5 Under-the-Radar Stocks With Massive Upside for 2024

In this piece, we will take a look at the five under the radar stocks with massive upside for 2024. For more details about the different aspects of stock ownership and more under the radar stocks, check out 12 Under-the-Radar Stocks with Massive Upside for 2024.

5. UiPath Inc. (NYSE:PATH)

Number of Q4 2023 Hedge Fund Shareholders: 38

Average Analyst Share Price Target Upside: 44%

UiPath Inc. (NYSE:PATH) is a software company that helps businesses automate their daily tasks. Its business model and product portfolio set the firm up also include AI products in the lineup. Considering the surge in business interest surrounding AI and enterprise software products, it’s unsurprising that UiPath Inc. (NYSE:PATH) has beaten analyst EPS estimates in all four of its latest quarters.

By Q4 2023 end, 38 out of the 933 hedge funds tracked by Insider Monkey had invested in UiPath Inc. (NYSE:PATH). Catherine D. Wood’s ARK Investment Management was the largest shareholder through its $1 billion stake.

4. Cloudflare, Inc. (NYSE:NET)

Number of Q4 2023 Hedge Fund Shareholders: 44

Average Analyst Share Price Target Upside: 15%

Cloudflare, Inc. (NYSE:NET) is the well known American cybersecurity and threat monitoring firm based in San Francisco, California. April 2024 is a crucial month for the firm since it has seen it partner up with the well known consultancy firm Booz Allen to develop a platform to help protect businesses against cyberattacks.

As December 2023 ended, 44 out of the 933 hedge funds part of Insider Monkey’s database were the firm’s shareholders. Cloudflare, Inc. (NYSE:NET)’s biggest stakeholder among these is Josh Overdeck and David Siegel’s Two Sigma Advisors as it owns $165 million worth of shares.

3. Ulta Beauty, Inc. (NASDAQ:ULTA)

Number of Q4 2023 Hedge Fund Shareholders: 49

Average Analyst Share Price Target Upside: 38%

Ulta Beauty, Inc. (NASDAQ:ULTA) is a beauty technology company that sells branded and other products on its retail platform. It has beaten analyst EPS estimates in all four of its latest quarters, the shares are rated Buy on average, and the average share price target is $563.24.

For their fourth quarter of 2023 shareholdings, 49 out of the 933 hedge funds profiled by Insider Monkey had held a stake in Ulta Beauty, Inc. (NASDAQ:ULTA). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the largest shareholder due to its $269 million investment.

2. Roblox Corporation (NYSE:RBLX)

Number of Q4 2023 Hedge Fund Shareholders: 50

Average Analyst Share Price Target Upside: 38%

Roblox Corporation (NYSE:RBLX) is a consumer technology company headquartered in San Mateo, California. It provides users with a virtual reality platform called a metaverse. The shares and their investors were in for some great news in April 2024 after investment bank JPMorgan raised the share rating to Overweight from Neutral and increased the share price target to $48 from $7.

Insider Monkey scoured through 933 hedge funds for their investments during last year’s final quarter to find that 50 had invested in the firm. Roblox Corporation (NYSE:RBLX)’s biggest hedge fund investor is Catherine D. Wood’s ARK Investment Management as it owns $544 million worth of shares.

1. JD.com, Inc. (NASDAQ:JD)

Number of Q4 2023 Hedge Fund Shareholders: 56

Average Analyst Share Price Target Upside: 34%

JD.com, Inc. (NASDAQ:JD) is a Chinese retailer headquartered in Beijing, China. Despite a slow Chinese economy, the firm has done well on the financial front as it has beaten analyst EPS estimates in all four of its latest quarters.

56 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database were JD.com, Inc. (NASDAQ:JD)’s investors. Its largest shareholder among these is Chase Coleman and Feroze Dewan’s Tiger Global Management LLC due to a $254 million investment.

Disclosure: None. You can also take a look at the 10 Best Multibagger Stocks to Buy Now and 15 Best Avalara Software Alternatives in 2024.

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