Why These 24 Stocks Are Skyrocketing

One of the strongest stock market anomalies is the momentum effect, which is the tendency of recent past winners to outperform the recent past losers. That’s why we decided to take a look at some of the recent past winners in this article. These 24 companies, predominantly involved in the quantum computing, biotechnology, and technology sectors, have performed significantly well in the final quarter of 2024, registering spectacular returns over the 3 months.

That said, let’s take a look at the top 24 stocks that have skyrocketed and pose a solid growth opportunity in the coming year. We will also explore how well the stocks have performed throughout the year and what they have in store for 2025.

To come up with 24 names, we considered only the stocks that have at least $2 billion in market capitalization and have registered commendable returns in the fourth quarter of 2024.

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Why These 24 Stocks Are Skyrocketing

24. Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG)

Q4 Returns as of December 31, 2024: 15%

SMFG’s stock price grew by 14.7% in Q4 2024, going from $12.63 on September 30 to $14.49 on December 31, 2024. On the financial front, the company has managed to grow its revenue by 14% over the past 5 years, 11% over the past 3 years, and 12% year-over-year.

The financial services giant in Japan has not only shown impressive performance on the financial front but has also been committed to expanding and improving its customer experience. To align with the goal, the company has forged several partnerships with companies to improve the impact of human capital and technology.

In November, Sumitomo Mitsui Financial Group (SMFG) formed a business alliance with Euphoria Co. to help companies improve their human capital management systems, placing an immense focus on employee well-being.

23. TaskUs, Inc. (NASDAQ:TASK)

Q4 Returns as of December 31, 2024: 31%

TASK’s stock price reached $16.94 on December 31, a 31.1% jump through the fourth quarter of 2024. Analysts are also bullish on the stock and their median price target represents an upside of 6% from current levels.

As of January 10, TASK had jumped 28% over the past year. The company also beat its revenue guidance by $9 million in Q3 2024 and delivered a 13% year-over-year growth rate.

Keeping its impressive financial performance and growth trajectory in mind, analyst firm Morgan Stanley raised its price target to $21 from $18 earlier in December 2024.

TaskUs Inc. (TASK), an emerging leader in outsourced digital services, established a partnership with Red Points to fuel its expansion strategy. The two partners will come together to protect users against brand impersonations and fake accounts using AI.