Nvidia (NVDA) has been the clear leader of the 2023 stock market rally, tripling so far this year, but it’s not among the very best stocks of 2023.
Carvana (CVNA) has skyrocketed nearly 1,000%. Six other stocks have also bested NVDA stock, including MoonLake Immunotherapeutics (MLTX), IonQ (IONQ), AppLovin (APP), Riot Platforms (RIOT), ImmunoGen (IMGN), Arlo Technologies (ARLO).
All of these stocks have market caps of at least $1 billion with a share price above 10.
Super Micro Computer (SMCI) had qualified for this list at Friday’s close, but no longer.
These are speculative names, no question. Most of these companies are losing money and expect to continue doing so.
Four of the seven are close to possible buy points: Carvana, MoonLake Immunotherapeutics, Arlo Technologies and IONQ stock, but none are actionable right now.
Best Stocks Of 2023
|Company||Ticker||YTD Stock Gain as of Sept. 15|
|Super Micro Computer||SMCI||198%|
Kicking off the best stocks 2023, Carvana stock has erupted for a 996% gain as of Sept. 18. The online car dealer erupted 4,529% from its May 2017 low, shortly after its IPO, to the August 2021 peak of 376.83. CVNA stock then crashed to 3.62 just before the end of last year.
Carvana stock broke out of a cup-with-handle base on Sept. 14, according to MarketSmith analysis. Shares then fell back to just below the 52.62 buy point on Friday. CVNA stock still surged 11% for the week.
The relative strength line is at 52-week highs, reflecting Carvana’s outperformance vs. the S&P 500 index.
Carvana is still losing money and is expected to keep doing so for the foreseeable future, though some key metrics have improved. Revenue is down sharply vs. a year earlier, though Q2 sales did rise vs. Q1.
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MoonLake stock has spiked 449% so far this year.
The development-stage biotech has no revenue, but hopes are high for its experimental drug sonelokimab to treat hidradenitis suppurativa and moderate-to severe-psoriatic arthritis.
On June 26, MLTX stock soared nearly 78% as MoonLake reported strong 12-week results for sonelokimab in treating hidradenitis suppurativa, a condition that causes painful lumps to form under the skin. On Sept. 12, MoonLake stock popped 10%, retaking its 50-day line, after rival Acelyrin (ACLN) reported weak results for its hidradenitis suppurativa treatment. Shares have since been testing the 50-day line.
MLTX stock has a 63.40 consolidation buy point. It could forging a handle, which would offer a slightly lower 62.69 entry.
In October, MoonLake expects to unveil 24-week results for treating hidradenitis suppurativa, with an early November release of a 12-week study for treating psoriatic arthritis.
IONQ stock has surged just over 368% in 2023. Shares broke out of a short cup base on Sept. 12, but reversed lower that day and kept falling the rest of the week. Shares have since fallen back to the 50-day line.
Quantum computing specialist IonQ is still losing money. Revenue has more than doubled for several quarters, but Q2’s $5.5 million is still a low level.
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APP stock has skyrocketed nearly 318% year to date. Shares are trying to clear a short consolidation after surging for most of the year. A new consolidation, or a test of the racing-to-catch-up 50-day line could offer a new buying opportunity.
AppLovin was profitable in Q2 and is expected to be well in the black for the year. Revenue growth is spotty at best, but sales have risen sequentially for the past two quarters.
Riot Platforms Stock
RIOT stock has sprinted more than 222% in 2013. But after peaking at 20.65 on July 14, the bitcoin miner has plunged to 10.77 as of Sept. 15, just above the 200-day line. Blame a weaker bitcoin price.
Shares are not hitting resistance at the 21-day line.
Riot Platforms is narrowing losses, but they’re seen continuing through 2024.
IMGN stock has surged 217% so far this year. Share peaked at 20.69 on July 19, but then sold off. Immunogen stock is off its August lows but is hitting resistance at the 21-day line. If it can make some more progress, a consolidation will appear with a 20.69 buy point.
ImmunoGen is one of the best stocks of 2023 after exploding 136% on May 3 on positive results for its experimental ovarian cancer drug, Elahere. The biotech announced further positive data in early June.
ImmunoGen will soon seek full FDA approval for Elahere after winning accelerated approval last November. Revenue is skyrocketing thanks to the accelerated approval and continued upbeat clinical data. Losses are narrowing, with Immunogen expected to turn a profit soon.
On Monday, ImmunoGen named Lauren White as CFO.
Best Stocks 2023: Arlo Technologies
ARLO stock has flown 211% in 2023. Shares have gapped up after the last three earnings reports, with Arlo Technologies turning a profit in the past two quarters.
The wireless security camera maker and platform has an 11.54 consolidation buy point, retaking the 50-day line last week. Arlo could be in the processing of forging a handle, which would offer a slightly lower entry.
SMCI stock did round out this list as of Sept. 15, but as of Sept. 18, shares fell slightly. So now SMCI shares have jumped almost 198%, just shy of Nvidia’s 201%.
The server maker peaked at 357 on Aug. 8, but then gapped lower following earnings and hasn’t recovered. Shares have hit resistance since then, tumbling 11% to 249.26 last week.
The server maker, a strong AI play, is profitable. Super Micro earnings more than doubled in fiscal 2022 and 2023, but slowed to 5% and 34% in the back half of fiscal 2023 ending in June.
Please follow Ed Carson on X/Twitter at @IBD_ECarson for stock market updates and more.
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