10 Best Young Stocks To Buy Now

4. Sharkninja Inc. (NYSE:SN)

Market Cap as of September 26: $14.86 billion

Number of Hedge Fund Holders: 52

Sharkninja Inc. (NYSE:SN) is a consumer goods company that designs, manufactures, and markets a range of innovative home appliances, best known for its Shark vacuum cleaners and Ninja kitchen appliances. It offers a variety of products, including high-quality upright vacuums, cordless vacuums, robot vacuums, blenders, air fryers, and coffee makers.

With a compound annual growth rate of 25% from 2019 to 2023, this company makes an attractive investment, as evidenced by Q2 2024 result. The recent quarter, saw a 31% year-over-year increase in sales, generating $1.25 billion in revenue, together with a 34% rise in earnings per share. Sales in food preparation appliances grew by nearly 80% while cooking and beverage appliances rose by 18.2%, supported by its expansion into Europe.

All 4 main product categories experienced substantial increases of over 10% year-over-year. The cleaning category led the way with a 20% growth. Domestic business surged by 35% and the adjusted net sales for international business rose by 46%, primarily due to Germany and France.

The company’s strategic diversification into new product categories with innovations like the Ninja SLUSHi and the Shark FlexBreeze have been well-received by consumers. The Ninja SLUSHi set a record as the fastest-selling new product on Sharkninja Inc.’s (NYSE:SN) D2C platform.

Its global reach and brand recognition are expanding rapidly, with international operations, particularly in EMEA, experiencing substantial growth, and there are promising prospects in Latin America, including upcoming launches in Brazil. With a $120 billion total addressable market, it is well-positioned to grow its less than 4% market share through this strategy.

The company has nearly doubled in 2024 and is near its 52-week high, outperforming the S&P 500. All of these factors position it well to become an industry leader.

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.”