Nvidia (NVDA) stood out as the undisputed leader of the 2023 stock market rally, tripling its value so far. However, it is not among the best stocks of 2023
.
Instead, Carvana (CVNA) achieved a 1,000% increase, followed by six other stocks that surpassed NVDA, including MoonLake Immunotherapeutics (MLTX), IonQ (IONQ), AppLovin (APP), Riot Platforms (RIOT), ImmunoGen (IMGN), and Arlo Technologies (ARLO). All of these companies have a market capitalization of at least 1 billion dollars and a stock price greater than
10.
Super Micro Computer (SMCI) was initially on the list, but was later excluded. These are all speculative names, and many of these companies are currently recording losses, with forecasts of continuing to
do so.
However, four of the seven stocks are getting closer to possible buying points: Carvana, MoonLake Immunotherapeutics, Arlo Technologies, and IonQ. At the moment, however, none of these actions are considered feasible.
Here is the list of the best stocks of 2023 with the percentage of profit as of September 15:
— Carvana (CVNA): 996%
— MoonLake Immunotherapeutics (MLTX): 449%
— IONQ (IONQ): 368%
— AppLovin (APP): 318%
— Riot Platforms (RIOT): 22%
— ImmunoGen (IMGN): 217%
— Arlo Technologies (ARLO): 21%
— Super Micro Computer (SMCI): 198%
— Nvidia (NVDA): 201%
Carvana shares exploded with a 996% gain through September 18. The online car dealership has had ups and downs after its IPO in 2017, but has seen a significant increase. Despite this, the company is still recording losses and is expected to continue to do so. Carvana shares reached a buying point on September 14 and continued to grow. The relative strength line is at a 52-week high, which indicates an outperformance compared to the S&P 500 index
.
MoonLake Immunotherapeutics has seen a 449% increase so far this year. Despite being a biotechnology company in development with no revenue, expectations are high for its experimental drug sonelokimab, used to treat several conditions. MoonLake shares rose 78% after the drug’s positive results were reported on June 26. At the moment, the shares are testing the 50-day line
.
IonQ recorded an increase of 368 percent in 2023. It is a company specialized in quantum computing and, despite still recording losses, its revenues are growing. IonQ shares reached a buying point of a short consolidation, but later fell and returned to the 50-day line
.
AppLovin has registered a 318% increase so far this year. It recorded profits in the second quarter and is expected to continue to do so for the full year. The company’s sales are constantly growing.
Riot Platforms saw a 222% increase in 2023. After peaking in July, the value of the shares fell due to the drop in the price of bitcoin. Currently, stocks are testing resistance at the 21-day line
.
ImmunoGen has seen a 217 percent increase so far this year. After obtaining expedited approval for its investigational drug for ovarian cancer, the company experienced increased revenue and positive expectations. Stocks are testing resistance at the 21-day line
.
Arlo Technologies recorded an increase of 211 percent in 2023. It recorded profits in the last two quarters and reached the 50-day line
.
Super Micro Computer achieved a 198% increase in 2023, a slightly lower result compared to Nvidia. The company specializes in server manufacturing and is profitable. However, earnings expectations declined in the second half of fiscal year 2023
.
In conclusion, despite Nvidia’s impressive performance in 2023, seven other stocks have outperformed its performance. However, many of these companies are still at a loss stage and may not be viable at this time
.