bank Limited (NYSE:IBN)

Number of Hedge Fund Holders: 29

ICICI Bank Limited (NYSE:IBN) is a Mumbai-based provider of banking services across the world.

ICICI Bank Limited (NYSE:IBN) is experiencing stellar growth in loans as the Indian economy is expanding. The loan portfolio of ICICI Bank Limited (NYSE:IBN) rose by 23% YoY as it received a boost from its retail banking division. Overall, 96% of the loans are given out in India, and the international loan portfolio only makes up 4% of the company’s total portfolio. This is a positive for ICICI Bank Limited (NYSE:IBN), considering the high level of global uncertainty. ICICI Bank Limited (NYSE:IBN) also experienced a YoY growth of 27% in net interest margin (NIM) during the quarter ending on September 30. The bank can be expected to perform positively as the Indian economy is expected to grow by 6.9% in FY23.

ICICI Bank Limited (NYSE:IBN) was held by 29 hedge funds as of Q3 2022.

Besides ICICI Bank Limited (NYSE:IBN), T-Mobile US, Inc. (NASDAQ:TMUS), Energy Transfer LP (NYSE:ET), and Graphic Packaging Holding Company (NYSE:GPK) are also on our list of the best 52-week high stocks to buy now.

5. Energy Transfer LP (NYSE:ET)

Number of Hedge Fund Holders: 33

Energy Transfer LP (NYSE:ET) is a Dallas, Texas-based diversified midstream energy company that is involved in the transportation of crude oil and natural gas.

On December 8, Spiro Dounis at Citi initiated coverage on Energy Transfer LP (NYSE:ET) stock with a target price of $16 and a Buy rating. The analyst initiated coverage on 23 midstream companies and believes that the industry has a positive cash flow outlook. However, Dounis added that investors need to be selective in making the right investment in the industry. The analyst believes that Energy Transfer LP (NYSE:ET) stock offers an attractive dividend yield along with a stable growth history. The one-year forward dividend yield for Energy Transfer LP (NYSE:ET) stands at 9.08% as of December 27. The company has also lowered its capital expenditure and debt to operate efficiently in an uncertain macroeconomic environment.

Energy Transfer LP (NYSE:ET) was discussed in the Q2 2021 investor letter of Miller Value Partners. Here’s what the firm said:

“Energy Transfer LP (ET)rose over the period along with the price of oil climbing 40.59% over the period. The company received positive news that the Dakota Access Pipeline project would not be shut down while the Environmental Impact Statement by the US Army Core of Engineers is drawn up. Energy Transfer reported strong 1Q results with revenue of $17B surpassing expectations for $11.8B with adjusted earnings before income, taxes, depreciation and amortization (EBITDA) hitting $5.04B ahead of consensus of $2.77B. The company raised full year adjusted EBITDA guidance to $12.9-13.3B from $10.6-11.0B previously, with the increase largely related to the benefits realized from Winter Storm Uri. The company paid down $3.7B in debt during the quarter, using strong cash f low to reduce leverage. The company also announced the issuance of $900M in 6.5% Series H perpetual preferreds with the company using the proceeds to repay debt and for general purposes.”

4. Graphic Packaging Holding Company (NYSE:GPK)

Number of Hedge Fund Holders: 38

Graphic Packaging Holding Company (NYSE:GPK) is an Atlanta, Georgia-based company that is a provider of sustainable, fiber-based consumer packaging solutions.

On October 26, Christopher Parkinson at Mizuho increased the target price for Graphic Packaging Holding Company (NYSE:GPK) from $28 to $29 and maintained a Buy rating on the stock. The analyst anticipates strong demand for Graphic Packaging Holding Company’s (NYSE:GPK) offerings even during an economic downturn. Experts believe that the management has performed well in ensuring strong top-line and bottom-line growth during the recent quarters. Revenue increased by 5% YoY during Q3 2022. Meanwhile, the adjusted EPS rose by 55% YoY due to a favorable impact on pricing and costing, along with a higher volume mix.

Here’s what L1 Capital said about Graphic Packaging Holding Company (NYSE:GPK) in its Q3 2021 investor letter:

“We reinvested the proceeds from the partial sale of Eagle Materials by increasing the Fund’s position in Graphic Packaging. We expect the company to deliver strong earnings and cashflow over coming years, and the company remains undervalued at its current share price.”

As of Q3 2022, Graphic Packaging Holding Company (NYSE:GPK) was held by 38 hedge funds.

3. IVERIC bio, Inc. (NASDAQ:ISEE)

Number of Hedge Fund Holders: 51

IVERIC bio, Inc. (NASDAQ:ISEE) is a Cranbury, New Jersey-based biotech company founded in 2007.

The company is working on developing therapeutics for patients suffering from retinal dystrophy and degeneration. Experts consider this as a complex disease segment in which IVERIC bio, Inc. (NASDAQ:ISEE) is trying to make headway through its Zimura label that stops the creation of new blood vessels in the retina and treats geographic atrophy (GA). This ailment is primarily associated with advanced age-related macular degeneration (AMD). The drug is administrated directly into the eye through an intravitreal injection monthly, and patients start to see an improvement in vision in four to six weeks. Experts think the pharmaceutical industry’s AMD business is a flourishing segment. Although the industry is still young, it is anticipated to grow at a strong CAGR of 8.2% from 2018 to 2024, benefiting a company like IVERIC bio, Inc. (NASDAQ:ISEE).

2. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC)

Number of Hedge Fund Holders: 57

WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) is a Phoenix, Arizona-based provider of workspace and portable storage solutions with a headcount of 5,000 employees.

On December 2, Manav Patnaik at Barclays increased the price target on WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) stock from $50 to $55 and maintained an Overweight rating on the stock. The analyst is expecting a more clear picture of the outlook of the US business and information services industry to emerge in 2023. During Q3 2022, WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) saw its top line increase by 23.2% YoY to $604.17 million, outperforming the consensus forecast of $584.25 million. Meanwhile, the EPS of 59 cents outperformed analysts’ forecast of 37 cents for the period.

Chartwell Investment Partners shared its outlook on WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) in its Q3 2022 investor letter. Here’s what the firm said:

“The strategy’s top overall contributor during Q3 2022 was WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC). WillScot Mobile Mini produces and leases mobile storage systems and modular offices. The company is exposed to the non-residential construction cycle which is still very robust. Also, WillScot Mobile Mini enjoys significant pricing power, therefore leading to steadily expanding operating margins.”

1. T-Mobile US, Inc. (NASDAQ:TMUS)

Number of Hedge Fund Holders: 100

T-Mobile US, Inc. (NASDAQ:TMUS) is a Bellevue, Washington-based wireless network service operator that provides its services to 108.7 million customers across the US.

Ivan Feinseth at Tigress Financial increased the price target on T-Mobile US, Inc. (NASDAQ:TMUS) from $195 to $202 on November 15. The analyst maintained a Buy rating on T-Mobile US, Inc. (NASDAQ:TMUS) stock. Feinseth anticipates the entity to experience stellar consumer growth and top-line expansion due to the rollout of high-speed 5G network services. The analyst also added that the rollout of 5G services would aid the company in achieving the highest postpaid service revenue and cash flow growth in the industry. Some experts have termed T-Mobile US, Inc. (NASDAQ:TMUS) as the most attractive investment in the telecommunications sector.

As of Q3 2022, T-Mobile US, Inc. (NASDAQ:TMUS) was held by 100 hedge funds.

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Disclosure: None. 12 Best 52-Week High Stocks To Buy Now is originally published on Insider Monkey.