Can These Stocks Continue to Hit New Highs After Doubling in 2024?
After last Friday's strong rebound, the market seems to have returned to the joy of an upward trend. However, individual stock performance remains quite divided. $.IXIC(.IXIC)$ closed higher yesterday, while $.DJI(.DJI)$ ended in the red. Is the market gearing up for a Trump comeback rally? Let's take a look at the growth stocks that hit new highs yesterday!
1. $Reddit(RDDT)$ hit a record high yesterday at $179.49, an astounding 380.71% surge in 2024.
As a globally renowned social media platform, Reddit has seen sustained growth in user engagement and advertising revenue. In the third quarter, the company achieved a net profit of $29.9 million, reversing a loss of $7.4 million in the same period last year.
Revenue increased 68% year-over-year to $348.4 million, surpassing analysts' expectations of $312.8 million.
Daily active users grew by 47% year-over-year to reach 97.2 million, driving approximately a 40% increase in ad revenue.
Additionally, Reddit’s data licensing agreements with companies like Google and OpenAI contributed significantly to its revenue growth.
2. $IONQ Inc.(IONQ)$ reached a fresh peak at $51.07, marking a stellar 237.13% rise in 2024.
IonQ is a leader in quantum computing technology. In its November 11 earnings report, the company announced it had achieved its annual technical target of reaching 29 qubits and expects to scale to 64 qubits by 2025.
Moreover, quarterly revenue exceeded expectations, with bookings totaling $28 million, driven primarily by the Quantum Basil project and its two system deployments.
3. $Oklo Inc.(OKLO)$ climbed to a new high of $30.00, an annual gain of 101.04% in 2024.
Oklo specializes in advanced nuclear energy technologies.
Wall Street analysts believe the energy demands of AI data centers will outstrip supply in the coming years, making nuclear energy an essential resource. Its peer, $Vistra Energy Corp.(VST)$ , was the second-best-performing stock in the S&P 500 in 2024. Which AI-related sector do you see as the next big investment opportunity?
4. $Arista Networks(ANET)$ soared to an all-time high at $118.98, an 87.73% increase in 2024.
Arista Networks focuses on high-performance networking solutions.
In its third-quarter earnings report, the company reported a 20% increase in sales to $1.81 billion and a 30% growth in earnings per share to $0.60.
Additionally, the company completed a 4-to-1 stock split in December last year, and its stock has continued to rise post-split.
5. $Ralph Lauren(RL)$ surged to a record close at $242.96, achieving a solid 60.18% gain in 2024.
Ralph Lauren is a globally recognized luxury brand. Last year’s outstanding performance was attributed to the company’s successful brand revamp and digital transformation strategy.
In its second-quarter earnings, the company posted a 6% year-over-year increase in revenue to $1.7 billion, exceeding expectations.
Ralph Lauren also raised its full-year revenue growth forecast to 3-4%, identifying new growth opportunities in markets like China.
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