7 Best Performing Long Term Stocks in 2024

4. Oscar Health, Inc. (NYSE:OSCR)

Average Analyst Price Target Upside: 28.97%

Stock Price Performance YTD: 138.57%

Number of Hedge Fund Holders: 40

Oscar Health, Inc. (NYSE:OSCR) is a New York-based health insurance company that focuses on individual and small-group markets. The company offers traditional health plans as well as +Oscar, a technology-driven platform designed to facilitate the transition to value-based care for both providers and payers. The approach positions it as a forward-thinking player in the industry, capable of addressing the evolving needs of healthcare.

The stock was covered by 6 analysts and has a consensus Buy rating. The average price target of $28.00 implies a 28.97% upside from the present levels, as of September 24. It is among our best performing long term stocks in 2024. The stock is up 138.57% year-to-date.

During Q2, the company served around 1.6 million members across the country. The second quarter marked a record period for the company, with total revenue reaching $2.2 billion, a substantial 46% increase compared to the same quarter last year.

The company mentioned that impressive growth was because of rising membership numbers and strategic rate increases. It has revised its full-year 2024 outlook and projects revenues between $9.0 billion and $9.1 billion, which is an increase of $700 million from previous estimates. Additionally, the company forecasts adjusted EBITDA to fall within the range of $160 million to $210 million.

In June, Oscar Health (NYSE:OSCR) laid out a clear vision for future growth. It is targeting a compound annual growth rate (CAGR) of at least 20% in revenue and a 5% operating margin by 2027. The company plans to significantly expand its insurance footprint to capitalize on existing and new market opportunities to advance its addressable Affordable Care Act (ACA) market. The ambition is supported by its focus on introducing innovative products tailored to the diverse needs of its member base.

The company’s membership growth has been remarkable, with a 63% increase year-over-year. Oscar Health (NYSE:OSCR) has effectively deepened its market presence, achieving growth in about 80% of the states it operates in.