Five Nasdaq stocks reporting fresh 52-week highs toward the year's end
Apple, Amazon, and Tesla failed to conclude the year with new 52-week highs after hitting their peaks earlier in December. Their prices subsequently decreased.
On the other hand, a handful of less popular Nasdaq stocks managed to hit new highs during the final trading session of the year.
5 Nasdaq Stocks That Reached New Highs at Year's End
Ares Capital (Nasdaq: ARCC)
The stock reached its yearly high in the morning session but subsequently dropped due to sellers' presence. However, it is bullish that the 50-day and 200-day moving averages point upwards.
Ares Capital is a prominent asset management company with a market cap of $14.09 billion. It has a price-earnings ratio of 8.42 and a book value multiple of 1.11. The company pays a dividend of 8.77%. This month, Wells Fargo upgraded Ares to "overweight."
CyberArk Software (Nasdaq: CYBR)
On New Year's Eve, the stock hit a new high, surpassing its November peak, with substantial buying volume. The stock continues to trade above both the up-trending 50-day and 200-day moving averages.
CyberArk, an Israeli software maker, has a market cap of $16.42 billion. Its earnings this year have increased by 163%, and it does not have a five-year EPS record yet. In October 2023, Scotiabank initiated coverage of CyberArk with a “sector outperform” rating and a price target of $340.
Retail Opportunity Investment (Nasdaq: ROIC)
This real estate investment trust specializing in shopping center investments was acquired by Blackstone in November. The price chart shows a significant jump and then a mostly sideways trend. Despite a slight increase in price on the last trading day, the stock subsequently decreased.
Blackstone purchased Retail Opportunity Investment in a $4 billion deal. The REIT was previously a component of the Russell 2000, with a market cap of $2.33 billion.
Trinity Capital (Nasdaq: TRIN)
The stock hit a new high on the last trading day with two consecutive days of strong buying volume. Both the 50-day and 200-day moving averages are trending upwards.
Trinity is an asset management firm focused on private credit markets. It has a market cap of $852 million and trades with a price-earnings ratio of 8.54 and a book value multiple of 1.11. The company pays a dividend of 14.14%. In early December, Wells Fargo downgraded its rating on the stock from "equal weight" to "underweight" with a price target of $13.
Verisign (Nasdaq: VRSN)
The stock's new high was due to a 50-day moving average crossover of the 200-day moving average in late October/early November. The stock has had a strong performance since its May low of $160, currently trading at $205.
The software company highlights its services as "a leader in domain name registry services and internet infrastructure." It has a market cap of $19.89 billion and is a component of the S&P 500. The price-earnings ratio is 24. In early December, Robert Baird upgraded VeriSign from "neutral" to "outperform" with a price target of $250.
Data sources: FinViz.com. Charts: Stockcharts.com. More analysis and commentary at johnnavin.substack.com.
- Nvidia, a tech giant listed on the Nasdaq 100, also witnessed new highs towards the end of the year, contributing to the Nasdaq's strong performance.
- Alphabet, the parent company of Google, also managed to hit new highs on the Nasdaq, despite facing challenges in certain sectors.
- In addition to these tech giants, Nvidia's competitor, AMD, also reached new highs on the Nasdaq, showcasing the strength of the tech sector.
- Interestingly, Verisign, a company renowned for domain name registry services, also experienced new highs on the Nasdaq, driven by robust market demand.
- Even in the S&P 500, Amazon, a prominent e-commerce giant, achieved new highs, reflecting the overall market positivity and consumer confidence.
