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By Jeremy Flint, InvestorPlace
Breakout stocks like Nvidia (NASDAQ:NVDA) may have captured headlines this year, but plenty of companies with as much (or more) potential are rapidly rising. And, unlike breakout stocks like Nvidia, investors tend to overlook their potential despite their rapid gain over recent months.
Many investors are increasingly nervous about over-concentration in their portfolios, particularly as the breakout stocks within the S&P 500 account for much of the index’s gains. This over-concentration conceals the broader market’s true performance, which, as of today, accounts for nearly half of the index’s 26% twelve-month gain.
But over-concentration isn’t a problem for these breakout stocks, as none are in the S&P 500 despite their continued strength (though one is eligible and may be added soon). Ultimately, these overlooked breakout stocks offer diversification away from mega-caps and continued upside to come.
AST SpaceMobile (ASTS)
AST SpaceMobile (NASDAQ:ASTS) may already be the best among this year’s breakout stocks, but this space-based communications company is just getting started. Shares began surging — long past due, in many investors’ estimations — after the company announced planned commercialization of its low-earth satellites that are now “on course to provide 100 percent [cellular] coverage across North America.”
Both AT&T (NYSE:T) and Verizon (NYSE:VZ), who previously invested and supported AST SpaceMobile’s efforts, are strategic partners in the plan. Management expects that these close allies, alongside Vodafone (NASDAQ:VOD) and Google (NASDAQ:GOOG, NASDAQ:GOOGL), will help AST SpaceMobile serve as many as 2.8 billion subscribers globally.
After trading in a downtrend since its 2021 highs, ASTS shares surged on the news and returned more than 150% in the past six months — marking a major milestone on the way toward continued triple-digit returns. But AST SpaceMobile’s momentum isn’t slowing, so count it among the breakout stocks set to continue crushing it in 2024.
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Palantir Technologies (PLTR)
Like AST SpaceMobile, Palantir Technologies (NYSE:PLTR) traded in a tight range for months (if not years), leaving investors wondering whether the company would ever rejoin the ranks of breakout stocks it once led. And, like AST SpaceMobile, Palantir’s fortune seems to be shifting as the company soared nearly 70% since January with few signs of slowing.
Palantir’s recent wins are many, but the company overcame a major sticking point that, for months, was detractors’ primary concern: over-reliance on government contracts. While government contracts are a cash cow, and still Palantir’s bread and butter, staking your operational future on just a few sources is inherently risky. But Palantir made rapid inroads to corporate America in recent months, counting Tampa General Hospital, United Airlines (NASDAQ:UAL), AARP, and even Wendy’s (NASDAQ:WEN) among its client list. These diversified sales streams bring in more cash, diversify risk and (since Palantir’s products tend to be sticky, with high switching costs) all but assure long-term revenue.
From a technical perspective, Palantir may remain a breakout stock for the near future as shares consistently bounce off of a resistance level in the $27-range. Momentum tends to beget momentum, and Palantir’s current momentum is nothing short of extraordinary.
SharkNinja (SN)
SharkNinja (NYSE:SN) remains overlooked among breakout stocks despite the stock’s 75% rise over the past year and continued tailwinds propelling shares higher.
The company has achieved a 20% compounded annual growth rate since 2008, demonstrating impressive quarter-to-quarter resilience. Over the past 16 years, SharkNinja has navigated various economic and market conditions, including the Global Financial Crisis, political instability, and the pandemic. Despite these challenges, SharkNinja’s popular home appliances have consistently outperformed, establishing it as one of the decade’s top-performing stocks.
Bank of America shares this positive outlook, recently raising its price target for SharkNinja to $95 per share, a 26% premium over its current price. Analysts attribute this bullish projection to SharkNinja’s refined growth strategy, which involves gaining a foothold in new markets through wholesale channels before expanding. This strategy’s effectiveness was evident this year when SharkNinja launched a new line of coolers, initially sold through Dick’s Sporting Goods (NYSE:DKS). This successful entry sets the stage for potential expansion into outdoor cooling and cooking equipment and serves as a testing ground for continued growth in new markets — positioning SharkNinja as an easy pick among breakout stocks.
On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.
Jeremy Flint, an MBA graduate and skilled finance writer, excels in content strategy for wealth managers and investment funds. Passionate about simplifying complex market concepts, he focuses on fixed-income investing, alternative investments, economic analysis, and the oil, gas, and utilities sectors. Jeremy’s work can also be found at www.jeremyflint.work.
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