HomeMarket NewsRevving Up for Market Success: 3 Stocks Poised to Outshine in 2024

Revving Up for Market Success: 3 Stocks Poised to Outshine in 2024

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As the stock market keeps loitering near all-time highs amid a March slowdown, some stocks are steering upwards. Companies that underwent tumult during the Covid-19 pandemic as they grappled to reestablish their operations and financial footing now appear to be back in the game.

Astera Labs: A Semiconductor Star in the Making

Person holding smartphone with logo of U.S. semiconductor company Astera Labs Inc. (ALAB) on screen in front of website. Focus on phone display. Unmodified photo.

Source: T. Schneider / Shutterstock.com

Astera Labs (NASDAQ:ALAB), a semiconductor entity that recently entered the public domain with its IPO on March 20, seems to be heating up the AI space. With a $5.50 billion valuation, the market debut was modest yet impactful. While it didn’t pull the fanfare akin to the Reddit IPO, this technology firm is proving its mettle.

Specializing in semiconductor-based connectivity products within the AI infrastructure realm, Astera Labs counts heavyweights like Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) as clients. Despite its lack of profitability, the company is making strides, reducing losses by 55% in 2023 to $26.3 million while witnessing a 45% surge in sales to $115.8 million.

Cava Group: The Epicurean IPO Triumph

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Source: Bruce VanLoon / Shutterstock.com

Mentioning IPO successes, Cava Group (NYSE:CAVA), the Mediterranean cuisine-focused restaurant chain, is making waves post its June 2023 market debut. With CAVA shares rocketing 74%, a lion’s share of these gains accrued this year. Swiftly reaching profitability and backed by an ambitious expansion blueprint, these factors are propelling the stock to new heights.

By the end of February, the company unveiled a Q4 2023 EPS of 2 cents, double the anticipated 1 cent per share profit forecasted by analysts. The quarter saw revenue clocking in at $177.2 million, recording a 52.5% year-over-year leap and surpassing expectations. In 2023, Cava Group inaugurated 72 new restaurant locations, with plans afoot to unwrap another 52 eateries this year.

Airbnb: Soaring High in the Hospitality Skies

Girl holding smartphone with Airbnb app on screen. City and bay with some boats in the background. Rio de Janeiro, Brazil. ABNB Stock.

Source: Diego Thomazini / Shutterstock

Home-sharing behemoth Airbnb (NASDAQ:ABNB) is staging a grand return post-pandemic, poised to excel in 2024. In mid-February, Airbnb unveiled stellar financials for Q4 2023, surpassing expectations and issuing a bullish outlook for the forthcoming year. Despite registering losses, Airbnb’s loss per share of 55 cents trumped Wall Street’s forecasted 62 cents loss.

Q4 2023 revenues marked a 17% upswing to $2.22 billion, outstripping the $2.17 billion forecasts. The period witnessed 98.8 million nights and experiences booked, marking a 12% surge from the previous year. Furthermore, Airbnb achieved a robust start to 2024 with over six million people celebrating the New Year in Airbnb-accommodated stays. Notably, the company announced a $6 billion stock buyback scheme.

ABNB stock has soared by 40% over the past year, with a 22% spike in 2024.

On the date of publication, Joel Baglole held a long position in NVDA. The opinions expressed in this article are those of the writer, adhering to the InvestorPlace.com Publishing Guidelines.

Joel Baglole, boasting two decades of business journalism experience, has penned tomes for illustrious outlets like The Wall Street Journal, The Washington Post, Toronto Star, and financial portals such as The Motley Fool and Investopedia.

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