It’s probably not surprising to find a leader in artificial intelligence Nvidia (NVDA) among the best stocks of 2024 so far. But the egg producer Vital Farms (INT) beat Nvidia stock in the MII 50.
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Vital Farms saw impressive growth of 198.1% from January 1 to June 28, outpacing Nvidia’s 149.5% increase. Him and her (HIM) is also one of the best stocks of the year in the IBD 50, up 126.9%. Fire arms (ARM) also more than doubled, reaching an increase of 117.7%.
Egg producer tops best stocks of 2024
Vital Farms hit record highs, as did egg prices, as bird flu and inflation sent Egg prices hit record highs.
The producer of free-range eggs and butter, however, benefited from sustained sales momentum and improved margins. Its network of 300 family farms tends to reduce disruptions to its egg supply, which allowed it to overcome the avian flu incidents in 2022 and 2023.
The stock jumped 27% on May 9 after the company reported a 169% jump in first-quarter profit, while sales jumped 24%. Full-year 2024 earnings estimates call for earnings of 96 cents per share, up from 59 cents per share in 2023, and rising to $1.13 per share in 2025.
The actions are far from over for a year cup base with a 18.18 buy points.
Second place for Nvidia shares
Nvidia stock hit a Profit target of 25% from its most recent buy points at 92.22 and 97.40.
The stock has seen a sharp rise, driven by the company’s fiscal first-quarter earnings and higher-than-fiscal-first-quarter sales on May 22. The report reiterated the company’s leading role in artificial intelligence technology.
Arm Holdings is another IBD 50 stock that has been riding the AI wave. The stock is in a 5% purchase zone to 172.20 from a deep base with a buy point at 164, according to IBD Recognizing Market Uptrend Patterns.
Arm’s stock price has soared since the company hit its peak fourth quarter financial results and revenue estimates on May 8. Analysts expect fiscal 2025 earnings to rise 24%, then 32% in 2025.
Arm Holdings’ architecture enables power-efficient applications and advanced chip designs used for generative AI found in smartphones, automobiles and other industries.
Telehealth Company Among Top Stocks of 2024
Hims & Hers made much of its gains this year in just two days.
On February 27, the stock jumped 31% after reporting its first-quarter results. On May 20, the stock hit new highs with a 27.7% increase. That day, the company announced it was adding GLP-1 injections for weight loss to its offerings.
Today, the telehealth and online prescription provider is extended from a 17.16 buy point. Hims & Hers is expected to report earnings of 17 cents per share in 2024 after five years of losses.
Celestica (CLS) soared 95.8% in the first half of 2024. The contract manufacturing company’s profit growth accelerated to 83% in the first quarter, compared with gains of 25% and 36% in the previous two periods.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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