5 Stocks That Will Double in 2024

In this article, we discuss the 5 stocks that will double in 2024. To read the detailed analysis of the recent events in the stock market, go directly to the 13 Stocks That Will Double in 2024.

5. Duolingo, Inc. (NASDAQ:DUOL)

Number of Hedge Fund Holders: 41

Duolingo, Inc. (NASDAQ:DUOL) is a Pennsylvania-based company that is engaged in providing online learning apps and language certification.

According to Insider Monkey’s database that tracks 933 elite hedge funds, hedge fund sentiment was positive toward Duolingo, Inc. (NASDAQ:DUOL) as 41 hedge funds held a stake in the stock, compared to 26 in Q3. Henry Ellenbogen’s Durable Capital Partners was the most significant stakeholder in the company, with 3.195 million shares worth $724.877 million, representing 5.72% of the portfolio.

Duolingo, Inc. (NASDAQ:DUOL) rose to prominence during the early pandemic, but its growth has not lost momentum. In the third quarter, the company reported an increase in its monthly active users to 83.1 million, recording a growth of 47% from the prior-year quarter. A few months ago, the company integrated music and a math module into its app.

Artisan Partners commented on Duolingo, Inc. (NASDAQ:DUOL) in its second quarter 2023 investor letter. Here is what it said:

“We initiated new GardenSM positions in Duolingo, Inc. (NASDAQ:DUOL), SPX Technologies and Smartsheet. Duolingo is an app-based learning platform that currently derives most of its revenues from subscriptions to its language learning app. However, it has expanded into new education verticals with the launch of Duolingo ABC, an early childhood education app, and elementary math. The company uses an ad[1]supported freemium model, and it is the most downloaded language learning app in most countries outside China. Duolingo has differentiated itself with a unique gamified approach that is at the core of its user engagement strategy while its machine learning algorithms leverage monthly users and daily tracking events to improve the overall learning experience and adapt personalized learning pathways for each user.”