10 High-Flying Stocks to Buy Now

3) Blue Bird Corporation (NASDAQ:BLBD)

% Increase on a YTD Basis: ~78%

Expected Upside Potential: 40.43%

Number of Hedge Fund Holdings: 24

Blue Bird Corporation (NASDAQ:BLBD) is engaged in designing, engineering, manufacturing, and selling school buses in the United States, Canada, and internationally.

Wall Street analysts remain optimistic about Blue Bird Corporation (NASDAQ:BLBD) as it has a backlog of firm orders, which sits at over 5,200 units. This equates to ~$775 million in potential revenue. The company continues to invest in expanding its production capacity, which is backed by an $80 million grant from the Department of Energy (DOE). This will allow Blue Bird Corporation (NASDAQ:BLBD) to produce up to 14,000 buses annually and create ~400 new jobs.

Moving forward, the company remains optimistic about the future, expecting revenue growth and higher adjusted EBITDA over the upcoming years. Blue Bird Corporation (NASDAQ:BLBD) expects to win ~30% of federal funding for clean school buses. This translates to ~2,600 electric buses over the upcoming 2 years. The analysts’ optimism also stems from the fact that its propane and gasoline engines meet strict future emissions requirements.

Blue Bird Corporation (NASDAQ:BLBD) has plans to develop a chassis business, with a commercial product anticipated on the road in 2025. Recently, the company highlighted that its national fleet business continues to grow, with higher accounts receivable as a result of more business and increased demand for electric and propane buses. Blue Bird Corporation (NASDAQ:BLBD) has been focusing on capitalizing on the growing demand for clean transportation solutions.

DA Davidson increased their price objective on the shares of Blue Bird Corporation (NASDAQ:BLBD) from $66.00 to $67.00, giving a “Buy” rating on 9^th August. Insider Monkey’s Q2 2024 database revealed that 24 hedge funds held Blue Bird Corporation (NASDAQ:BLBD).