Several Nasdaq-listed companies have delivered remarkable returns in 2024, with one standout performer making investors significantly wealthier.
What Happened: According to Benzinga Pro, several Nasdaq-listed companies have delivered impressive returns in 2024. Quantum Computing Inc. (NASDAQ:QUBT) tops the list with a staggering 1,756.12% increase. It recently signed a significant contract with NASA's Goddard Space Flight Center for advanced imaging and data processing. Despite this surge, analysts from Ascendiant Capital have set a price target of $8.5, suggesting a potential downside of 51.02%.
MicroStrategy Inc. (NASDAQ:MSTR) saw a 450.14% rise, driven by its strategic Bitcoin (CRYPTO: BTC) acquisitions, which have significantly increased its asset-backed value. According to bitcointreasuries.net, the company now holds 444,262 BTCs, valued at over $41.74 billion. Analysts from Bernstein, TD Cowen, and Barclays have set an average price target of $546.67, indicating a 64.51% potential upside.
Palantir Technologies Inc. (NASDAQ:PLTR) achieved a 356.39% gain, bolstered by strong government revenue and a substantial contract extension with the U.S. Army, potentially worth $618.9 million over four years. However, the average analyst price target of $64.67 implies a 19.20% downside.
NVIDIA Corp (NASDAQ:NVDA) experienced a 183.42% increase, fueled by robust growth in its AI and data center sectors. The company's commitment to expanding production capacity underscores confidence in continued revenue growth. Analysts from DA Davidson, Phillip Securities, and Truist Securities suggest a 10.53% upside with an average price target of $154.67.
Powell Industries Inc. (NASDAQ:POWL) reported a 162.45% rise, supported by favorable analyst ratings and a consensus price target of $312, reflecting optimism in its market performance. The most recent analyst rating for Powell Industries came from Roth MKM on December 11, setting a price target of $312, which implies a 33.6% upside potential for the stock.
Multibagger stocks are equities that yield exceptional returns, often doubling or more in value within a year. These stocks are prized by investors for their potential to significantly grow wealth over a relatively short period. The term was first coined by Peter Lynch in his book "One Up on Wall Street."
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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