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.”

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)

3. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 44

Palantir Technologies Inc. (NYSE:PLTR) is a Colorado-based company that is engaged in the development of data fusion platforms. It is one of the stocks that will double in 2024.

Hedge fund sentiment was positive toward Palantir Technologies Inc. (NYSE:PLTR) in the fourth quarter, as 44 funds had investments in the stock, up from 31 in the previous quarter. D E Shaw was the most significant stakeholder in the company, with 20.756 million shares worth $356.390 million.

On February 5, Palantir Technologies Inc. (NYSE:PLTR) reported its Q4 earnings result with a non-GAAP EPS of $0.08. The revenue of $608.35 million increased by 19.6% year-over-year (YoY), which beat the analysts’ estimates by $5.55 million.

Palantir Technologies Inc. (NYSE:PLTR) was mentioned in Carillon Tower Advisers’ third-quarter 2023 investor letter. Here is what it said:

“Palantir Technologies Inc. (NYSE:PLTR)’s stock moved higher on hopes that it could win business from the U.K.’s National Health Services and as customer counts grew rapidly in the latest quarterly report for the company’s new Artificial Intelligence Platform (AIP). Palantir also won a significant new contract with the U.S. Army in September, which should last through 2026. The debate on the street is how fast Palantir can monetize its new commercial customers. After the quarter closed, the company announced an enhanced marketing deal with a major auditing and consulting firm.”

2. Match Group, Inc. (NASDAQ:MTCH)

Number of Hedge Fund Holders: 47

Match Group, Inc. (NASDAQ:MTCH) is a Texas-based company that provides dating products and has around 45 brands, including Tinder, Match.com, Meetic, OkCupid, Hinge, etc.

On January 31, Match Group, Inc. (NASDAQ:MTCH) announced that its board authorized a new buyback program of $1.0 billion. The company further mentioned that it plans on returning half of the free cash flow to the shareholders in 2024.

On January 30, Match Group, Inc. (NASDAQ:MTCH) announced its Q4 GAAP EPS of $0.81, topping the estimates by $0.32. The revenue of $866.23 million grew 10.2% YoY, which beat the estimates by $4.94 million.

21 Wall Street analysts covered Match Group, Inc. (NASDAQ:MTCH) in the past three months, and 14 maintained a Buy rating on the stock. As of the February 23 market close, the average price target of $44.20 represented an upside of 19.91%.

1. Wayfair Inc. (NYSE:W)

Number of Hedge Fund Holders: 50

Wayfair Inc. (NYSE:W), previously known as CSN Stores, runs an e-commerce platform that sells furniture and more.

In the fourth quarter, hedge fund sentiment was positive toward Wayfair Inc. (NYSE:W) as hedge funds with a stake in the stock were 50, compared to 40 in the previous quarter. The top investor in the company was Zachary Sternberg And Benjamin Stein’s Spruce House Investment Management, with 3.65 million shares worth $225.205 million. 

On February 23, Piper Sandler analyst Peter Keith lowered the price target on Wayfair Inc. (NYSE:W)’s stock to $88 from $93 and kept an Overweight rating on the shares.

Alphyn Capital Management made the following comment about Wayfair Inc. (NYSE:W) in its second quarter 2023 investor letter:

“Wayfair Inc. (NYSE:W) has endured a tough couple of years, resulting in the stock being out of favor with investors, presenting the opportunity to earn premiums from covered call options. I profitably exited calls sold in Q1 and re-initiated a position following the earnings announcement. The market seemed unmoved by Wayfair’s claim of market share gains, given headline revenue declines of 7.3% for the quarter. However, a business update in June, in which the company disclosed rising order volumes, precipitated a stock price rally, forcing me to close out the calls. Longer term, Wayfair’s scaled presence in online furniture, comprehensive product offering, and prior investments in supply chain infrastructure is well-positioned to capitalize on the industry’s increasing shift to online. Assuming management maintains its recent focus on cost control, Wayfair is on track to return to profitability and reach its target margin of 30%.”

You can also look at the 11 Cheap AI Stocks to Buy in 2024 and 10 Best Stocks to Buy Before US Election Season 2024.

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