5 NASDAQ Stocks with Biggest Upside

In this article, we discuss the 5 NASDAQ stocks with the biggest upside. To read our detailed analysis, go directly to the 10 NASDAQ Stocks with Biggest Upside.

5. Rivian Automotive, Inc. (NASDAQ:RIVN)

Average Analyst Price Target Upside: 66.88%

Number of Hedge Fund Holders: 32

Rivian Automotive, Inc. (NASDAQ:RIVN) manufactures and develops category-defining electric vehicles (EVs) and related accessories. As of March 18, the company is valued at $10.679 billion.

Based on 12 Wall Street analysts’ ratings in the last three months, Rivian Automotive, Inc. (NASDAQ:RIVN) has a consensus rating of Moderate Buy. The average price target of $18.24 represents an upside of 66.88% from the current levels as of March 18, which makes it one of the NASDAQ stocks with the biggest upside.

In the fourth quarter of 2023, while the hedge fund sentiment toward Rivian Automotive, Inc. (NASDAQ:RIVN) decreased slightly, the total stake value increased significantly to $1.132 billion from $867.069 million in the previous quarter. As of the fourth quarter of 2023, D E Shaw owns 16.8 million shares worth over $395.211 million, making it the top investor in the company. 

Moreover, 32 hedge funds held a stake in Rivian Automotive, Inc.’s (NASDAQ:RIVN) stock as of Q4 of 2023, apart from D.E Shaw. Of those, John Overdeck And David Siegel’s Two Sigma Advisors and Ken Griffin’s Citadel Investment Group have increased their stake in the company by 4221% and 207%, respectively. 

Baron Funds mentioned Rivian Automotive, Inc. (NASDAQ:RIVN) in its third quarter 2023 investor letter. Here is what it said:

“Shares of Rivian Automotive, Inc., a U.S.-based electric vehicle manufacturer, continued their volatile trading, and after declining during the first half of 2023, rose 45.7% during the third quarter. Rivian’s unit economics are improving as a result of several factors: i) the company’s production rate is increasing, which enables it to better absorb fixed costs; ii) Rivian is ramping-up the usage of more price effective technologies, such as LFP batteries and its in-house developed motor, Enduro; and iii) the company is benefiting from renegotiated supplier agreements, as its scale and purchasing power have significantly increased over the last few years. Management expects continued progress in profitability ahead as Rivian further scales production. We remain shareholders and believe that the release of Rivian’s new smaller SUV dubbed R2, which is planned for early 2024, would enable the company to compete in the higher volume SUV segment, and significantly expand its addressable market. On the liquidity front, we expect the company to raise additional funds to support its longer-term business plans.”

4. Array Technologies, Inc. (NASDAQ:ARRY)

Average Analyst Price Target Upside: 71.54%

Number of Hedge Fund Holders: 32

Array Technologies, Inc. (NASDAQ:ARRY) is a New Mexico-based company that offers solar tracking and solar racking systems. The stock was held by 32 hedge funds and their total stakes amounted to $583.102 million in the fourth quarter of 2023. Hill City Capital has increased its stake in the company by 98% to 8.84 million shares worth $148.517 million, and is the largest shareholder as of the fourth quarter of 2023.

On February 27, Array Technologies, Inc. (NASDAQ:ARRY) posted its Q4 non-GAAP EPS of $0.21, which surpassed the analysts’ estimates by $0.10. In the quarter, the revenue was $341.6 million, which beat the estimates by $25.51 million.

On February 22, Array Technologies, Inc. (NASDAQ:ARRY) announced that it entered a partnership with Aluminum Products Company. Under the partnership, the companies would assist the expanding energy market in the Middle East.

23 Wall Street analysts have covered Array Technologies, Inc. (NASDAQ:ARRY), and 12 keep a Buy-equivalent rating on the stock. As of March 18, the average price target of $19.83 represents an upside of 71.54% from present levels.

3. Viasat, Inc. (NASDAQ:VSAT)

Average Analyst Price Target Upside: 86.88%

Number of Hedge Fund Holders: 15

Viasat, Inc. (NASDAQ:VSAT) is a California-based company that offers high-speed satellite broadband services and secure networking systems. Based on 2 Wall Street analysts’ ratings over the past three months, the stock has a consensus rating of Moderate Buy. The average price target of $32.20 has an upside of 86.88% to the stock’s current price as of March 18.

On February 29, it was reported that Viasat, Inc. (NASDAQ:VSAT) won a contract from Northrop Grumman Corporation (NYSE:NOC) to integrate its ViaSat-3 modem and support the former company in the U.S. Air Force Research Laboratory initiative known as Defense Experimentation Using Commercial Space Internet.

In the fourth quarter of 2023, 15 hedge funds held positions in Viasat, Inc.’s (NASDAQ:VSAT) stock worth $582.783 million. As of December 31, 2023, Bob Peck And Andy Raab’s FPR Partners is the most significant shareholder in the company with a position worth $79.946 million.

On February 6, Viasat, Inc. (NASDAQ:VSAT) reported its Q3 non-GAAP EPS of $0.24. The revenue jumped 58.2% YoY to $1.13 billion, which topped the estimates by $20 million.

Cove Street Capital stated the following regarding Viasat, Inc. (NASDAQ:VSAT) in its fourth quarter 2023 investor letter:

“Viasat, Inc. (NASDAQ:VSAT) simply rebounded from “stupidly cheap” levels. There has been an interesting change at the company, after the “how can two new world class satellites get malfunction within 60 days of each other.” The company has taken their foot off the CapEx pedal and appears to be focused on near-term cashflow rather than the pursuit of global technical dominance. New investors, and perhaps long-term holders as well, recognize and appreciate this new sense of balance and moderation.”

2. Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Average Analyst Price Target Upside: 89.03%

Number of Hedge Fund Holders: 34

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) is a California-based company that researches and develops novel products for the treatment of rare and ultra-rare genetic diseases. Hedge fund sentiment was positive toward Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) in Q4 of 2023 as hedge funds with investments in the stock were 34 in the quarter with positions worth $768.782 million. This is compared to 27 funds with positions worth $440.166 million in the preceding quarter. Alkeon Capital Management is the top investor in the company as of Q4 of 2023. In the quarter, the firm increased its stake by 16% to 2.242 million shares worth $107.204 million, representing 0.23% of the investment portfolio.

14 Wall Street analysts have covered Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) over the past three months and 13 keep a Buy rating on the stock. As of March 18, the average price target of $89.60 implies an upside of 89.03% to its current price.

On January 17, JPMorgan analyst Anupam Rama raised the price target on Ultragenyx Pharmaceutical Inc.’s (NASDAQ:RARE) stock to $84 from $79 and kept an Overweight rating on the shares.

1. Sunrun Inc. (NASDAQ:RUN)

Average Analyst Price Target Upside: 108%

Number of Hedge Fund Holders: 35

Sunrun Inc. (NASDAQ:RUN) is a California-based residential solar, storage, and energy services company. As of March 18, the company is valued at $2.152 billion.

According to Insider Monkey’s database, hedge fund sentiment was positive toward Sunrun Inc. (NASDAQ:RUN) in the fourth quarter of 2023 as hedge funds with a stake in the stock were 35 and the total stakes amounted to $902.546 million. This is compared to 26 funds with positions worth $460.447 million in the previous quarter. With 14.212 million company shares worth $278.987 million, William B. Gray’s Orbis Investment Management is the most significant investor in the company as of December 31, 2023.

Sunrun Inc. (NASDAQ:RUN) has been covered by 19 Wall Street analysts over the past three months and 11 analysts keep a Buy rating on the stock. It is one of the top NASDAQ stocks with the biggest upside as the average price target of $20.32 represents an upside of 108% from the current levels at the time of writing on March 18.

You can also look at the 20 Best Warm Liberal Places to Retire and Real Estate Investing For Beginners: 11 Best Stocks To Buy.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.