In this article, we discuss the 10 stocks that doubled in 2021. If you want to skip our detailed analysis of these stocks, go directly to the 5 Stocks that Doubled in 2021.
The International Monetary Fund (IMF) recently forecast that the global economy will grow 5.9% in 2021, down from 6% growth predicted in July. According to the international body, the downward revision reflected the supply chain disruptions that were hampering the post-pandemic economic recovery of advanced economies as well as the worsening pandemic dynamics in developing economies. The report captures the two macro-trends that have shaped the stock market this year — a stop-and-start recovery and increased volatility.
Supply chain disruptions have increased the prices of goods in an environment where demand was already beating the supply, justifiably invoking inflation fears. In addition, the spread of the delta variant of the coronavirus, coupled with the retail investor frenzy in equity trading, has increased volatility. The stock market volume is pushing record highs. With the government refusing to raise interest rates, the market is constantly in flux, with valuations of growth stocks reaching unprecedented levels.
In this uncertain environment, investors should consider some stocks that have posted impressive year-to-date gains. Some of the stocks that have more than doubled in 2021 include NVIDIA Corporation (NASDAQ:NVDA), Ford Motor Company (NYSE:F), and Devon Energy Corporation (NYSE:DVN), among others discussed in detail below.
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Our Methodology
Here is our list of the 10 stocks that doubled in 2021. These were picked according to their year-to-date gains. Only those companies that have year-to-date gains of over 100% were selected. The exact gains in share price are mentioned alongside other details about the companies below.
You will see many stocks on this list that more than doubled in 2021, on a year-to-date basis.
The hedge fund sentiment around each stock was gauged using the data of 873 hedge funds tracked by Insider Monkey.
Why pay attention to hedge fund holdings? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by more than 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Number of Hedge Fund Holders: 11
Year-To-Date Gain: 329%
Tecnoglass Inc. (NASDAQ:TGLS) operates in the building products industry. The stock has registered incredible gains over the past twelve months as the housing industry booms. The firm has used this opportunity to launch new products that are doing very well. Despite shutting production for one month at the height of the pandemic, the firm managed to deliver blowout earnings in the latter half of the past year, carrying that momentum into 2021. It recently beat market expectations on earnings per share by $0.09.
In August, Raymond James analyst Joshua Wilson raised the price target on Tecnoglass Inc. (NASDAQ:TGLS) stock to $26 from $15 and kept a Strong Buy rating on the shares, backing the firm to continue generating attractive sales and margin growth.
At the end of the second quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $58 million in Tecnoglass Inc. (NASDAQ:TGLS), up from 10 in the preceding quarter worth $30 million.
Just like NVIDIA Corporation (NASDAQ:NVDA), Ford Motor Company (NYSE:F), and Devon Energy Corporation (NYSE:DVN), Tecnoglass Inc. (NASDAQ:TGLS) is one of the stocks attracting the attention of elite investors.
Number of Hedge Fund Holders: 14
Year-To-Date Gain: 581%
Bank of America analyst John Babcock has a Buy rating on Veritiv Corporation (NYSE:VRTV) stock with a price target of $86. The analyst highlighted that the revenue growth estimates for the firm remained strong heading into the fourth quarter. The company, which provides packaging products and services, smashed analyst estimates on earnings in the third quarter and raised full-year guidance numbers recently.
Sal Abbate, the CEO of Veritiv Corporation (NYSE:VRTV), said during the earnings call that strong packaging sales growth and operational improvements helped drive record net income for the company in the past few months.
At the end of the second quarter of 2021, 14 hedge funds in the database of Insider Monkey held stakes worth $254 million in Veritiv Corporation (NYSE:VRTV), up from 13 in the preceding quarter worth $186 million.
Number of Hedge Fund Holders: 18
Year-To-Date Gain: 342%
Dillard's, Inc. (NYSE:DDS) is among a host of department store stocks that have recovered strongly from the lows of 2020 when the virus crisis forced many shops to close business. One indication of the recovery has been the dividend payout. In August, the firm declared a quarterly dividend of $0.20 per share, an increase of 33% from the previous dividend of $0.15 per share. The forward yield was 0.41%.
Dillard's, Inc. (NYSE:DDS) also stands to benefit from the holiday season coming up. The National Retail Federation has predicted that retailers will enjoy the highest ever sales on record this season, predicted to be somewhere near $860 billion.
Among the hedge funds being tracked by Insider Monkey, Chicago-based firm Citadel Investment Group is a leading shareholder in Dillard's, Inc. (NYSE:DDS) with 79,824 shares worth more than $14.4 million.
In its Q4 2020 investor letter, Longleaf Partners Small-Cap Fund, an asset management firm, highlighted a few stocks and Dillard's, Inc. (NYSE:DDS) was one of them. Here is what the fund said:
“Dillard’s (-48%, -2.80%; –, –), the department store, detracted for the year. We had successfully owned the company during a downturn before and felt that we were paying a low mid-single-digit multiple on stable FCF with a great management team in charge when we first initiated the position in 2019. Our case was supported by the potential for management to monetize part of the company’s valuable owned retail real estate footprint for higher and better uses. COVID lockdowns, however, permanently impaired these values, as well as the company’s ability to go on offense with share buybacks, despite great efforts during the crisis by CEO Bill Dillard. We sold our position in the second quarter as the price-to-value gap closed and our case had changed materially.”
Number of Hedge Fund Holders: 18
Year-To-Date Gain: 405%
Peabody Energy Corporation (NYSE:BTU) stock has surged on the back of rising coal prices that touched two-year highs early last month. One reason for the high prices is that power plants are shifting to coal as natural gas prices increase, but since miners have reduced production capacity by 40% in the past six years, coal has become an expensive commodity. With the industry not expected to increase output immediately, it seems like the high prices will linger on for longer than expected, driving revenues for Peabody.
This is primarily why analysts like Benchmark are bullish on Peabody Energy Corporation (NYSE:BTU). Benchmark analyst Nathan Martin recently upgraded the stock to Buy from Hold with a price target of $16, highlighting the free cash flow potential of the company.
At the end of the second quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $297 million in Peabody Energy Corporation (NYSE:BTU), down from 21 in the preceding quarter worth $122 million.
Number of Hedge Fund Holders: 26
Year-To-Date Gain: 151%
Teradata Corporation (NYSE:TDC) markets systems software solutions. The company has strong fundamentals. It recently beat market estimates on earnings per share and revenue for the second quarter by $0.28 and $16 million respectively. The stock has surged on the back of reports that the company is donating nearly 70% of the research and development revenue on the cloud business, a significant revenue source for the company.
Morgan Stanley analyst Katy Huberty recently upgraded Teradata Corporation (NYSE:TDC) stock to Overweight from Equal Weight and increased the price target to $66 from $55, underlining that the cloud business of the company was “underappreciated” by investors.
At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $504 million in Teradata Corporation (NYSE:TDC), the same as in the previous quarter worth $480 million.
In addition to NVIDIA Corporation (NASDAQ:NVDA), Ford Motor Company (NYSE:F), and Devon Energy Corporation (NYSE:DVN), Teradata Corporation (NYSE:TDC) is one of the stocks that hedge funds are buying.
In its Q1 2021 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Teradata Corporation (NYSE:TDC) was one of them. Here is what the fund said:
“Leading contributors in the First Eagle Global Fund this quarter included Teradata Corporation. A longstanding participant in the data warehousing space, Teradata has been transitioning its focus from on-premises database management and analytics to the rapidly growing cloud-computing market. Recent company reports suggest this shift is gaining traction, to the benefit of its Teradata’s share price, as the company posted significantly higher annual recurring revenue from its public cloud-based software business relative to a year ago.”
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Disclosure. None. 10 Stocks that Doubled in 2021 is originally published on Insider Monkey.
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