In this article, we will take a look at the 5 best short-term stocks to invest in. To read our analysis of the recent market activity, you can go to the 14 Best Short-Term Stocks to Invest In.
5. New Fortress Energy LLC (NASDAQ:NFE)
3-Month Return as of November 21: 20.08%
One-Year Return as of November 21: -25.50%
Number of Hedge Fund Holders: 25
New York-based New Fortress Energy LLC (NASDAQ:NFE) is a global energy infrastructure company that develops, finances, and operates natural gas facilities, power plants and logistics solutions to deliver fully integrated, turnkey energy solutions.
On November 7, New Fortress Energy LLC (NASDAQ:NFE) announced the close of up to $575 million in financings to complete construction of its 630 MW Barcarena power plant, which is approximately 37% completed pursuant to a fixed-price, date-certain EPC contract with Mitsubishi and Toyo Setal.
New Fortress Energy LLC (NASDAQ:NFE) is working on a deleveraging plan to strengthen the financial position of the company and has identified non-core assets for potential sale that can bring in nearly $1.0 billion. The divestitures are expected to be undertaken in the next 12 months, according to the company.
4. HighPeak Energy, Inc. (NASDAQ:HPK)
3-Month Return as of November 21: 21.62%
One-Year Return as of November 21: -28.29%
Number of Hedge Fund Holders: 9
HighPeak Energy, Inc. (NASDAQ:HPK) is an independent oil and natural gas company engaged in the acquisition, development and production of oil, natural gas and NGL reserves, based in Fort Worth, Texas. It is primarily focused on the development of reserves in Howard County of the Midland Basin.
On November 6, HighPeak Energy, Inc. (NASDAQ:HPK) released its financial results for Q3 2023 which showed a solid performance. Its revenue increased by 69% y-o-y to $346 million while net income shrunk by 64% y-o-y to $39 million, mainly due to a significant increase in operating expenses.
Prior to the earnings release, the Board of Directors of HighPeak Energy, Inc. (NASDAQ:HPK) declared a quarterly cash dividend of $0.025 per share.
Like other stocks such as Centene Corporation (NYSE:CNC), AT&T Inc. (NYSE:T), and The Liberty SiriusXM Group (NASDAQ:LSXMA), the shares of HighPeak Energy, Inc. (NASDAQ:HPK)s are among the Best Short-Term Stocks to Invest In.
3. Alteryx, Inc. (NYSE:AYX)
3-Month Return as of November 21: 29.26%
One-Year Return as of November 21: -14.64%
Number of Hedge Fund Holders: 39
Irvine, California-based Alteryx, Inc. (NYSE:AYX) is a leading software company that offers a cloud-based analytics automation platform which allows end-to-end automation of data engineering, analytics, reporting, machine learning, and data science processes. The platform is used by more than 8,000 customers globally.
As of November 21, Alteryx, Inc. (NYSE:AYX) shares have lost nearly 15% of their value during the past year. Despite that, analysts are bullish on the future prospects of the company and hold strong buy ratings as well as an average price target of $47.73 which represents a potential upside of nearly 27%, based on the latest share price.
As of Q3 2023, Alteryx, Inc. (NYSE:AYX) shares were owned by 39 of the 910 hedge funds tracked by Insider Monkey, with a total value of $638 million. Notable hedge fund investors included Bares Capital Management, Hawk Ridge Management, and No Street Capital, among others.
2. Frontier Communications Parent, Inc. (NASDAQ:FYBR)
3-Month Return as of November 21: 34.41%
One-Year Return as of November 21: -16.30%
Number of Hedge Fund Holders: 39
Dallas, Texas-based Frontier Communications Parent, Inc. (NASDAQ:FYBR) is the largest pure-play fiber provider in the United States. It delivers broadband connectivity to millions of consumers and businesses across the country.
On November 1, Frontier Communications Parent, Inc. (NASDAQ:FYBR) released its Q3 2023 financial results. Even though the revenue was nearly in line with the consensus estimates at $1.44 billion, the normalized EPS, at $0.15, exceeded expectations by a whopping $0.30.
Following the earnings release, JP Morgan analyst Philip Cusick lowered the price target on Frontier Communications Parent, Inc. (NASDAQ:FYBR) shares to $29 from $33 but maintained an ‘Overweight’ rating. The target price represents a 39% potential upside based on the share price on November 21.
As of Q3 2023, Frontier Communications Parent, Inc. (NASDAQ:FYBR) shares were held by 39 hedge funds. Matthew Barrett’s Glendon Capital Management was the largest hedge fund shareholder with ownership of 24.2 million shares valued at $379 million.
1. Globalstar, Inc. (NYSE:GSAT)
3-Month Return as of November 21: 37.74%
One-Year Return as of November 21: -19.34%
Number of Hedge Fund Holders: 16
Eagle, Idaho-based, Globalstar, Inc. (NYSE:GSAT) is an international telecom infrastructure provider offering satellite and terrestrial connectivity services. Its LEO satellite constellation assures secure data transmission for consumers, businesses, and government agencies across the globe.
On November 2, Globalstar, Inc. (NYSE:GSAT) released its financial results for Q3 2023. Its revenue increased by 53% y-o-y to $58 million, while it generated a net loss of $6 million, 97% lower than last year.
Earlier on August 29, Globalstar, Inc. (NYSE:GSAT) announced the appointment of Paul E. Jacobs, Ph.D., founder, and CEO of XCOM Labs and former CEO and Executive Chairman of Qualcomm, as CEO of Globalstar.
Globalstar, Inc. (NYSE:GSAT) has made it to the top of our list of 14 Best Short-Term Stocks to Invest In based on its 3-month return of 37.74%, as of November 21. As of September 30, the stock featured in the portfolios of 16 of the 910 hedge funds tracked by Insider Monkey with the total value of shares held by these hedge funds amounting to $71 million.
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