With that in mind, I’d like to offer ten fantastic top 10 stocks to buy in 2024. Each of them has outperformed the S&P 500 this year and has the potential to do so again in 2024. These are all excellent choices if you’re looking for long-term prospects. If you’re just getting started, you can buy all top 10stocks that you can buy of these stocks.
1.Top 10 stocks to buy in 2024 : Airbnb has increased by 57% this year
Site for short-term lodging Airbnb (NASDAQ: ABNB) is a travel industry disruptor that has progressed well beyond rapid expansion and improved processes to become a sophisticated, lucrative, cash-flow-positive travel behemoth. It is still generating a double-digit revenue increases, with an 18% year-over-year gain in the third quarter of 2023, and it shows no signs of slowing down.
However, it has carved out a significant sector in the marketplace and has the finances and leading edge to deliver targeted enhancements and strengthen its position. It adapts to changing demand, and its nimble, asset-light firm may develop profitably for years.
2. Top 10 stocks to buy in 2024: Amazon has increased by 75% this year.
Amazon has once again wowed shareholders with a popular recovery and a 13% year-over-year sales growth in the third quarter of 2023. Having taking a backseat to physical-store shopping for a few years, e-commerce is making a comeback. However, Amazon is beefing up its cloud computing section Amazon Web Services (AWS) with sophisticated generative artificial intelligence (AI), which should help it maintain its leading position.
In addition to these development drivers, advertising has recently been its fastest growing segment. And artificial intelligence abilities, as well as being seen by Amazon’s tens of millions of Prime members and customers, keep advertising intrigued and paying.
3. Top 10 stocks to buy in 2024: Costco is up 31% this year
Costco Wholesale (NASDAQ: COST) has a distinct warehouse retail strategy that includes membership fees, which generate recurring revenue and loyalty while also feeding a growing bottom line. Although sales growth slowed last year following two years of extraordinarily rapid development, it is already picking up again.
Membership, renewal rates, and volume have all increased throughout the years, with renewal rates continuing to set new highs. This should fuel future growth. As inflation falls, consumers will return to purchasing more expensive goods, resulting in increased revenue growth.
Costco is continually expanding globally, and it has lately entered China, where it currently has five locations. It has plans for many more, and it opens them slowly, giving the corporation a long runway.
4. Global-e Online has increased by 77% this year
Global-e Online (NASDAQ: GLBE) sells cross-border e-commerce solutions. These are services that any e-commerce retailer can use to expand their markets to include global clients.
It is simple to integrate into a website and includes functionality such as localised checkout and customs computations. It’s a no-brainer addition that can boost revenue for clients, and Globel-e continues to attract high-profile companies to its roster. It also has a collaboration with Shopify to offer its products to the millions of merchants who use Shopify.
Revenue climbed 27% in the third quarter of 2023, and Global-e’s profitability is improving as it scales up. It has the potential to be a big growth stock for many years.
5. Lemonade is up 34% this year.
Lemonade (NYSE: LMND) is the only stock on my list that I questioned including. I’m a stockholder who believes strongly in its long-term potential, but I’m not sure I can state with certainty that it will happen this year.
However, it has shown increased profitability as it goes up, and it has proven that its AI algorithms function. The volatile stock, which is currently down 87% from its highs, is gathering traction, and I believe it will turn around in 2024.
In the third quarter, its top-line statistic, in-force premium, grew 18% year on year. Lemonade’s biggest issue is its volatile loss ratio, which fell to 83% in the third quarter to approach closer to profitability.
6. Lululemon is up 46% this year
Lululemon Athletica’s (NASDAQ: LULU) premium athleisure clothing has transcended fad status and is now a mainstream popular apparel and activewear option. The company experiences constant high growth, appealing to its target audience of fitness fanatics but also garnering market share with collections of high-end normal wear.
Because many of its products are not seasonal, it does not need to mark them down. Customers willing to pay premium rates for its high-quality products created with unique and exclusive textiles help it sustain industry-leading margins. As a result, profits are strong and expanding.
After hitting targets early in its previous growth strategy, management issued a growth strategy this year, and investors can anticipate it to meet those targets.
7. MercadoLibre: 95% increase this year
MercadoLibre (NASDAQ: MELI) is Latin America’s response to Amazon, but it is still in its early stages of development. It provides e-commerce services to 18 Latin American nations and includes a fintech component that provides digital payment solutions and credit products.
It consistently achieves high double-digit growth, with a 69% year-over-year increase in the third quarter of 2023. It also reports rising profitability, with an 18.2% operating margin in the third quarter.
It has a significant opportunity as e-commerce development accelerates and delivery times improve, with over 80% of orders delivered within 48 hours and same-day or next-day deliveries increasing 22% in the third quarter. Fintech is expanding at a quicker rate.
8. Nu Holdings is up 104% this year
Nu Holdings (NYSE: NU) operates a Brazilian bank that is seeing rapid expansion across the board. It attracted 5.4 million customers to its platform in the third quarter, bringing the total to 89.1 million, and it had reached 90 million by October, surpassing half of Brazil’s adult population. Its newer markets of Mexico and Colombia are growing much quicker.
It is also succeeding in its cross-selling and upselling approach, resulting in even more growth. In the third quarter, revenue jumped 53% over the previous year, while net income increased from $7.8 million to $303 million. As it continues to enroll clients and they adopt new goods, it has a great opportunity.
9. SoFi Technologies has increased by 70% this year.
SoFi Technologies (NASDAQ: SOFI) has had an incredible year, growing subscribers and boosting revenue. It has effectively expanded much beyond its initial lending operation, offering a wide range of financial services, as well as upselling and cross-selling items to loyal, engaged consumers.
Adjusted profits before interest, taxes, depreciation, and amortization (EBITDA) increased 121% year over year in the third quarter. In addition, management emphasized that it expects to report positive net profits for the first time this quarter.
SoFi has a lengthy growth runway because it recruits clients searching for simple digital banking services with cheap costs and high rates, converts them into multi-product users, and scales that into profitability.
SoFi has a lengthy growth runway because it recruits clients searching for simple digital banking services with cheap costs and high rates, converts them into multi-product users, and scales that into profitability.
10. Visa is up 23% this year
Visa (NYSE: V) is an obvious choice to complete out a diverse stock portfolio (apart from being the last company in this article alphabetically) because it has so much to offer practically any portfolio. With more than $14.5 trillion in trailing-12-month volume, it is the largest credit card network, and it has increased revenue and net profitability despite the tough retail environment.
It also features industry-leading profit margins (54% in the most recent quarter), as well as numerous growth drivers in new flows, value-added services, new merchants, and new institutional relationships. It’s a consistent market outperformer that also pays a dividend, and it’s an excellent long-term investment.