–TechRound does not recommend or endorse any financial or investment practices. All articles are purely informational—
Just saving money in your bank account isn’t enough in today’s world. Inflation can weaken or diminish its value over time. With that said, rather than keeping your money in the bank where it may not grow much, consider investing it.
Stark upward trends influence these stocks in trading volume and price. Hence, this makes momentum stocks enticing opportunities for investors looking for maximum capital appreciation.
Here are some hot stocks to take advantage of the plausible substantial returns.
Uber Technologies, Inc. (NYSE: UBER)
Uber Technologies, Inc., based in San Francisco, California, operates technology platforms that connect consumers with ride service operators, offering different transportation modes like scooters, bikes, and public transit.
In addition, Uber provides same-day delivery options, business fleet solutions, freight services, and on-demand food delivery, accommodating at least 142 million active consumers worldwide.
In the last quarter of 2023, the company reported a significant 22% annual growth in gross bookings, totaling $37.6 billion in value, with nearly 28 million daily trips. Moreover, in February 2024, Uber Technologies, Inc. disclosed revenue of $9.9 billion and Q4 GAAP EPS of $0.66 billion, towering above Wall Street estimates.
What makes the company a hot buy is that Uber Technologies, Inc. reported its first yearly profit since 2018. Uber posted a $1.9 billion net income, a significant breakthrough from the $9.1 billion loss in 2022.
Plus, the company’s consistent bottom line is a significant turning point. The management just also revealed a $7 billion stock buyback initiative. It tells investors that the company feels overly confident about its financial position.
If you want to capitalize on this stock now but don’t have the immediate funds available, consider exploring options such as instant online payday loans to seize these investment opportunities.
Adobe Inc. (NASDAQ: ADBE)
In the final quarter of 2023, Adobe Inc. (NASDAQ: ADBE) attracted considerable attention from hedge fund investors, with 105 funds showing interest in the company.
Known for its popular software suite, including tools for reading documents and editing images, Adobe stands out as a leader in the productivity software industry.
Analysts highlight Adobe’s strategic integration of artificial intelligence (AI) into its products, enabling users to enhance their design processes more efficiently.
Market sentiment towards Adobe remains overwhelmingly positive, with most analysts rating the stock as a “Strong Buy.” Notably, the average price target for Adobe’s shares is $652.57, suggesting significant upside potential from current levels.
Delving into hedge fund activity, a recent analysis of 933 holdings revealed that Adobe Inc. (NASDAQ: ADBE) was a notable presence among investors. Ken Fisher’s Fisher Asset Management led the pack, which held a substantial stake valued at approximately $2.7 billion in Adobe stock.
This significant investment underscores the confidence of institutional investors in Adobe’s long-term growth prospects and innovative product offerings.
Oracle Corporation (NYSE: ORCL)
As a prominent American software provider, Oracle is renowned for its enterprise resource planning software, which is widely adopted by businesses around the globe. Oracle secured a noteworthy victory in February 2024 when it announced that the State of North Carolina had chosen its financial management platform.
Among the 933 hedge funds surveyed by Insider Monkey, Oracle Corporation (NYSE: ORCL) emerged as a favored investment option. Jean-Marie Eveillard’s First Eagle Investment Management is leading the pack of Oracle shareholders, boasting a substantial stake valued at $1.9 billion.
This significant investment signals strong institutional confidence in Oracle’s software solutions and underscores the company’s continued relevance in the ever-evolving technology sector.
Broadcom Inc. (NASDAQ: AVGO)
As one of the largest semiconductor companies globally, Broadcom specializes in designing chips, including those used in smartphones.
Despite its prominent position in the market, Broadcom’s shares received an average Buy rating from analysts. However, it’s worth noting that the average share price target is currently lower than the stock’s current trading price, suggesting some divergence in market expectations.
Among the 933 hedge funds profiled by Insider Monkey, 91 had holdings in Broadcom Inc. (NASDAQ: AVGO) during the last quarter of 2023. Notably, Ken Fisher’s Fisher Asset Management emerged as the largest investor in the company, holding a substantial stake valued at $2.3 billion.
In addition to its strong hedge fund interest, Broadcom Inc. (NASDAQ: AVGO) has been identified alongside tech giants like Microsoft Corporation (NASDAQ: MSFT), Amazon.com, Inc. (NASDAQ: AMZN), and Meta Platforms, Inc. (NASDAQ: META) as a top momentum stock.
This designation underscores the company’s momentum and the confidence of institutional investors in its growth potential and market performance.
Nvidia (NASDAQ: NVDA)
Nvidia (NASDAQ: NVDA) remains one of the standout momentum stocks to consider adding to your portfolio. Throughout 2024, Nvidia’s shares have maintained a steady upward trajectory, mirroring the previous year’s impressive performance.
Despite reaching the $700 price level, many analysts remain bullish on Nvidia’s prospects, with some projecting that the stock could soar above $1,000 per share. This optimistic outlook reflects the market’s confidence in Nvidia’s innovative technologies and its position as a leader in the semiconductor industry.
The dynamic nature of the investment landscape presents a wealth of opportunities for those willing to seize them. Momentum stocks like Uber Technologies, Adobe Inc., Oracle Corporation, Broadcom Inc., and Nvidia are prime examples of companies poised for substantial growth in the coming years.
–TechRound does not recommend or endorse any financial or investment practices. All articles are purely informational—
