5 Best Multibagger Stocks to Buy for 2024

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In this article, we discuss the 5 best multibagger stocks. To read the global economic outlook and analysis of multibagger stocks, you can go directly to the 14 Best Multibagger Stocks to Buy for 2024.

5. Royal Caribbean Cruises Ltd. (NYSE:RCL)

Number of Hedge Fund Holders: 39

1-Year Share Price Gain as of July 7: 213.01%

Royal Caribbean Cruises Ltd. (NYSE:RCL) is another cruise line company on our list that took advantage of the ease of travel restrictions after the COVID-19 pandemic and became a multi-bagger stock. The company stock has increased by 213% in one year as of July 7.

Out of 39 hedge funds that held a stake in Royal Caribbean Cruises Ltd. (NYSE:RCL) in Q1 2023, Ariel Investments held the top position with over 2.756 million shares worth $179.98 million. D E Shaw became the second largest hedge fund holder of the company after it increased its holdings in Royal Caribbean Cruises Ltd. (NYSE:RCL) by 2694% to 1.7 million shares worth $112.107 million.

On June 23, Stifle maintained a Buy rating on Royal Caribbean Cruises Ltd. (NYSE:RCL) and raised its price target on the company stock to $120 from $100.

Ariel Investments made the following comment about Royal Caribbean Cruises Ltd. (NYSE:RCL) in its Q1 2023 investor letter:

“Additionally, Global cruise vacation company, Royal Caribbean Cruises Ltd. (NYSE:RCL) advanced following a significant top- and bottom-line earnings beat, driven by strong consumer demand, higher occupancy, further improvement in onboard revenue and solid cost containment. Forward booking trends are also within historical ranges at record pricing. This gave management visibility to provide full year guidance, which includes RCL’s expectation for yields to set a new record in 2023 and for the company’s adjusted EBITDA to reach an all-time high. This forecast is in-line with the company’s three-year initiative, the Trifecta Program to drive financial performance. At today’s valuation, RCL is currently trading at a 37% discount to our estimate of private market value.”

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