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Hidden Gems: 2 undiscovered stocks set to soar in 2024

Hidden Gems 2 undiscovered stocks set to soar in 2024
Elmaz Sabovic

The stock market is full of surprises that can be lucrative for investors, especially for those who can recognize early on the potential that can bring returns that are multiple times larger than the initial investment.

Aggregating the factors contributing to potential future gainers can be a challenging task. However, employing an extensive array of technical indicators, including moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB),  enhances the accuracy of the predictions.

On November 30, Finbold scrutinized the stock market, identifying two with the potential for substantial growth next year.

Editas Medicine, Inc. (NASDAQ: EDIT)

Biotechnology stocks frequently draw substantial investor interest, and Editas Medicine, Inc. (NASDAQ: EDIT) is no exception. It is a clinical-stage biotechnology company developing therapies for rare diseases based on CRISPR gene editing technology.

EDIT boasts a commendable financial performance. Earlier this month, EDIT exceeded both its revenue and profit expectations. The third-quarter report highlighted that earnings per share (EPS) stood at 55 cents, surpassing the estimate by two cents. Furthermore, the revenue soared to $5.33 million, exceeding estimates by $1.91 million.

Specifically, EDIT’s average 12-month price target is $13.93, reflecting a 28.14% increase from its present market price. This projection is derived from the price targets provided by 17 analysts over the past three months.

Analysts’s 12-month price target and rating for EDIT stock. Source: TradingView
Analysts’s 12-month price target and rating for EDIT stock. Source: TradingView

Additionally, the stock has a consensus rating of ‘Buy,’ with 6 strategists giving the ‘Strong Buy’ grade for EDIT. 

Furthermore, if this stock reaches its highest predicted price, investors might be looking at potential returns exceeding 150% of the current price.

Enovix (NASDAQ: ENVX)

In lithium battery advancements this year, notable progress has been observed, particularly with companies such as Tesla (NASDAQ: TSLA) eliminating rare earths to enhance sustainability. However, Enovix (NASDAQ: ENVX) has been orchestrating a transformative shift in lithium batteries. 

The company has quietly re-engineered lithium-ion batteries by incorporating silicon, which is more sustainable, efficient, and cost-effective than traditional battery technologies.

It is currently transitioning from focusing on research and development to expanding its market presence in electric vehicles, wearables, and cell phone platforms. Latest quarter report represented significant achievements for this small-cap battery stock, as its battery has become an integral component of an FDA-approved vital sign monitor.

Specifically, ENVX’s average 12-month price target is $28.67, reflecting a 157.56% increase from its present market price. This projection is derived from the price targets provided by 12 analysts over the past three months.

Analysts’s 12-month price target and rating for ENVX stock. Source: TradingView
Analysts’s 12-month price target and rating for ENVX stock. Source: TradingView

Additionally, the stock has a consensus rating of ‘ Strong Buy,’ with 11 strategists giving that same grade to ENVX. 

Revenue remains modest, and testing and marketing expenses currently preclude profitability. Nevertheless, the company stands at a pivotal juncture as it transitions into the market. Recent developments are promising, indicating a positive trajectory for Enovix that may see its stock increasing almost 800% in value.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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