The stock market has seen a significant rally in 2023, and while Nvidia (NVDA) has been a clear leader with a three-fold increase in its stock price, there are several other stocks that have outperformed it. Carvana (CVNA) has skyrocketed over 1,000%, making it the top performer of the year so far.
Other top-performing stocks include MoonLake Immunotherapeutics (MLTX), IonQ (IONQ), AppLovin (APP), Riot Platforms (RIOT), ImmunoGen (IMGN), Arlo Technologies (ARLO), and Super Micro Computer (SMCI). All these stocks have market caps of at least $1 billion and have seen significant gains in their stock prices.
While these stocks have performed well, it’s important to note that most of them are speculative names and are currently losing money. However, there are opportunities for potential investment. Carvana, MoonLake Immunotherapeutics, Arlo Technologies, and IonQ stock are close to possible buy points, although they are not considered actionable at the moment. On the other hand, Riot Platforms and Super Micro Computer stocks have experienced a decline from their recent highs.
Carvana has seen remarkable growth, with its stock price surging over 1,000% in 2023. The online car dealer broke out of a cup-with-handle base in September and has shown strong relative strength compared to the S&P 500 index. Despite being a loss-making company, Carvana’s stock price has continued to rise.
MoonLake Immunotherapeutics, a development-stage biotech company, has also seen impressive gains in its stock price. The company, which has no revenue at the moment, has high hopes for its experimental drug sonelokimab to treat hidradenitis suppurativa and psoriatic arthritis. Positive trial results have contributed to the stock’s surge.
IonQ, a quantum computing specialist, has experienced a 395% increase in its stock price in 2023. Although the company is still losing money, its revenue has been steadily increasing. AppLovin, another top performer, has seen its stock price skyrocket nearly 307% this year. The company was profitable in the second quarter and is expected to have a strong financial performance for the year.
It’s worth noting that while these stocks have performed well, there are risks associated with investing in speculative companies. Investors should carefully evaluate the financial health and future prospects of these companies before making any investment decisions.
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