10 Best Stocks to Buy Now: Performing Stocks

Confused about the best stocks to buy now? Don’t worry, this guide cuts through the confusion. We’ll explore the characteristics of top-performing stocks – financially strong companies leading their industries with solid growth potential. While factors like investor sentiment and economic changes can affect them, a diversified portfolio helps manage risk. Before we reveal our top 10 picks, we’ll delve into these factors, the importance of diversification, and a breakdown of our methodology for selecting these compelling investment opportunities for 2024.

 

How We Select The Best Stocks

Identifying strong investment opportunities requires a comprehensive approach in today’s dynamic market. Here’s how we selected our top 10 picks for the best stocks to buy now:

• Financial Strength & Growth Potential: We prioritized companies with solid financial health, a track record of consistent growth, and strong leadership teams positioned to navigate future challenges. Resources like Value Investing and FinSheet were instrumental in analyzing financial ratios and growth projections.
• Market Leadership & Innovation: We focused on companies leading their respective industries, with a clear edge in innovation and a proven ability to adapt to changing market trends. Analyst reports from reputable sources like XM and Bankrate provided valuable insights into industry leaders and emerging trends.
• Diversification & Risk Management: To mitigate risk, we ensured our picks represent a variety of sectors and company sizes. Investment research tools like Alpha Research and Seeking Alpha were helpful in exploring diverse investment opportunities across different sectors.

Beyond the Numbers: Why These Stocks Shine

Throughout this selection process, we delved deeper into the stories behind these companies. We looked at their:

• Competitive Advantages: What unique strengths and differentiators set them apart in the market?
• Future Outlook: How are they positioned to capitalize on future market trends and technological advancements?
• Management Expertise: Does the leadership team have a proven track record of success and a clear vision for the company’s future?

By combining financial analysis, industry research, and a focus on long-term growth potential, we’ve identified these 10 stocks as compelling investment opportunities for 2024.

 

10 Best Stocks To Buy Or Watch

 

1. Microsoft (MSFT)

Market Capitalization: 3.19 trillion USD

Forward Dividend Yield: 0.71%

Number of Hedge Fund Holders: 172

Fair Value Estimate: 277.71 USD

Microsoft operates in the information technology sector, focusing mainly on the software industry. However, the company sells products to both consumers and businesses, competing across various industries. Over the past year, Microsoft’s stock market today has ranged from $272.05 to $430.82. Today’s trading volume is 21,126,925 shares, just below the average of 22,738,628 shares.

Microsoft’s market capitalization is $3.19 trillion, showing its significant presence. With a beta of 0.89, the stock’s volatility is lower than the market average. The price-to-earnings (PE) ratio over the trailing twelve months (TTM) is 38.86, with an earnings per share (EPS) of $11.05. Earnings are scheduled for April 23, 2024, to April 29, 2024, with an ex-dividend date of May 15, 2024.

According to 41 analysts, Microsoft stock has an average price target of $421.46 over the next 12 months. On average, this target suggests a slight decrease of -1.92% from the current stock price of $429.72. Microsoft remains a solid buy due to its strong performance in cloud and AI markets and disciplined expansion.

 

2. Apple (AAPL)

Market Capitalization: 2.75 trillion USD

Forward Dividend Yield: 0.54%

Number of Hedge Fund Holders: 119

Fair Value Estimate: 117.49 USD

Apple has emerged as the best-performing stock in 2024 for a variety of reasons.

Apple’s smart business approach is largely responsible for its amazing growth. Through a well-balanced combination of design expertise, hardware superiority, software skill, and tactical acquisitions, the business has created an environment that fosters unmatched customer loyalty. This all-encompassing strategy makes sure that once a user joins the Apple ecosystem, they will find it compelling to stay within its boundaries.

Each share is valued at $24.65, with trailing twelve months (ttm) revenue reaching an impressive $385.71 billion. Despite facing industry challenges, the company has maintained steady growth, with a modest 2.10% quarterly revenue increase year over year. Apple’s strong operating performance is demonstrated by its substantial earnings before interest, taxes, depreciation, and amortization (EBITDA) of $130.11 billion, even though precise gross profit figures are not available.

According to projections from 30 analysts offering 12-month price forecasts for Apple stock, the average target stands at 206.17. Based on the current stock price of 171.22, the average target suggests a potential increase of 20.41%. Apple’s consistent performance, innovative spirit, and promising future outlook have instilled confidence among investors, making it the standout stock of 2024.

 

3. Nvidia (NVDA)

Market Capitalization: 2.25 trillion USD

Forward Dividend Yield: 0.018%

Number of Hedge Fund Holders: 79

Fair Value Estimate: 910 USD

NVIDIA’s (NVDA) integration into large-scale enterprise and healthcare systems enhances its market position and revenue opportunities. NVIDIA is a top-performing stock supported by strong numbers. The company is expected to grow earnings and revenue by 22.6% and 21.7% per year, respectively, with EPS forecasted to increase by 22.7% annually.

NVIDIA’s annual revenue for 2024 surged to $60.922 billion, a remarkable 125.85% increase from the previous year. Additionally, its EPS for the twelve months ending October 31, 2023, soared to $7.58, up by 222.55% year-over-year. These impressive figures highlight NVIDIA’s position as a top-performing stock, driven by strong growth and financial performance.

Analysts project an average price target of $913.74 for NVIDIA, ranging from a high forecast of $1,200.00 to a low of $608.40. This average target reflects a 4.03% change from the last price of $878.37. These outstanding results highlight NVIDIA’s status as a top stock, supported by solid financial performance and promising growth prospects.

 

4. Alphabet (GOOG)

Market Capitalization: 1.85 trillion USD

Forward Dividend Yield: 0.00%.

Number of Hedge Fund Holders: 123

Fair Value Estimate: 142.13 USD

Alphabet is using important new technologies to make its business services better, work more efficiently, and stay safe. These technologies help Alphabet improve its services and keep up with what customers need. Alphabet is a leading stock and shows impressive financial performance. Its revenue reaches $86.31 billion, reflecting significant growth. Alphabet maintains a healthy net profit margin of 23.97% and a robust operating income of $24.9 billion. Additionally, its cost of revenue is reported at $37.34 billion, showcasing efficient expense management.

Alphabet has consistently grown its earnings at an average annual rate of 18.5%, outpacing the Interactive Media and Services industry’s earnings growth of 6.7% annually. Additionally, the company’s revenues have been increasing at an average rate of 17.4% per year. Alphabet boasts a return on equity of 26% and net margins of 24%, reflecting its strong financial performance and profitability compared to industry peers.

According to 37 analysts’ 12-month price forecasts for Alphabet stock, the average target is $152.16, ranging from a low estimate of $121 to a high estimate of $180. This average target suggests a 2.30 percent increase from the current stock price of $148.74. These strong financial figures position Alphabet as a top-performing stock, highlighting its stability and growth potential.

 

5. Amazon (AMZN)

Market Capitalization: 1.85 trillion USD

Forward Dividend Yield: 0.00%

Number of Hedge Fund Holders: 131

Fair Value Estimate: 73.23 USD

Amazon is an online store, selling stuff on the internet, and it’s grown much bigger. Now, selling things online makes up more than half of Amazon’s money. Amazon has a total of 10.39 billion shares outstanding, which values the company at $1,815.60 billion. Amazon’s performance shines through various growth measures. Over the last quarter, its revenue surged by 13.91%, showing a strong trend.

In the long term, its revenue growth rate over five years stands at an impressive 19.80%. When it comes to earnings per share (EPS), Amazon’s quarterly YoY growth rate skyrocketed to 3,580.63%. Even over the past twelve months, its EPS grew substantially by 1,163.40%.

The company has also shown remarkable growth in book value per share over five years, with a growth rate of 34.39%. Moreover, its tangible book value total equity has grown impressively by 47.09% over five years. Amazon’s net profit margin growth rate over five years is relatively modest at 4.48%. Amazon’s consistent growth across various metrics cements its status as a top-performing stock.

 

6. Equitrans Midstream (ETRN)

Market Capitalization: 4.90 billion USD

Forward Dividend Yield: 5.31%

Number of Hedge Fund Holders: 783

Fair Value Estimate: 11.73 USD

Equitrans Midstream Corporation is an American energy company that focuses on transporting natural gas and natural gas liquids through pipelines. Equitrans Midstream is standing out as a top-performing stock, with a net worth of $4.91 billion as of March 12, 2024. Impressively, its net worth has surged by a remarkable 80.78% in just one year, signalling strong growth and investor confidence. When it comes to valuing the company, Equitrans Midstream shows positive indicators.

Equitrans Midstream is seen as reasonably valued relative to its earnings. Additionally, the company’s price-to-sales ratio of 3.54 and price-to-book ratio of 4.70 are within reasonable ranges. Furthermore, its enterprise value-to-revenue ratio of 9.27 and enterprise value-to-EBITDA ratio of 10.70 reflect Equitrans Midstream’s solid financial health and operational efficiency.

Equitrans Midstream is expected to see growth in both earnings and revenue, with forecasts predicting increases of 12.2% and 5.7% per year respectively. Analysts have set an average price target of $11.90 for the stock, ranging from a high forecast of $13.00 to a low of $11.00. Compared to the last price of $11.08, this average target represents a potential 7.40% change.

Equitrans Midstream’s strong market performance and favorable valuation metrics make it a standout stock in the market.

 

7. Lyft (LYFT)

Market Capitalization: 7.62 billion USD

Forward Dividend Yield: 0.0%

Number of Hedge Fund Holders: 60

Fair Value Estimate: -4.33 USD

Lyft (LYFT) consistently looks for fresh ways to connect with its customers and outpace rivals. Lyft offers users a friendly and hassle-free experience that they find convenient and enjoyable. Lyft’s stock is currently trading at $19.42, with fluctuations observed throughout the day ranging from $19.39 to $20.82.

Over the past year, Lyft’s stock has seen significant growth, reaching a high of $20.82 and a low of $7.85. With a market capitalization of $7.62 billion and 391.24 million shares outstanding, Lyft maintains a strong position in the market. Its public float consists of 339.76 million shares. The stock’s beta, indicating its volatility, is 1.51, which suggests it’s more volatile than the market average. Lyft generates revenue efficiently, with a revenue per employee of $1.495 million.

According to analysis by 23 experts, Lyft, Inc. is anticipated to reach an average target price of $15.09 within the next 12 months, with estimates ranging from a low of $10 to a high of $23. This average target suggests a potential decrease of -19.35% from the current stock price of $18.71.

Looking further ahead, the Lyft stock prediction for 2025 stands at $15.29, based on the assumption that Lyft shares will continue growing at their average yearly rate observed over the last decade. This projection would represent a 15.78% increase in the LYFT stock price. Lyft’s growth potential and market presence make it a noteworthy stock in the market.

 

8. CRISPR Therapeutics (CRSP)

Market Capitalization: 5.91 billion USD

Forward Dividend Yield: 0.0%

Number of Hedge Fund Holders: 672

Fair Value Estimate: 119 USD

CRISPR Therapeutics is a top gene editing company dedicated to creating revolutionary gene-based treatments for severe illnesses. They do this by leveraging their own CRISPR/Cas9 platform. Crispr Therapeutics stock has been active in the market. Over the past year, the stock ranged from $37.55 to $91.10, indicating big swings. Today’s trading volume is 1,481,091 shares, just under the usual 2,043,201 shares.

Crispr Therapeutics holds a market capitalization of $5.981 billion, making it a significant player. Its beta, a measure of volatility, is 1.78, meaning it’s more volatile than average. The company reported a negative earnings per share (EPS) of -$1.94 over the last year. Looking ahead, its earnings date is set for February 21, 2024, with a one-year target estimate of $87.57.

According to predictions from 22 analysts, CRISPR Therapeutics AG has an average price target of $87.18 in the short term. These forecasts vary, with estimates ranging from $30.00 to $199.00. On average, this target reflects a 19.51% increase from the last closing price of $72.95. Crispr Therapeutics remains a top performer in the stock market, with growth potential.

 

9. Wayfair (W)

Market Capitalization: 7.75 billion USD

Forward Dividend Yield: 0.0%

Number of Hedge Fund Holders: 703

Fair Value Estimate: 107 USD

Wayfair mainly earns its revenue from selling products. Whenever a product is sold, the company makes a profit because it buys items in large quantities from manufacturers and suppliers. Wayfair also engages in drop shipping and handles shipping costs. Wayfair stock has The bid price for 900 shares is $65.52, and the asking price for 800 shares is $65.56. Throughout the day, it traded between $63.40 and $66.39, showing ups and downs.

Over the past year, Wayfair’s stock has ranged from $29.51 to $90.71, showing significant variability. Wayfair’s market capitalization stands at $7.906 billion, indicating its significant presence. Its beta, a measure of volatility, is relatively high at 3.28. The company reported a negative earnings per share (EPS) of -$6.47 over the past year.

Wayfair is expected to see significant growth in both earnings and revenue, with forecasts predicting increases of 51.7% and 4.9% per year, respectively. Additionally, the company’s earnings per share (EPS) are projected to grow by 59.8% annually. Looking ahead, Wayfair is forecasted to achieve a return on equity of 4.8% within three years so it remains in the list of top-performing stocks.

 

10. Carnival (CCL)

Market Capitalization: 20.90 billion USD

Forward Dividend Yield: 0.00%

Number of Hedge Fund Holders: 44

Fair Value Estimate: 11.52 USD

Carnival Corp. is involved in running cruise ships. The company operates through different business segments, including North America and Australia (NAA) Cruise, Cruise Support, and Tour and Others. Carnival Corp’s stock has ranged from $8.68 to $19.74, demonstrating significant variability.

Today’s trading volume is 29,379,211 shares, slightly below the average volume of 30,143,301 shares. Carnival Corp holds a market capitalization of $22.233 billion, showing its significant presence in the market. Its beta, a measure of volatility, is relatively high at 2.55. The company reported a negative earnings per share (EPS) of -$0.06 over the trailing twelve months (TTM). The earnings date is set for March 27, 2024. The ex-dividend date was on February 20, 2020. The one-year target estimate for the stock is $20.93.

Based on the most recent long-term forecast, Carnival’s stock price is expected to reach $17 by mid-2024, followed by an increase to $20 by mid-2025. Subsequently, the price is anticipated to rise to $30 in 2026, $35 in 2028, $40 in 2029, $45 in 2030, $50 in 2033, and $55 in 2035. The future is bright so we can buy carnival stock.

 

Investing 101: Crucial Steps Before You Buy

• Past Performance Isn’t a Crystal Ball: While past performance can offer insights, it doesn’t guarantee future success. The market, economy, and individual companies can change dramatically. Focus on a company’s current fundamentals and future growth potential.
• Know Your Risk Tolerance: Before investing, assess your comfort level with risk. How much market volatility can you handle emotionally? Understanding your risk tolerance helps you choose suitable investments aligned with your financial goals.
• Diversify Your Portfolio: Don’t put all your eggs in one basket! Spread your investments across different asset classes like stocks, bonds, and real estate. Within each class, diversify further by sector and company size. This mitigates risk by minimizing the impact of a single poorly performing investment.
• Consider a Financial Advisor: For personalized guidance and a tailored investment plan, consulting a qualified financial advisor can be beneficial. They can assess your goals, risk tolerance, and develop a strategy suited to your needs.

Benefits of a Financial Advisor:

• Goal Alignment: Financial advisors help you define your financial goals and risk tolerance, crafting a personalized investment plan that aligns with your aspirations.
• Strategic Planning: They create a customized investment strategy considering your financial situation and objectives, maximizing your potential for success.
• Ongoing Support: Advisors provide continuous guidance and monitor your portfolio, ensuring your plan remains on track and adapts to your evolving needs.

 

Conclusion

I’ve discussed with you all the best stocks to buy now above. Investing in top-performing stocks can be a great way to grow your money. But remember, just because a stock did well in the past doesn’t mean it’ll do well in the future. So, before you jump in the best stocks to invest in 2024, take the time to do your research and understand how much risk you’re comfortable with. By doing this, you’ll be better prepared to make smart investment decisions that align with your financial goals. And if you ever need help, don’t hesitate to reach out to a financial advisor for guidance. You can position yourself for success in the world of investing if you plan and have patience.

Check out our list of 10 Best Day Trading Stocks to Watch in 2024 for potential short-term gains.

 

Disclaimer: Please note that the information provided is for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.