13 Best 52-Week High Stocks To Buy Now

Published August 26, 2023 at 1:15 pm EDT Updated August 31, 2026 at 8:45 pm EDT

In this article, we will take a look at the 10 best 52-week high stocks to buy now.

Investors are on the edge amid a lack of clarity on the Federal Reserve’s possible moves to fight inflation that remains stubborn. Just a couple of weeks after Moody’s downgraded US banks, S&P Global also slapped several US banks with downgrades as the rating agency believes the environment is getting tougher for lenders. S&P Global Ratings lowered its ratings for KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp., and Associated Banc-Corp. S&P Global noted that many clients are moving their funds to higher interest-rate accounts, increasing banks’ funding costs. It also said that the decline in “deposits has squeezed liquidity for many banks.”

However, there isn’t enough bad news out there to stop investors from betting on the market. Bank of America recently reported its clients funneled a whopping $4.4 billion into US equities in just one week, the largest allocation in two months. But the question remains: Is the US economy out of the woods? Will there be a recession in 2023?

Russell Investments in its 2023 outlook said that chances are that the US economy would tip into recession in the next 12-18 months. The chances of recession would increase if the Federal Reserve continues to increase interest rates and companies keep announcing austerity measures like layoffs and cost-cutting. This would result in a decline in discretionary spending. The Russell Investments report also cited an industry survey conducted by Reuters in June, which said that analysts’ consensus is that recession will hit the economy in the final quarter of 2023. The report however said the timeline for recession could be delayed and it could come in 2024. The later the recession comes, the milder it would be since a recession coming in 2024 would give ample time to the Fed to see the real effects of its rate hikes. If recession hits the economy in 2023, it’d be difficult for the Fed to take easing steps.

The report also said:

“Most of the other major economies are also slowing and at risk from aggressive central bank tightening. Growth in the eurozone is buckling under a steep decline in bank lending, and persistent inflation is forcing the Bank of England to tighten further despite the lack of UK economic growth. China’s growth impulse is faltering following the post-pandemic lockdown surge. Japan remains an outlier, where monetary policy is still ultra-accommodative and gross domestic product (GDP) growth is likely to remain above trend.

This creeping slowdown in the United States seems likely to persist for a few more months. Households still have around $500 billion in excess savings built up during the pandemic, corporate profits are stabilizing, and housing indicators such as the National Association of Home Builders index have bounced off lows. Manufacturing output could receive a temporary boost as inventories are rebuilt from currently low levels.”

Russell Investments also highlighted the major rally of tech stocks this year and gave its credit to mostly AI-led hype in the market. The report said that the potential of AI cannot be ignored and the hype surrounding AI stocks like Nvidia and Meta could further increase once the Fed starts to cut rates and the era of easy money begins.

The report also said that while headline inflation has peaked, core inflation remains sticky, driven mostly by growth in wages. The report said that core inflation could decline in the coming months as “heat” leaves the labor market.

In this background, it’d be wise to see which stocks are gaining momentum in the market and are picked up by smart money investors. The stocks gaining in 2023 have already shown their resilience and could continue their bull run based on their long-term growth catalysts.

Photo by Ruben Sukatendel on Unsplash

Our Methodology

For this article, we first used a stock screener to identify stocks that recently hit 52-week highs or are currently trading their 52-week highs. We got a long list of stocks as a result. We narrowed down this list by choosing 13 52-week high stocks with the highest number of hedge fund investors. We gauged hedge fund sentiment for stocks using Insider Monkey’s database of 910 hedge funds and their holdings updated as of the end of second quarter.

Best 52-Week High Stocks To Buy Now

13. NexGen Energy Ltd. (NYSE:NXE)

Number of Hedge Fund Holders: 19

NexGen Energy Ltd. (NYSE:NXE) shares have gained about 44% over the past one year.

As of the end of the second quarter of 2023, 19 hedge funds in the database of Insider Monkey were long NexGen Energy Ltd.. The biggest stakeholder of NexGen Energy Ltd. was Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors which had a stake worth about $20 million in the company.

12. Remitly Global, Inc. (NASDAQ:RELY)

Number of Hedge Fund Holders: 22

Remitly Global, Inc. (NASDAQ:RELY) is trading near 52-week highs. Wolfe Research recently upgraded Remitly Global, Inc. to Outperform from Peer Peform. Wolfe gave a $28 price target to the stock. For the second quarter, Remitly Global, Inc. posted a GAAP EPS of -$0.11 beating estimates by $0.05. Revenue in the quarter jumped about 49% year over year to $234.03 million, surpassing estimates by $18.21 million.

Insider Monkey’s database of holdings of 910 elite hedge funds shows that 22 hedge funds were invested in Remitly Global, Inc. as of the end of the second quarter. The biggest stakeholder of Remitly Global, Inc. during this period was David Blood and Al Gore’s Generation Investment Management which owns a $160 million stake in the company.

11. Permian Resources Corporation (NYSE:PR)

Number of Hedge Fund Holders: 23

Permian Resources Corporation (NYSE:PR) is making headlines after the company said it will buy Earthstone Energy for $4.5 billion. Permian Resources Corporation said the buyout will boost cash returns to the company’s shareholders. Permian Resources Corporation also upped its quarterly dividend by a whopping 20%, effective the first quarter of 2024.

After the deal announcement, Siebert Williams Shank reiterated its Buy rating on Permian Resources Corporation. Permian Resources Corporation said that the deal would expand Permian Resources’ Permian Basin footprint to over 400,000 net acres.

Out of the 910 hedge funds in Insider Monkey’s database, 23 hedge funds were long Permian Resources Corporation as of the end of the first quarter.

10. CNX Resources Corporation (NYSE:CNX)

Number of Hedge Fund Holders: 25

Natural gas company CNX Resources Corporation (NYSE:CNX) ranks 10th in our list of the best 52-week high stocks to buy according to hedge funds. CNX Resources Corporation has gained about 23% over the past one year. In July CNX Resources Corporation posted Q2 results. Revenue in the period jumped about 99.7% year over year to $839.7 million.

As of the end of the first quarter of 2023, 25 hedge funds out of the 910 funds tracked by Insider Monkey were long CNX Resources Corporation. The biggest stakeholder of CNX Resources Corporation during this period was Mason Hawkins’ Southeastern Asset Management which owns a $215 million stake in the company.

Longleaf Partners Fund made the following comment about CNX Resources Corporation in its Q4 2022 investor letter:

“CNX Resources Corporation (NYSE:CNX) – CNX was the top contributor for the year, but we were surprised it wasn’t an even larger one. Its value per share strongly outgrew its price performance for the year. While all energy companies saw a boost from higher prices, CNX had previously done more price hedging than peers. This decision held back near-term reported earnings, which remain the market’s focus. This helped relative returns at unhedged and more leveraged companies that were hoping for higher prices. CNX has been taking advantage of a widening price-to-value gap for itself as the year went on by continuing to be one of our largest share repurchasers. When you combine strong capital allocation like this with geopolitical conflict solidifying the long-term value of North American natural gas while hedges roll off with the passage of time, we remain excited about CNX’s future.”

9. IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

Number of Hedge Fund Holders: 26

Ranking 9th in our list of the best 52-week high stocks to buy now is IDEAYA Biosciences, Inc. (NASDAQ:IDYA). IDEAYA Biosciences, Inc. recently said the FDA cleared a clinical study for cancer candidate GSK101 (IDE705). IDEAYA Biosciences, Inc. will receive a $7 million milestone payment from its partner GSK (NYSE:GSK) as a result of this development.

As of the end of the second quarter of 2023, 26 hedge funds in Insider Monkey’s database of 910 funds reported owning stakes in IDEAYA Biosciences, Inc.. The biggest stakeholder of IDEAYA Biosciences, Inc. was Mark Lampert’s Biotechnology Value Fund / BVF Inc. which owns a $134 million stake in the company.

8. BellRing Brands, Inc. (NYSE:BRBR)

Number of Hedge Fund Holders: 27

Nutrition products company BellRing Brands, Inc. (NYSE:BRBR) ranks 8th in our list of the best 52-week high stocks to buy now. As of the end of the second quarter of 2023, 27 hedge funds in Insider Monkey’s database of 910 hedge funds were long BellRing Brands, Inc..

BellRing Brands, Inc. was recently featured on Needham’s Conviction picks list. Needham’s Matt praised BellRing Brands, Inc. after the company’s Q3 earnings report. Adjusted EPS in the quarter came in at $0.34, beating estimates by $0.02. Revenue in the period jumped 20% year over year to $445.9 million, surpassing estimates by $5.43 million.

7. Civitas Resources, Inc. (NYSE:CIVI)

Number of Hedge Fund Holders: 30

Civitas Resources, Inc. (NYSE:CIVI) is up about 24% over the past one year. Civitas Resources, Inc. recently posted solid Q2 results. GAAP EPS in the quarter totaled $1.72, beating estimates by $0.05.

As of the end of the second quarter of 2023, 30 hedge funds in the database of Insider Monkey were long Civitas Resources, Inc..

Greenlight Capital made the following comment about Civitas Resources, Inc. in its second quarter 2023 investor letter:

“We closed long positions in Civitas Resources, Inc. (NYSE:CIVI) and Global Payments. Civitas Resources (formerly Extraction Oil & Gas) was a small investment that we initiated in 2019 by purchasing Extraction’s distressed debt before it went bankrupt. The reorganization was successful and our entry price proved to be quite favorable relative to the company’s owned resources. After the recent announcement of a large acquisition outside its core region, we chose to exit the investment at a 35% IRR.”

6. Seadrill Limited (NYSE:SDRL)

Number of Hedge Fund Holders: 30

Deepwater drilling company Seadrill Limited (NYSE:SDRL) shares have gained about 72% over the past one year. As of the end of the second quarter of 2023, 30 hedge funds out of the 910 tracked by Insider Monkey had stakes in Seadrill Limited.

Seadrill Limited recently posted Q2 results. GAAP EPS in the period came in at $1.16 beating estimates by $0.53. Revenue in the quarter jumped about 64% year over year to $414 million, surpassing estimates by $34.07 million.

5. Abercrombie & Fitch Co. (NYSE:ANF)

Number of Hedge Fund Holders: 32

Lifestyle retailer Abercrombie & Fitch Co. is one of the best 52-week high stocks to buy now. Abercrombie & Fitch Co. has gained about 111% over the past one year. In June, Argus upgraded Abercrombie & Fitch Co. to Buy from Hold. Argus’s analyst Kristina Ruggeri praised Abercrombie & Fitch Co.’s transition away from tourist-dependent flagship stores to local customers.

Insider Monkey’s database of 910 hedge funds shows that 32 hedge funds were long Abercrombie & Fitch Co. as of the end of the second quarter. The biggest stakeholder of Abercrombie & Fitch Co. was Jack Woodruff’s Candlestick Capital Management which owns a $59 million stake in the company.

4. Cboe Global Markets, Inc. (BATS:CBOE)

Number of Hedge Fund Holders: 36

Trading solutions company Cboe Global Markets, Inc. (NYSE:CBOE) is hovering near its 52-week high as of August 22.

Insider Monkey’s database of 910 hedge funds shows that 36 hedge funds had stakes in Cboe Global Markets, Inc. as of the end of the first quarter. The biggest stakeholder of Cboe Global Markets, Inc. during this period was Paul Marshall and Ian Wace’s Marshall Wace LLP which owns a $194 million stake in the company.

3. Cameco Corporation (NYSE:CCJ)

Number of Hedge Fund Holders: 54

Cameco Corporation (NYSE:CCJ) ranks 3rd in our list of the best 52-week high stocks to buy now according to hedge funds. Earlier this month Cameco Corporation posted Q2 results. Adjusted EPS in the quarter came in at -$0.01 missing estimates by $0.10. Revenue came in at $482 million, surpassing estimates by $129.68 million.

A total of 54 hedge funds in Insider Monkey’s database of 910 hedge funds had stakes in Cameco Corporation as of the end of the June quarter. The biggest hedge fund stakeholder of Cameco Corporation was Richard Driehaus’s Driehaus Capital which owns a $131 million stake in the company.

Aristotle Global Equity Strategy made the following comment about Cameco Corporation in its Q4 2022 investor letter:

“Cameco Corporation (NYSE:CCJ), the world’s largest publicly traded uranium producer, was the largest detractor for the quarter. The company announced a strategic partnership with Brookfield Renewable to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses, for a total enterprise value of $7.87 billion. Cameco’s 49% interest in Westinghouse will be funded with cash, equity issuance and debt. While the announcement and resulting equity issuance came as a surprise, our initial impression is positive. Industry consolidation and management’s prior prudence (i.e., net cash balance sheet and shutting production in tough times), we believe, uniquely positioned Cameco to pursue this strategic transaction. We recognize the deal increases Cameco’s financial leverage; however, we believe Westinghouse’s market-leading downstream capabilities will align well with Cameco’s production and fuel services to offer a highly competitive nuclear fuel solution. In addition to the acquisition, the company announced the production of the first packaged pounds of uranium since restarting McArthur River mine and Key Lake mill. Moreover, Cameco signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of one of the country’s largest nuclear power operators, China National Nuclear Corporation. We believe these events highlight Cameco’s continued market leadership and opportunistic mindset in a fast-changing energy landscape.”

2. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)

Number of Hedge Fund Holders: 56

Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) shares have gained about 37% over the past one year. Regeneron Pharmaceuticals, Inc. is hovering near its 52-week highs. Earlier in August Regeneron Pharmaceuticals, Inc.’s pozelimab for treatment of the rare immune disease CHAPLE disease won approval from US FDA.

As of the end of the second quarter of 2023, 56 hedge funds out of the 910 tracked by Insider Monkey were long Regeneron Pharmaceuticals, Inc.. The biggest hedge fund stakeholder of Regeneron Pharmaceuticals, Inc. was John Overdeck and David Siegel’s Two Sigma Advisors with a stake worth about $215 million in the company.

Bronte Capital made the following comment about Regeneron Pharmaceuticals, Inc. in its Q3 2022 investor letter:

“There have been some bright spots in our long book. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), a major position and a stock we wrote up in our June 2021 letter, has been one of the best performing stocks in the S&P 500 this year. Alas it has not been enough to offset some of our weaker stocks, let alone our overweight exposure to the UK (and Europe) which have suffered from both stock and currency weakness. We do not think we are bad at picking stocks on the long side and hope – reasonably we think – for better relative results in the future. Prior to COVID, our longs were markedly better than the index. Unfortunately, if you look at our long book this quarter and since the onset of the COVID pandemic, there is scant evidence that we have added any value by picking stocks to go long.”

1. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 87

Eli Lilly and Company (NYSE:LLY) has been performing exceptionally well over the past few months. Currently the company’s diabetes drug Mounjaro is buoying its share price. Eli Lilly and Company recently posted better-than-expected revenue for Mounjaro. The drug is also pitched as Eli Lilly and Company’s possible treatment for weight loss in the future. Jefferies analyst Akash Tewari upgraded Eli Lilly and Company after the company’s latest quarterly results. As of the end of the second quarter, 87 hedge funds out of the 910 funds tracked by Insider Monkey were long Eli Lilly and Company.

Baron Health Care Fund made the following comment about Eli Lilly and Company in its second quarter 2023 investor letter:

“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company developing and marketing drugs in oncology, diabetes, Alzheimers, immunology, and other diseases. Shares climbed due to continued investor excitement around novel weight loss drugs in the GLP-1 class, including Lilly’s Mounjaro. Given demand that is orders of magnitude more than supply, the full potential of the GLP-1 class of drugs remains unclear, with sales projections eclipsing $100 billion. This number would set a new industry record by a large margin. Drug development in this space is understandably fierce, and as recently as late June, Eli Lilly revealed new data from its diabetes/obesity pipeline assets that will further enhance the value proposition offered to patients. We retain conviction.

In pharmaceuticals, our largest investment continues to be in Eli Lilly and Company. Lilly’s new diabetes drug Mounjaro is on track to be FDA approved for obesity in 2023. At a medical conference in June, Lilly announced Phase 2 clinical data for a next-generation obesity drug called retatrutide, which showed the drug achieved up to 17.5% mean weight loss at 24 weeks in adults with obesity and up to 24.2% mean weight loss at 48 weeks. Lilly also announced Phase 2 clinical data showing its once daily oral drug orforglipron achieved up to 14.7% mean weight loss at 36 weeks in adults with obesity. The results from these pipeline obesity medicines confirmed Lilly’s status as a market leader in the diabetes and obesity category. Also during the quarter, Lilly announced that its drug Donanemab slowed cognitive and functional decline in a Phase 3 study in people with early symptomatic Alzheimer’s disease. We continue to think the company should be able to grow revenue and earnings at attractive rates through the end of the decade and beyond.”

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