Quantum Computing: 7 Stocks to Watch
Freshpet Leads the Pack
Freshpet, a premium pet food company, is making waves in the industry with its refrigerated dog and cat food products. As the top-ranked stock in the Packaged Food group, Freshpet is expected to show a profit for fiscal 2024, a significant turnaround from years of losses.
Strong Earnings Report
Freshpet’s third-quarter earnings report exceeded expectations, with a 24-cent-per-share profit compared to a loss of 15 cents a share in the same period in 2023. The company also raised its full-year 2024 net sales outlook to around $975 million.
Growth Prospects
Projections indicate a 91-cent-per-share profit for 2024, followed by a $1.52-per-share profit in 2025. Quarterly sales have grown steadily, with an average 29% increase over the last seven quarters. Forecasts show revenue growing an average 24% over the next four quarters.
Institutional Support
Mutual funds own 70% of Freshpet shares, with 618 funds owning shares in December, up from 612 in September and 583 in June. Four high-performing mutual funds, including Lord Abbett Developing Growth Fund, own Freshpet stock.
Technical Analysis
Freshpet stock is nearing a level not seen since November 2021, with a 160.91 buy point, according to MarketSurge pattern recognition. The stock holds a 90 Relative Strength Rating and has gained 4% so far in January, after climbing 76% in 2024.
Other Stocks to Watch
Investors are also eyeing other top-performing stocks, including Globus Medical, MicroStrategy, and Nvidia. These stocks have shown significant growth and are expected to continue their upward trend.
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