Published on 20 Mar 2024 on Insider Monkey via Yahoo Finance
10 NASDAQ Stocks with Biggest Upside
In this article, we discuss the 10 NASDAQ stocks with the biggest upside. To skip our detailed analysis, go directly to the 5 NASDAQ Stocks with Biggest Upside.
The Nasdaq Composite was the worst performer among the major market indices in 2022 and made a stellar comeback in 2023. The index was down 33% at the end of 2022 and recovered from its abysmal performance with a 43% gain in 2023. To put things in perspective, the Nasdaq Composite index hit its previous record in November 2021 with a little over 16,000 points, and it was still a thousand points behind it by the end of 2023, even after the outstanding performance during the year. However, the index has hit new highs and is at 16,275 at March 1 market close. The Nasdaq-100, which includes the 100 largest and most actively traded non-financial companies in the world, recorded its fourth-best performance since 1986, with a 53.81% gain in 2023.
Nasdaq’s performance is attributed to the fact that it is mostly concentrated in tech stocks, which were the best performers of the year in 2023. The Magnificent 7 stocks remained in the limelight as several of the top performers of the index were a part of the group, which include NVIDIA Corporation (NASDAQ:NVDA) and Meta Platforms, Inc. (NASDAQ:META), and they gained 239% and 194% in 2023, respectively. However, some other stocks made significant strides through the year as well. Some of them are Advanced Micro Devices, Inc. (NASDAQ:AMD), Palo Alto Networks, Inc. (NASDAQ:PANW), and Super Micro Computer, Inc. (NASDAQ:SMCI). Advanced Micro Devices, Inc. (NASDAQ:AMD) gained nearly 128%, and Palo Alto Networks, Inc. (NASDAQ:PANW) was 110% higher by the end of 2023. Super Micro Computer, Inc. (NASDAQ:SMCI) performed even more spectacularly in 2023 and is still on a remarkable upward trajectory in the current year. As of March 18, the stock has gained more than 900% over the past 12 months.