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This article explains in detail the 10 Best Multibagger Stocks to buy for 2024.  After a thorough analysis of the market trends and growth prospects of various companies, we have compiled a list of  10 best companies.

With the ever-changing financial landscape, multi-bagger stocks have emerged as lucrative options for all those looking to pounce on market shifts. The declining revenue growth rates and tech industry layoffs are quite high, so people are eager to invest in companies with 100% returns.

Global Economic Outlook- A Quick Overview

The endless debates on the looming global recession and the US market’s never-ending interest rate hike is quite a difficult problem to tackle.  The International Monetary Fund (IMF) stated that the base forecast for global growth is projected to decline from an estimated 3.4 % in 2022 to 2.8% in the year 2023  before settling at 3 % in the year 2024. And even the predictions for the year 2023 are higher while the growth remains weak by historical standards.   In brief, the last three years have been taxing for the stock market and the global economy.

The recent resolution of US debt ceiling standoff and earlier this year’s strict government response to curb volatility in US and Swiss banking reduced the risk of financial sector unrest. The balance of risks to global growth is still skewed to the downside. And if shocks such as the intensification of war in Ukraine  and extreme weather-related events happen then inflation may stay high or possibly increase, forcing policymakers to become more restrained.

Multibagger Stocks

 The term “multibagger” was first coined by the famous American investor and Philanthropist, Peter Lynch.  Multibagger companies are the ones that deliver greater than 100% returns. The list inculcated the names of all those companies whose stock price is expected to reach 10x in the 5 years.  Let’s discuss how multi-bagger stocks have outperformed in the global market with their rapid growth and promising financial future.

How we have analyzed the 10 Best Multibagger Stocks to buy for 2024?

 As last year the oil and gas prices are soaring high it’s the perfect stock to invest in to fight off the inflation. But the market trends have been volatile and the list has changed a lot in the year 2024.  The latest trends circle around the tech industry especially due to the generative AI segment. AI has driven  tech stocks to increase rapidly in 2023  and a few ones are still in the list of 2024  with a higher chance of growth.  It is important to note here that we have avoided small-cap and mid-cap penny stocks  due to their high volatility.  

The hedge fund sentiment information was taken from Insider Monkey’s database of 943 elite hedge funds. Along with this, the following factors are taken in consideration :Overall financial performance including revenue growth, profitability, financial health, and cash flow generation.Assessing the company’s growth prospects and favorable market dynamics that drive the company’s future performance. Analysis of the company’s growth prospects that include new product launches, expansion plan, and other well-refined strategies.

10 Best Multibagger Stocks to buy for 2024

 1. NVIDIA Corporation (NASDAQ: NVDA)

 Number of Hedge  Fund Holders: 132

1-year share price gain as of 7th July 2023: 180.51%

NVIDIA Corporation gained the top spot among the 10 Best Multibagger Stocks to Buy for 2024 as it reached the benchmark of $1 trillion market capitalization by May 30.  As the world’s most advanced AI platform with full-stack innovation in multiple IT domains, it has seen a tremendous rise in stock price and market caps.  The stocks have surged to over 180% in the last twelve months and the company’s overall stock price reached almost 200%.  

The hedge funds also significantly improved in the first quarter of 2023 for NVIDIA Corporation (NASDAQ: NVDA). In Q1 2023, 132 hedge funds owned the business, up from 106 the quarter before. The largest hedge fund holder in Q1 was GQG Partners, with worth $2.29 billion. in NVIDIA Corporation (NASDAQ:NVDA) Thirty of the 33 analysts who have followed NVIDIA Corporation (NASDAQ: NVDA) in the past three months still have a Buy or Overweight rating on the stock, with an average price target of $480.61

With the boom of AI technology and the continued rerating of graphics chipmakers, NVIDIA Corporation makes its mark in the second quarter. As the company continuously strives hard to solve complex computing problems through GPUs it has built a strong position over time. Overall, the company’s long-term runway is still enticing because of its privileged placement in the enormous addressable market for GPUs.

 2. Builders FirstSource, Inc. (NYSE : BLDR)

 Number of Hedge  Fund Holders: 51

1-year share price gain as of 7th July 2023: 121.91%

Builders FirstSource, Inc. is a Fortune 500 Company that is the biggest manufacturer and supplier of building materials.   In first quarter Builders FirstSource  Inc  has the net sales   ranging from 4 to  4.2 billion  with the  adjusted EBITDA in the range of $525 to $575 million. The net sales of the company in the second quarter surpassed the consensus mark of $4.2 billion driven by the strength of the value-added product portfolio.  The company is focused on near-term targets and strategically executes all   through hard work and dedication.

The company has flourished a lot in recent years as to this date the company has delivered $84 million in productivity savings.  The company makes use of the smart approach and has been using their abundant cash flow to buy 30% of the stock in the last 18 months.  So if you are one of those rich brats looking for a fresh pick that’s set to soar in the near term, make sure to keep Builders FirstSource in your list.

3. Vertiv Holdings Co (NYSE : VRT)

Number of Hedge  Fund Holders: 41

1-year share price gain as of 7th July 2023: 184%

Vertiv Holdings Co is the power leader in solving the most complex challenges of power and thermal management faced by data centers, communication networks, and enterprises globally.  As per the latest reports of September  2023, Vertiv Holdings Co (NYSE: VRT) stock closed nearly at $37.03 per share. The one-month return was nearly 12.25%  and the shares gained 184.41%  of their value over the last 52 weeks.  Overall the market capitalization of the company reached sky-high, $14.091 billion.

 Being the leading provider of hardware, software, analytics, and services, it ensures optimal performance of all customer vital applications. The business operations of the company is spread across the three primary segments which include America, Asia Pacific, Europe, Middle East, and Africa.   While in Q1 2023, 41 hedge funds have their share in Vertiv Holdings Co compared to 40 in the previous quarter. The largest stake of 16.8 million of the company’s shares worth $240.67 is owned by Starboard Value LP.

4. First Solar, Inc. (NASDAQ:FSLR)

Number of Hedge  Fund Holders: 39

 11-year share price gain as of 7th July 2023: 172.97%

Being in the list of 10 Best Multibagger Stocks to buy for 2024, the US-headquartered company is the largest module producer.  Currently, the stocks of the company are selling at a high premium, but according to Goldman Sachs, there are “multiple catalysts brewing” that might push the price much higher June 27, the company reiterated a Buy rating with a $272 price target on First Solar, Inc. (NASDAQ: FSLR) stock. On July 7, the shares of the company finished at $189.14, representing a gain of 172.97% over the previous 12 months.

The top firm in the globe for renewable energy is First Solar, Inc. (NASDAQ: FSLR) provides utility-scale PV power plants and supporting services. Despite the shares of the company selling at a TTM PE ratio of 450.33, analysts are optimistic about it. It is still the viable and best solar stock to buy for multi-bagger returns. The solar power industry’s rapid expansion may be one of the causes of this view. Solar power grew at its fastest rate ever in the first quarter of 2023, and its use may double over the following five years. Solar energy is anticipated to account for 54% of all new electricity-producing capacity in the US by 2023.

5. Royal Caribbean Cruises Ltd. (NYSE:RCL)

Number of Hedge  Fund Holders: 39

1-year share price gain as of 7th July 2023: 213.01%

 The global cruise vacation company, Royal Caribbean Cruises Ltd will let you cruise to unforgettable locations.  The company took advantage of the ease of travel restrictions after the pandemic and became a multi-bagger stocker.   The company has seen a surge in stock by 213 as per the latest report in July 7.  A total of 39  hedge funds held a  stake in Royal Caribbean Cruises Ltd. In the first quarter of 2023.  The highest stake of over 2.756 million share of worth $179.98 million was owned by Aerial Investments.

 Seeing the high return rate  DE Shaw increased its holding in Royal Caribbean Cruises Ltd. by 2694%to 1.7 million shares with a total worth of $ 112.107 million.  The stock outperformance has continued so far in this year.  Moreover, the cruise lines are using their capital to further expand their services to keep up with the increasing cruise travel demand.  The company is planning to prepare the largest cruise ship ever built into the ocean at the start of the year 2024.

6. Jabil Inc ( NYSE: JBL)

Number of Hedge  Fund Holders: 39

1-year share price gain as of 7th July 2023: 111.16%

 Jabil Inc is the leading American manufacturing services company that offers design, production and product management services.  The company is primarily operational in two segments Electronic Manufacturing Services and Diversified Manufacturing Services.  The stock price surged rapidly and has been up by 111.16% in the last twelve months.   The company generated a revenue of $8.5 billion marking an overall increase of 1.8% and outperforming the estimates by $300 million.

The company’s revenue growth was majorly attributed by Diversified Manufacturing Services segment by 13% year over year while the Electronic Manufacturing Services declined by 8%. In the fourth quarter it is expected that the company will grow tremendously to generate revenue between $8.2   billion to $ 8.8  billion. The record for non-GAAP EPS will range from $2.14 to $2.50.  For all the reasons, Jabil Inc is one of the most eminent multi-bagger stocks  along with the other top-tier companies like NVIDIA Corporation.

 7. Super Micro Computer Inc. (NASDAQ: SMCI)

Number of Hedge  Fund Holders: 36

1-year share price gain as of 7th July 2023: 544.23%

Super Micro Computer Inc. is a Silicon Valley-based information technology company that manufactures high-performance servers and other storage solutions.  In the first quarter of 2023, 36 hedge funds held a stake in Super Micro Computer Inc. Among all, Whale Rock  Capital Management held the most significant stake with a total of 791,446  shares that are worth $ 84.33 million.  This one is included in the list of 10 Best Multibagger Stocks to buy for 2024 as it has experienced an overall increase of $544.23%  in the last twelve months.

 The company outperformed in stocks that’s solely because of the incorporation of the AI trends in the market.Super Micro Computer Inc strives hard to provide its advanced products to enterprises’ data centers, cloud computing, AI, and other edge computing markets.  Latest by June 27, Northland  Securities reiterated an outperform rating on SMCI ‘s Stock which raised to $300 from $200.

8.Rambus Inc. ( NASDAQ: RMBS)

Number of Hedge  Fund Holders: 26

1-year share price gain as of 7th July 2023: 185.24%

Rambus is an American technology company that specifically designs, develops, and licenses chip interface technologies from the 1990s through the early 2000s.  Rambus Inc ( NASDAQ: RMBS) gained 185.24%  in the last twelve months and therefore gained the 8th  spot among the 10 Best Multibagger Stocks to buy for 2024.  As per the latest reports of May  18, Rambus Inc. stock was upgraded from  Hold to Buy by  Jefferies analyst Mark Lipacis. Additionally, Mark Lipacis surged the company’s price target from $45 to $65.  The analyst’s predictions state that the company will double its market share in the coming year 2024 by registering state drivers.

 As per Q1 2023,   26 hedge funds held Rambus Inc ‘s stake with a collective value of $256.265 million.  DE Shaw is the most eminent hedge fund holder during Q1 with an overall  1 million share that are worth nearly  $54.9 million. Rambus Inc optimistic future growth is estimated by the fact that   it appears to be overvalued by 22% based on the discounted cash flow valuation.

9. Carnival Corporation & plc ( NYSE: CCL)

Number of Hedge  Fund Holders: 25

1-year share price gain as of 7th July 2023: 124.26%

Carnival Cruise Line also known as American Cruise Line primarily is focused on the provision of leisure travel services.  This company is the leader in contemporary cruising and operates cruises in almost every continent of the world.  The entrepreneurial spirit and pioneering vision of the company is the main factor that  it becomes the part of 10 Best Multibagger Stocks to buy for 2024.  As with the pandemic travel industry has been completely shattered for a certain passage of time but the  company has recovered better than expected.

 According to the latest Q2 results in June 2023, the revenue of the company increased significantly by 104 % year over year and beat the overall estimates by $130 million.  CCL’s customer deposit reached sky-high with an overall value of $ 7.2 billion in Q2.  Among all the hedge fund holder, Two Sigma advisors was the most crucial one in Q1 2023 with an approximate of $11.2 million shares that are worth over $113.657 million.

10. Allergo Microsystems, Inc. ( NASDAQ: ALGM)

Number of Hedge Fund Holders: 25

1-year share price gain as of 7th July 2023: 120.56%

Allergo Microsystems, Inc. is the global leader in semiconductor technology with 30  years’ of experience in developing technology for motion control and energy-efficient systems.  This company specifically caters the needs of automotive and diversified industrial sectors.  In the automotive industry the company primarily serves the need for the electric vehicle industry which is the growth driver for the company.

Allergo Microsystems, Inc. made a huge upward leap as per the reports of Q1 2023.  The company was held by 24 hedge funds that’s greater than the previous 15  funds in the previous quarter.  Citadel Investment Group increased its holding in the company during Q1 by 336% to 654,940  shares that are worth $31.43 million.  in brief, although the last in the list of 10 Best Multibagger Stocks to buy for 2024 it has remarkable outside audit track record of success.


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