Top Stocks Not Named Nvidia You Need To Know About In 2024: Here's What Investors Think About Them (Wall Street Vs. Reddit)

Zinger Key Points
  • Nvidia Corp. leads S&P 500 with a 60% gain year to date, overshadowing other stocks.
  • Ten S&P 500 stocks boast over 25% returns; three from the Magnificent Seven subset stand out.

Nvidia Corp. NVDA has undoubtedly emerged as the standout performer among S&P 500 stocks in the initial two months of 2024.

While the Santa Clara, California-based tech company enjoyed a 60% gain, there’s a pack of lesser-trumpeted names that have quietly delivered impressive returns in their own right.

These stocks have significantly outpaced the broader market.

Within the S&P 500 index, 10 stocks have achieved returns exceeding 25% so far this year. Noteworthy among them are three from the Magnificent Seven subset, showcasing the enduring strength of mega-cap tech players.

In contrast, the median S&P 500 stock, tracked by the S&P 500 Equal Weight ETF RSP, has eked out a modest 3% return, while the market-cap weighted SPDR S&P 500 ETF Trust SPY has posted a more substantial 7% surge.

Top 10 Performing S&P 500 Stocks (As Of Feb. 29, 2024)

CompanyYTD ReturnMarket Cap
NVIDIA Corporation 60.02%$1,950.35B
Constellation Energy Corporation CEG43.31%$53.04B
Meta Platforms, Inc. CEG38.14%$1,246.58B
Advanced Micro Devices, Inc. CEG29.17%$307.66B
Eli Lilly and Company LLY29.03%$677.07B
Ralph Lauren Corporation RL28.37%$11.83B
Tapestry, Inc. TPR28.27%$10.83B
Catalent, Inc. CTLT28.24%$10.41B
Uber Technologies, Inc. UBER28.18%$163.88B
Juniper Networks, Inc. JNPR25.12%$11.96B

What Wall Street Thinks…

Investors are likely considering whether the top-performing stocks still offer room for further growth, given their already impressive returns.

A reliable measure to gauge this potential is comparing the current stock price with the 1-year median price target projected by Wall Street analysts.

Among the top 10 S&P 500 stocks year-to-date, Uber Technologies stands out with the largest potential upside to its median price target, showing a significant difference of 13.8%. Catalent follows closely behind, boasting a 10% potential upside, while Nvidia still maintains a respectable 7% upside compared to its median price target.

However, it’s worth noting that there are other stocks within the S&P 500 index showing even more substantial potential upside.

Here’s a summary of the significant disparities between current market prices and Wall Street analysts’ forecasts within a one-year horizon.

Top 10 S&P 500 Stocks By Upside Potential Vs. Wall Street’s Price Target

Company1-Year Price Target (Med)
vs Current Price
Warner Bros. Discovery, Inc. WBD54.73%
Newmont Corporation NEM46.80%
Caesars Entertainment, Inc. CZR45.11%
The AES Corporation AES43.79%
Insulet Corporation PODD43.12%
First Solar, Inc. FSLR41.12%
Schlumberger Limited SLB41.03%
Carnival Corporation & pIc CCL38.85%
Biogen Inc. BIIB36.04%
Baker Hughes Company BKR35.75%

What Reddit Users Think…

A method for gauging social sentiment among U.S. stocks is provided by the VanEck Social Sentiment ETF BUZZ.

This fund allocates investments to companies that exhibit favorable insights gathered from various online sources, such as social media platforms, news articles, blog posts, and other alternative datasets.

Below, a table highlights the top 10 holdings within the BUZZ ETF, along with their year-to-date performance:

Most-Loved Stocks By Social Users

CompanyWeight In Buzz ETFYTD Return
Coinbase Global, Inc. COIN4.36%16.00%
MicroStrategy Incorporated MSTR3.4261.51
Super Micro Computer, Inc. SMCI3.37203.07
NVIDIA Corporation3.2160.06
SoFi Technologies, Inc. SOFI3.16-9.55
PayPal Holdings, Inc. PYPL3.09-1.68
Tesla, Inc. TSLA3.07-19.05
Advanced Micro Devices, Inc.3.0029.65
Meta Platforms, Inc.2.9638.49
Amazon.com, Inc. AMZN2.9315.23

Now Read: EXCLUSIVE: Magnificent 7 Takes Center Stage In Roundhill’s Expanded ETF Lineup With Inverse And Leveraged Options

Image: Midjourney

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