10 Best Breakout Stocks To Invest In Right Now

6. Sharkninja Inc. (NYSE:SN)

Number of Hedge Fund Holders: 52

SharkNinja Inc. (NYSE:SN) is a consumer goods company specializing in innovative home appliances, renowned for its Shark vacuum cleaners and Ninja kitchen products.

In the recent quarter, SharkNinja Inc. (NYSE:SN) posted a 31% year-over-year increase in sales, bringing in $1.25 billion in revenue, along with a 34% rise in earnings per share. Sales in food preparation appliances soared nearly 80%, while cooking and beverage appliances grew by 18.2%, fueled by expansion into Europe. All major product categories experienced double-digit growth, with the cleaning segment leading at 20%. Domestic sales surged by 35%, and adjusted net sales for international business increased by 46%, driven primarily by gains in Germany and France.

On September 6, Canaccord Genuity reaffirmed its Buy rating for SharkNinja Inc. (NYSE:SN), setting a price target of $105. The firm praised the company’s strong quarterly performance and raised guidance, noting it as a standout stock in their 2024 Outlook with the most potential upside relative to consensus estimates.

During the second quarter of 2024, 52 hedge funds held stakes in SharkNinja Inc. (NYSE:SN), with combined positions valued at $1.36 billion.

Ave Maria World Equity Fund stated the following regarding SharkNinja, Inc. (NYSE:SN) in its Q2 2024 investor letter:

“Top contributors to performance included SharkNinja, Inc. (NYSE:SN) and Taiwan Semiconductor Manufacturing Company Limited. SharkNinja, Inc. is a global product design and technology company focused on creating solutions that increase efficiency, convenience and enjoyment of consumers’ daily tasks and improve everyday lives. The company has built two billion-dollar brands, Shark and Ninja, and has a proven track record of establishing leadership positions by disrupting numerous household product categories, including cleaning, cooking, food preparation, home entertainment and beauty.”