5 Best Performing Growth Stocks in January and February 2024

In this piece, we will take a look at the five best performing growth stocks in January 2024. If you want a detailed overview of why growth stocks are special, then check out 10 Best Performing Growth Stocks in January and February 2024.

5. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Q4 2023 Hedge Fund Shareholders: 70

Share Price Performance: 28.58%

Applied Materials, Inc. (NASDAQ:AMAT) is the third semiconductor stock on our list of the best performing growth stocks. The firm is at the center of a bit of controversy these days as the U.S. government has sent it subpoenas for having allegedly violated export restrictions against China’s biggest chip maker SMIC.

As of Q4 2023 end, 70 out of the 933 hedge funds part of Insider Monkey’s database had faith in Applied Materials, Inc. (NASDAQ:AMAT)’s stock. David Blood and Al Gore’s Generation Investment Management was the biggest investor through its $1.1 billion investment.

4. Uber Technologies, Inc. (NYSE:UBER)

Number of Q4 2023 Hedge Fund Shareholders: 129

Share Price Performance: 34.68%

Uber Technologies, Inc. (NYSE:UBER) is the popular ridesharing platform software company headquartered in San Francisco, California. The shares are rated Strong Buy on average, and the average analyst share price target is $85.78.

Insider Monkey’s fourth quarter of 2023 survey of 933 hedge funds discovered that 129 had bought the firm’s shares. Uber Technologies, Inc. (NYSE:UBER)’s largest stakeholder among these is D. E. Shaw’s D E Shaw as it holds $886 million worth of shares.

3. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Q4 2023 Hedge Fund Shareholders: 120

Share Price Performance: 34.85%

Advanced Micro Devices, Inc. (NASDAQ:AMD) is the American semiconductor designer headquartered in Santa Clara, California. With the AI in full flow on Wall Street and in the technology industry, February 2024 saw Microsoft upgrade its partnership with AMD and work with the firm to improve AI features on PC games.

Insider Mneky scoured through 933 hedge fund portfolios for last year’s final quarter and found 120 Advanced Micro Devices, Inc. (NASDAQ:AMD) investors. Ken Fisher’s Fisher Asset Management was the biggest shareholder through its $4.1 billion stake.

2. Meta Platforms, Inc. (NASDAQ:META)

Number of Q4 2023 Hedge Fund Shareholders: 242

Share Price Performance: 40.65%

Meta Platforms, Inc. (NASDAQ:META) is one of the biggest social media companies in the world. 2024 has been a big year for the firm that has seen it announce a surprise dividend and share plans to buy hundreds of thousands of advanced chips for AI use.

By December 2023 end, 242 out of the 933 hedge funds covered by Insider Monkey’s research had identified themselves as the firm’s investors. The largest Meta Platforms, Inc. (NASDAQ:META) investor among these is Rajiv Jain’s GQG Partners as it owns 11.1 million shares that are worth $3.9 billion.

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Q4 2023 Hedge Fund Shareholders: 173

Share Price Performance: 64.61%

NVIDIA Corporation (NASDAQ:NVDA) is the hottest stock on Wall Street right now due to its well designed products aimed at AI use. This hasn’t stopped the firm from spreading its wings, and February 2024 saw NVIDIA Corporation (NASDAQ:NVDA) join Microsoft, Jeff Bezos, and others to pile in a collective $675 million into an AI robotics company.

173 out of the 933 hedge funds polled by Insider Monkey were NVIDIA Corporation (NASDAQ:NVDA)’s shareholders as of Q4 2023 end. Rajiv Jain’s GQG Partners owned the biggest stake which was worth $6.8 billion.

Disclosure: None. You can also take a look at 20 Countries With Worst Vision Problems and 11 Best Brewery and Distillery Stocks to Buy Now.

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