5 Best Performing Stocks in the Last 6 Months

In this article, we discuss 5 best performing stocks in the last 6 months. If you want to read a detailed discussion on the stock market, head over to 15 Best Performing Stocks in the Last 6 Months.

5. Super Micro Computer, Inc. (NASDAQ:SMCI)

6-Month Share Price Gains as of August 15: 185.82%

Number of Hedge Fund Holders: 36

Super Micro Computer, Inc. (NASDAQ:SMCI) designs and manufactures advanced server and storage solutions known for their high performance. It is one of the best performing stocks in the last 6 months, based on share price gains of roughly 186% as of August 15. On August 8, Super Micro Computer, Inc. (NASDAQ:SMCI) announced its financial results for the fourth fiscal quarter of 2023. The company reported a non-GAAP EPS of $3.51 and a revenue of $2.18 billion, exceeding Wall Street estimates by $0.60 and $200 million, respectively.

According to Insider Monkey’s first quarter database, 36 hedge funds were bullish on Super Micro Computer, Inc. (NASDAQ:SMCI), as opposed to 34 funds in the prior quarter. Alex Sacerdote’s Whale Rock Capital Management held the largest position in the company, with 791,466 shares worth $84.3 million.

4. Carvana Co. (NYSE:CVNA)

6-Month Share Price Gains as of August 15: 218.05%

Number of Hedge Fund Holders: 33

Carvana Co. (NYSE:CVNA) manages an online marketplace designed for the purchase and sale of pre-owned vehicles within the United States. Carvana Co. (NYSE:CVNA) is one of the best performing stocks from the last 6 months. On July 19, Carvana Co. (NYSE:CVNA) reported a Q2 revenue of $2.97 billion, outperforming Wall Street estimates by $360 million. The gross profit for each unit amounted to $6,520, showing a 94% year-on-year growth and surpassing the company’s previous highest quarter by 27%.

According to Insider Monkey’s first quarter database, 33 hedge funds were bullish on Carvana Co. (NYSE:CVNA), compared to 36 funds in the prior quarter. Zachary Sternberg and Benjamin Stein’s Spruce House Investment Management held the largest position in the company, with 10 million shares valued at $97.9 million.

Kerrisdale Capital made the following comment about Carvana Co. (NYSE:CVNA) in the investor letter:

“We are short shares of Carvana Co. (NYSE:CVNA), a $4bn market cap online platform for buying and selling used cars. Originally hyped up as an innovative disruptor, Carvana is now recognized to be just a poorly run auto retailer struggling under the challenges of a severe industry downturn and the unsustainable burden of $6.5bn in debt. While many have shared concerns over Carvana’s business before, we voice ours at a time when shares have risen 165% in only a month on misguided optimism for profits that amount to little more than buffing the paint job on a totaled car.

Over its history of burning billions of dollars of investor capital to manufacture topline growth, Carvana has never generated sustainable profits or free cash flow. Even during the pandemic, when Carvana was virtually the only online option for scores of desperate car buyers willing to pay any price, the company failed to turn an annual profit. As the prospect of bankruptcy loomed, last year management began slashing costs, shrinking its operations and finessing working capital to try to generate positive free cash flow, and still failed. The company is pursuing a last-ditch attempt to sell markets on a new narrative, but ultimately, the business can’t escape the following reality: 1) whether a small local dealer or a tech-driven online platform, flipping used cars is a tough, capital-intensive business with lousy margins and, 2) any company can grow quickly and take share if run irresponsibly on costs, especially if capital markets are willing to foot the bill. Rather than representing true disruptive change, Carvana is a flawed player, armed with tools no better than the competition it seeks to disrupt and led by a management team which lacks seasoned automotive, operational experience. Carvana didn’t make money even when cars sold themselves, interest rates were low and used car prices were skyrocketing. Today, none of that is true anymore, and the company has no hope but to eventually restructure its massive debt load…”

3. MoonLake Immunotherapeutics (NASDAQ:MLTX)

6-Month Share Price Gains as of August 15: 229.84%

Number of Hedge Fund Holders: 16

Next on the list of best performing stocks is MoonLake Immunotherapeutics (NASDAQ:MLTX), a biopharmaceutical company currently in the clinical stage, which is involved in the development of therapeutic treatments. The company is actively working on the development of Sonelokimab, an innovative nanobody under investigation for the treatment of inflammatory diseases. On August 10, MoonLake Immunotherapeutics (NASDAQ:MLTX) reported a Q2 GAAP EPS of -$0.23, outperforming Wall Street estimates by $0.02.

According to Insider Monkey’s first quarter database, 16 hedge funds were bullish on MoonLake Immunotherapeutics (NASDAQ:MLTX). This number increased from the last quarter when 12 hedge funds held the stock.

2. ImmunoGen, Inc. (NASDAQ:IMGN)

6-Month Share Price Gains as of August 15: 265.48%

Number of Hedge Fund Holders: 22

ImmunoGen, Inc. (NASDAQ:IMGN), a biotechnology company in the commercial-stage, is one of the top performing stocks from the last 6 months. It focuses on the advancement and marketing of antibody-drug conjugates (ADCs) to benefit cancer patients. On July 31, ImmunoGen, Inc. (NASDAQ:IMGN) reported a Q2 GAAP EPS of -$0.02 and a revenue of $83.15 million, outperforming Wall Street estimates by $0.12 and $36.55 million, respectively.

According to Insider Monkey’s first quarter database, 22 hedge funds were bullish on ImmunoGen, Inc. (NASDAQ:IMGN), compared to 28 funds in the previous quarter. Peter Kolchinsky’s RA Capital Management held the largest position in the company, with 21.8 million shares valued at $83.9 million.

ClearBridge Multi Cap Growth Strategy made the following comment about ImmunoGen, Inc. (NASDAQ:IMGN) in its Q4 2022 investor letter:

“During the quarter we exited a position in ImmunoGen, Inc. (NASDAQ:IMGN), a biotechnology company developing antibody-drug conjugate therapies to treat cancer. ImmunoGen received FDA approval for Elahere for ovarian cancer, however it is a relatively modest opportunity and the company still faces a long road to reach meaningful profitability. The sale is also part of our effort to consolidate the portfolio in our highest conviction ideas.”

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

6-Month Share Price Gains as of August 15: 297.92%

Number of Hedge Fund Holders: 31

Reata Pharmaceuticals, Inc. (NASDAQ:RETA) is a biopharmaceutical company in the clinical stage, focused on discovering, creating, and bringing to market innovative treatments for individuals suffering from severe or life-threatening medical conditions. It is a top performing stock as of the last 6 months. On July 28, Reata Pharmaceuticals, Inc. (NASDAQ:RETA) reported that Biogen Inc. (NASDAQ:BIIB) agreed to buy Reata Pharmaceuticals (NASDAQ:RETA) for $172.50 per share in cash, or an enterprise value of about $7.3 billion. The purchase is expected to be finalized during the fourth quarter of 2023.

According to Insider Monkey’s first quarter database, 31 hedge funds were bullish on Reata Pharmaceuticals, Inc. (NASDAQ:RETA), the number increasing from the preceding quarter when 24 hedge funds were invested in Reata Pharmaceuticals, Inc. (NASDAQ:RETA). Joseph Edelman’s Perceptive Advisors held the largest stake in the company, with over 2.1 million shares worth $197.2 million.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out Jim Chanos’ 10 Short Positions in 2023 and 11 Cheap Bank Stocks To Buy Before They Take Off.