3 Stocks Set to Surprise the Heck Out of Investors in 2024

Stocks to buy

Now is an opportune moment to delve into stocks to buy for 2024, particularly as investors seek solid ground amid fluctuating market conditions. A critical aspect influencing this landscape is the Federal Reserve’s changing monetary policy. The possibility of a policy shift has ignited significant interest, impacting investors’ enthusiasm.

Moreover, recent economic data, such as the powerful December jobs report, points to the sustained robustness of the economy. This could influence the Fed’s stance on interest rates. And in turn, that may impact inflation and, by extension, stock selections this year. In light of these dynamics, investors are advised to consider a diverse array of stocks.

The aim should be to balance the portfolio with choices that can navigate through potential economic shifts while capitalizing on opportunities that may arise.

Archer Aviation (ACHR)

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Archer Aviation (NYSE:ACHR) is rapidly gaining prominence in the flying car sector, with bright prospects for 2024. The company’s dynamic growth is evident in its substantial funding, surpassing $1.1 billion. Equally significant is the eVTOL manufacturing contract with the U.S. Air Force, valued at up to $142 million.

Shifting focus globally, ACHR is poised for considerable expansion in the UAE. It plans to launch air taxi services in Abu Dhabi and Dubai by 2026, aiming for an early-mover advantage in these markets. Additionally, with a market cap of $1.85 billion and an enterprise value of $1.40 billion, there’s a significant gap between its market and intrinsic business values. This suggests potential undervaluation.

Furthermore, Archer has garnered $215 million in commitments from industry giants. Those include Stellantis, Boeing (NYSE:BA), and United Airlines (NASDAQ:UAL). Moreover, this support, along with TipRanks analysts assigning a strong buy rating with a 32.4% upside potential, bolsters Archer’s position as a top pick among flying car stocks.

Riot Platforms (RIOT)

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With Bitcoin (BTC-USD) surging, Riot Platforms (NASDAQ:RIOT) stands out, offering robust exposure to the crypto market’s upside. Riot continues to effectively expand its mining operations, gearing up for Bitcoin’s expected surge. The company’s low mining costs lead to high profitability, a key driver in RIOT’s eye-catching growth.

Moreover, RIOT’s growth centers around its increasing network hash rate, currently at 12.4 EH/s, which is crucial for mining Bitcoin. This higher hash rate means more Bitcoin earnings from block rewards and fees. With recent purchases of 33,280 next-gen miners and an additional 66,560 units, Riot is set to boost its hash rate by 26 EH/s.

Furthermore, RIOT has seen remarkable production growth as it mined 552 Bitcoin. So, this shows a significant increase compared to previous periods. The company’s holdings now exceed 7,350 bitcoins, mirroring its upward trajectory with a stock price at $15.5, a 359% bump year to date (YTD). TipRanks analysts project a positive future, recommending a strong buy with a 15% upside potential.

Spire Global (SPIR)

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Spire Global (NYSE:SPIR), a leader in space-based data and analytics, is making notable strides in the aerospace sector. Its stock, currently priced at $7.82, has seen a commendable 78% increase over the past six months. Moreover, this growth is backed by a robust 34% year over year (YOY) revenue increase and a significant 15% jump in gross margins to 65%.

The company’s success is largely driven by its innovative use of nanosatellites to gather data, catering to multiple aerospace clients. This approach showcases Spire Global’s technical prowess and its commercial viability, as evidenced by lucrative contracts. Additionally, SPIR, along with other companies, has been selected for a NASA NOAA contract. This boasts a $476 million ceiling over five years.

Furthermore, TipRanks analysts are optimistic about SPIR’s future. They assign it a moderate buy rating with a striking 220% upside potential. Given its consistent growth and strategic contracts, Spire Global presents as a promising long-term investment in the burgeoning space sector sphere.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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