5 Stocks That Will Double in 2024

4. Celsius Holdings, Inc. (NASDAQ:CELH)

Number of Hedge Fund Holders: 42

Celsius Holdings, Inc. (NASDAQ:CELH) is a holding company that produces and sells functional drinks and liquid supplements.

On February 16, Stifel raised the price target on Celsius Holdings, Inc. (NASDAQ:CELH)’s stock to $67 from $64 and kept a Buy rating on the shares.

On February 9, Celsius Holdings, Inc. (NASDAQ:CELH) announced that it entered into an exclusive multi-year agreement with Scuderia Ferrari and became the Formula 1 racing team’s official energy drink.

Immersion Investment Partners made the following comment about Celsius Holdings, Inc. (NASDAQ:CELH) in its Q3 2023 investor letter:

“Celsius Holdings, Inc. (NASDAQ:CELH) – Doubted Champion) is the owner of the Celsius brand of energy drinks. Celsius has been a day 1 holding of the partnership and through organic appreciation, coupled with our significant reduction of Basic-Fit shares at the beginning of the third quarter (discussed in the second quarter letter), has grown to become the number 2 position over the last six months. Despite a tremendous runup in shares over the past several years, we think Celsius remains underappreciated and undervalued.

Based on latest scanner data, Celsius holds a roughly 6% share of the U.S. energy market over the last twelve months, making it #3 behind Monster and Red Bull. We believe Celsius can continue to grow and become a significantly larger business for several key reasons… a. Celsius holds a 20%+ share on Amazon and major Florida markets (Miami, Orlando, and Tampa), its most mature markets, and nearly 20% share in New York and Boston. These analogues provide solid evidence that Celsius is capable of being significantly larger than it is today…” (Click here to read the full text)