15 Best Performing Stocks in the Last 3 Months

Published on August 16, 2023 at 3:12 pm by Hamna Asim in Hedge Funds, News

In this article, we discuss 15 best performing stocks in the last 3 months. If you want to skip our detailed discussion about the stock market performance, head directly to 5 Best Performing Stocks in the Last 3 Months.

Despite a multitude of economic challenges, the US market has experienced a significant boom during the first half of 2023. Given the market decline in 2022, many experts had rather conservative expectations from the stock market. Regardless, the S&P 500 has gained roughly 16% so far this year. One crucial factor for this surge is the contribution of the technology sector. As the world focused on developments in artificial intelligence, technology companies involved in cloud computing and AI-based innovations experienced major gains. The tech-heavy NASDAQ Composite experienced a 31.7% increase year-to-date as of August 15 – the highest first half gain in 40 years.

Despite the pressure brought on by the Federal Reserve’s aggressive monetary policy, the economy has performed better than expectations. Although the Federal Reserve foresees a 71% chance for a recession within the next year, the probability is certainly lower than initial estimations. This is attributed to restrictive credit conditions enforced by the Fed. However, by 2024, inflation is expected to decrease, while unemployment is forecasted to increase. This could then trigger another response from the Federal Reserve to loosen economic limitations.

According to Forbes, the major reason for such positive market performance so far in 2023 has been the suppression of inflation, without a recession being set off in the United States. While the consumer price index was close to 3% in June 2023, it had peaked to about 9.1% during 2022. While this has certainly had a positive impact on the market, the Federal Reserve aims to bring inflation down to 2%. Investors believe that the chance for the Federal Reserve to increase interest rates in November 2023 is just 32%. Furthermore, the Labor Department reported that the US economy added over 209,000 jobs in June. While lower than the estimate of 240,000 jobs, the unemployment rate remains at a historic low of 3.6%. Adding to this, the Bureau of Economic Analysis announced that the US GDP growth rate came in at 2.4% for the second quarter of 2023.

For companies that have reported quarterly earnings, the decline in quarterly EPS is close to 7.3%. This is worse than the decline reported in 2020. However, Wall Street analysts expect earnings to improve over the next two quarters. Moreover, consumer discretionary products have reported the biggest earnings growth in the second quarter, with an EPS 36% higher when compared to the same period last year. In contrast, the energy sector has experienced a decline of 52% in earnings, as compared to the previous year.

Adam Turnquist, chief technical strategist for LPL Financial, expressed concerns about the tech sector stocks having been overbought. As investors looked to maximize gains, tech stocks were the star of the show. This is what Mr. Turnquist had to say about investments in technology equities:

“While overbought conditions provide validation of the sector’s uptrend, and overbought does not mean over, odds for a shorter-term consolidation and/or pullback appear to be growing.”

While investors usually rush to add stocks like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Apple Inc. (NASDAQ:AAPL) to their portfolios, we take a look at the best performing stocks in the last 3 months in this article.

Our Methodology

We used a stock screener and filtered out stocks with market caps above $2 billion as of August 15. We did this to eliminate extremely small companies which have volatile performance and are not an appropriate indicator of the market performance overall. Then, we sorted the stocks in the ascending order of their 3-month share price performance. From the resulting dataset, we selected the stocks with the highest 3-month share price gains as of August 15. The following stocks are arranged in the ascending order of their share price gains.

Photo by Austin Distel on Unsplash

Best Performing Stocks in the Last 3 Months

15. Equitrans Midstream Corporation (NYSE:ETRN)

3-Month Share Price Gains as of August 15: 78.09%

Number of Hedge Fund Holders: 29

Equitrans Midstream Corporation (NYSE:ETRN) is an energy company that is focused on natural gas and water. Equitrans Midstream Corporation (NYSE:ETRN) operates within three segments – Gathering, Transmission, and Water. On August 1, the company announced a Q2 non-GAAP EPS of $0.09 and a revenue of $318.47 million. While the EPS beat market consensus by $0.04, the revenue fell short by $7.86 million. Equitrans Midstream Corporation (NYSE:ETRN) is one of the best performing stocks in the last 3 months.

According to Insider Monkey’s first quarter database, 29 hedge funds were bullish on Equitrans Midstream Corporation (NYSE:ETRN), as opposed to 30 from the previous quarter. Stuart J. Zimmer’s Zimmer Partners held the largest position in the company, with 22.2 million shares worth $128.6 million.

Like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Apple Inc. (NASDAQ:AAPL), Equitrans Midstream Corporation (NYSE:ETRN) is one of the stocks to consider for portfolio gains.

Legacy Ridge Capital Management made the following comment about Equitrans Midstream Corporation (NYSE:ETRN) in its second quarter 2023 investor letter:

“Equitrans Midstream Corporation (NYSE:ETRN) is a small position in the fund—less than 6%—and has been a decent contributor to performance YTD, but it hasn’t been a smooth ride in the least. ETRN is the operator and majority owner of the Mountain Valley Pipeline (MVP), a 303-mile natural gas pipeline proposed in 2014, approved by the FERC in 2017, and started construction in 2018. The estimated build cost was $3.5 billion, and the estimated completion date was early 2019. Now 4+ years behind schedule due to litigation and $3.1 billion OVER budget, and we might have line of sight to flowing gas by year-end 2023. Maybe. Section 324 of the Fiscal Responsibility Act expedited the completion of MVP by approving all remaining permits and by directing all appeals to the validity of the law to DC district courts. But it appears not even an act of Congress can get the final 10% of the project across the finish line. The 4th Circuit Court has once again issued a stay to halt construction as they consider arguments from environmental groups that the debt ceiling negotiation was unconstitutional.

We started buying ETRN in February 2022 around $7 a share and averaged down when presented the opportunity, resulting in an average cost basis of $6.87 on the common equity. In addition, we added call options to take advantage of the excess volatility, including Jan 24’ $5 strikes for $.55 per contract this past April when the stock fell to $4.60. While I’m generally opposed to catalyst driven investment theses, for some reason the math on this one made sense to me. In the event MVP was scrapped, we thought the existing assets were worth $6 – $7 a share, and that the company could possibly maintain the dividend, or would for at least another several quarters, which provided a high-single-digit yield. In other words, at a mid-single-digit entry price we thought our downside was extremely limited…” (Click here to read the full text)

14. Western Alliance Bancorporation (NYSE:WAL)

3-Month Share Price Gains as of August 15: 85.66%

Number of Hedge Fund Holders: 31

Western Alliance Bancorporation (NYSE:WAL) is the holding company for Western Alliance Bank, which operates in Arizona, Nevada, and California. Like most banks, it focuses on commercial and consumer related segments. On July 18, Western Alliance Bancorporation (NYSE:WAL) announced a Q2 revenue of $669.3 million, which exceeded estimates by $13.83 million. Meanwhile, the GAAP EPS amounted to $1.96, which was in line with market consensus.

According to Insider Monkey’s first quarter database, a total of 31 hedge funds were bullish on Western Alliance Bancorporation (NYSE:WAL), in comparison to 26 funds from the prior quarter. Ken Griffin’s Citadel Investment Group was the largest shareholder in the company, with 5.8 million shares worth $206.5 million.

Miller Value Deep Value Strategy had this to say about Western Alliance Bancorporation (NYSE:WAL) in its second quarter 2023 investor letter:

“During the quarter, we initiated positions in Western Alliance Bancorporation (NYSE:WAL) and Gray Television (GTN). Western Alliance is a leading national commercial bank with strong regional markets. The company has a capital-light business model (less branch focus). Following the Silicon Valley Bank collapse, Western Alliance saw significant share price weakness as the marketplace tried to draw similarities between the two companies. While initially experiencing deposit weakness, that has subsided and returned to growth as Western has a significantly more diversified business model with long-term customers having multiple products and services. The company’s underwriting capabilities and operations are best-in-class in our opinion. Management also appears fully aligned with shareholders and focused on shifting underwriting to a lower risk portfolio of loans. The company has taken incremental actions that should have accretive benefits to enhance capital ratios starting this quarter and further improving into 2024. Western’s share price is down 60%+ from its 52-week high, a deep discount to book value and 30%+ normalized earnings yield. We anticipate Western’s earnings troughing in the near term and improving over the next 6 to 12 months.

Long-term growth should remain above the peer group, ROAs at the high end of the industry, supporting Return on Tangible Common Equity (ROTCE) of 18-20%, with possible upside to 20-22% as the mortgage market improves over time. Both estimates are nicely above consensus long-term expectations. Over the next 3-5 years, returning to normalized EPS and valuation expanding back towards its historical average would support upside potential near three times current price levels.”

13. Extreme Networks, Inc. (NASDAQ:EXTR)

3-Month Share Price Gains as of August 15: 92.21%

Number of Hedge Fund Holders: 26

Extreme Networks, Inc. (NASDAQ:EXTR) focuses on the provision of networking solutions. The company designs, manufactures, and installs networking equipment for wireless or wired systems. On August 2, Extreme Networks, Inc. (NASDAQ:EXTR) reported its financial results for the fourth fiscal quarter ended June 30, 2023. The revenue came in at $363.9 million, paired with a non-GAAP EPS of $0.33. While the revenue exceeded market estimates by $20.36 million, the EPS beat consensus by $0.02.

According to Insider Monkey’s first quarter database, 26 hedge funds were long Extreme Networks, Inc. (NASDAQ:EXTR). In comparison, 27 hedge funds were invested in the company during the preceding quarter. Travis Cocke’s Voss Capital held the largest position in the stock, with 5.8 million shares worth $110.9 million.

ClearBridge Small Cap Strategy had this to say about Extreme Networks, Inc. (NASDAQ:EXTR) in its Q4 2022 investor letter:

“Stock selection in the information technology (IT) sector was the leading contributor to relative outperformance in the fourth quarter, benefiting from strong idiosyncratic drivers that helped our holdings overcome increased economic uncertainty. Extreme Networks, Inc. (NASDAQ:EXTR), one of the Strategy’s top-performing holdings, provides networking solutions worldwide through wired and wireless network infrastructure equipment and software development for network management, policy, analytics, security, and access controls. The company continues to exceed expectations thanks to its progress in consolidating its multiple offerings within a single platform and higher recurring software sales. As a result, the company has been able to accelerate its revenue growth and improve its profitability to the benefit of shareholders.”

12. Celestica Inc. (NYSE:CLS)

3-Month Share Price Gains as of August 15: 96.06%

Number of Hedge Fund Holders: 15

Celestica Inc. (NYSE:CLS) specializes in the provision of complex technology-based solutions to enhance different operations for its customers. The company operates through two major segments – Advanced Technology Solutions, and Connectivity & Cloud Solutions. On July 26, Celestica Inc. (NYSE:CLS) reported a Q2 revenue of $1.94 billion and a non-GAAP EPS of $0.55. These figures surpassed expectations by $130 million and $0.08, respectively.

According to Insider Monkey’s first quarter database, 15 hedge funds were bullish on Celestica Inc. (NYSE:CLS). During the previous quarter, this number was 18. Richard S. Pzena’s Pzena Investment Management had the highest stake in the company, with 5.8 million shares worth $75.1 million.

11. Reata Pharmaceuticals, Inc. (NASDAQ:RETA)

3-Month Share Price Gains as of August 15: 97.68%

Number of Hedge Fund Holders: 31

Reata Pharmaceuticals, Inc. (NASDAQ:RETA) is a clinical-stage biopharmaceutical company that specializes in novel therapeutics for life-threatening diseases. It is one of the best performing stocks in the last 3 months. On August 8, Reata Pharmaceuticals, Inc. (NASDAQ:RETA) reported a Q2 EPS of -$1.67 and a revenue of $22.75 million, exceeding market expectations by $0.23 and $22.63 million, respectively.

According to Insider Monkey’s first quarter database, 31 hedge funds were bullish on Reata Pharmaceuticals, Inc. (NASDAQ:RETA). During the last quarter, 24 hedge funds held a similar position in the company. Joseph Edelman’s Perceptive Advisors held the largest stake in the company, with 2.1 million shares worth $197.2 million.

10. MoonLake Immunotherapeutics (NASDAQ:MLTX)

3-Month Share Price Gains as of August 15: 105.1%

Number of Hedge Fund Holders: 16

MoonLake Immunotherapeutics (NASDAQ:MLTX) is a biotech company that develops treatments and therapies for different diseases. The company is developing nanobody solutions to treat inflammatory diseases. It is also engaged in phase 2 trials for treatments for spine-related diseases. On August 10, MoonLake Immunotherapeutics (NASDAQ:MLTX) reported a Q2 GAAP loss per share of $0.23, which beat expectations by $0.02. In addition, it also reported an increase in its short-term cash, cash equivalents, and securities from $63.1 million in March 2023 to $501.8 million by the end of June. MoonLake Immunotherapeutics (NASDAQ:MLTX) is one of the best performing stocks in the last 3 months.

According to Insider Monkey’s first quarter database, a total of 16 hedge funds were bullish on MoonLake Immunotherapeutics (NASDAQ:MLTX), in contrast to 12 hedge funds during the last quarter.

9. Upstart Holdings, Inc. (NASDAQ:UPST)

3-Month Share Price Gains as of August 15: 112.4%

Number of Hedge Fund Holders: 15

Upstart Holdings, Inc. (NASDAQ:UPST) operates a virtual platform based on artificial intelligence. Through this, the company partners with different banks and credit unions to provide consumer loans, using multiple variables to judge credit worthiness. On August 8, Upstart Holdings, Inc. (NASDAQ:UPST) announced a Q2 revenue of $135.77 million, along with a non-GAAP EPS of $0.06, beating the market consensus by $0.45 million and $0.13, respectively.

According to Insider Monkey’s first quarter database, 15 hedge funds were bullish on Upstart Holdings, Inc. (NASDAQ:UPST). In comparison, 16 hedge funds were invested in the stock during the last quarter. Philippe Laffont’s Coatue Management held the largest stake in the stock, with 1.6 million shares worth $26.4 million.

Vulcan Value Partners had this to say about Upstart Holdings Inc. (NASDAQ:UPST) in its Q2 2022 investor letter:

“Upstart Holdings Inc. was a material detractor for the quarter. It was a mistake, and we sold our position. Upstart is an artificial intelligence (AI) and cloud-based lending platform. The company uses AI models that are designed to underwrite superior loans with lower interest rates, lower default rates, higher approval rates, and increased underwriting automation. When we purchased Upstart, we believed the company had an excellent product and the addressable market was large.

Upstart’s results during 2021 were impressive. In the first quarter of 2022, the company reported solid results but lowered guidance and, more importantly, used its balance sheet to warehouse loans temporarily. The company’s decision to use its balance sheet to finance its growth surprised us and other market participants, and its stock price decreased dramatically. While we admire the management team, we are less confident in the company’s long-term prospects.

It will be more difficult than we anticipated for Upstart to extend its competitive advantages with smaller banks into adjacent markets such as auto loans and mortgages. As a result, our value for Upstart is unstable and the company no longer qualifies for investment. We are following our discipline and reallocating capital into companies with more stable values.”

8. Wayfair Inc. (NYSE:W)

3-Month Share Price Gains as of August 15: 125.4%

Number of Hedge Fund Holders: 32

Wayfair Inc. (NYSE:W) is an e-commerce platform that focuses on home decor, furniture, and lifestyle products in the United States. It is one of the best performing stocks in the last 3 months. On August 3, Wayfair Inc. (NYSE:W) announced a Q2 non-GAAP EPS of $0.21, along with a revenue of $3.17 billion, beating Wall Street estimates by $0.93 and $70 million, respectively.

According to Insider Monkey’s first quarter database, a total of 32 hedge funds were bullish on Wayfair Inc. (NYSE:W). This number remained unchanged from the last quarter. Zachary Sternberg and Benjamin Stein’s Spruce House Investment Management held the largest position in the company, with 3.65 million shares worth $125.3 million.

Alphyn Capital Management said this about Wayfair Inc. (NYSE:W) in its second quarter 2023 investor letter:

“Wayfair Inc. (NYSE:W) has endured a tough couple of years, resulting in the stock being out of favor with investors, presenting the opportunity to earn premiums from covered call options. I profitably exited calls sold in Q1 and re-initiated a position following the earnings announcement. The market seemed unmoved by Wayfair’s claim of market share gains, given headline revenue declines of 7.3% for the quarter. However, a business update in June, in which the company disclosed rising order volumes, precipitated a stock price rally, forcing me to close out the calls. Longer term, Wayfair’s scaled presence in online furniture, comprehensive product offering, and prior investments in supply chain infrastructure is well-positioned to capitalize on the industry’s increasing shift to online. Assuming management maintains its recent focus on cost control, Wayfair is on track to return to profitability and reach its target margin of 30%.”

7. Modine Manufacturing Company (NYSE:MOD)

3-Month Share Price Gains as of August 15: 125.6%

Number of Hedge Fund Holders: 22

Modine Manufacturing Company (NYSE:MOD) offers thermal management solutions in the form of heat transfer systems and components for various applications, such as in the vehicle industry. With a global presence, the company is a major player in the industry. On August 2, Modine Manufacturing Company (NYSE:MOD) announced a Q1 revenue of $622.4 million and a non-GAAP EPS of $0.85, surpassing Street consensus by $46.63 million and $0.41, respectively.

According to Insider Monkey’s first quarter database, 22 hedge funds were bullish on Modine Manufacturing Company (NYSE:MOD). In comparison, 18 hedge funds had invested in the company during the past quarter. Mario Gabelli’s GAMCO Investors was the largest stakeholder in the company, with 2.8 million shares worth $65.9 million.

6. Vertiv Holdings Co (NYSE:VRT)

3-Month Share Price Gains as of August 15: 129.0%

Number of Hedge Fund Holders: 41

Vertiv Holdings Co (NYSE:VRT) focuses on providing networking and digital infrastructure technologies. This includes design, manufacture, maintenance, and operations for data centers, networks, and commercial systems in Europe, Asia, Africa, and the Middle East. On August 2, Vertiv Holdings Co (NYSE:VRT) announced a Q2 non-GAAP EPS of $0.46, which surpassed the consensus by $0.17. Similarly, revenue was reported to be $1.73 billion, beating Street estimates by $110 million.

According to Insider Monkey’s first quarter database, a total of 41 hedge funds were bullish on Vertiv Holdings Co (NYSE:VRT). During the last quarter, this number was 40. Jeffrey Smith’s Starboard Value LP was the largest shareholder in the company, with 16.8 million shares worth $240.6 million.

In addition to Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Apple Inc. (NASDAQ:AAPL), Vertiv Holdings Co (NYSE:VRT) is one of the top performing stocks on the radar of hedge funds.

ClearBridge SMID Cap Growth Strategy said this about Vertiv Holdings Co (NYSE:VRT) in its Q4 2022 investor letter:

“Another solid contributor was Vertiv Holdings Co (NYSE:VRT), a leader in power and thermal management and related tools and systems used by data centers, enterprise and industrial customers and communication carriers globally. Vertiv continues to demonstrate a recovery from supply chain disruptions, win investor approval of its new CEO’s focus on operational improvements and generate greater free cash flow which will continue to make it a strong, long-term holding.”

Click to continue reading and see 5 Best Performing Stocks in the Last 3 Months.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

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