Buy These 5 Nasdaq Stocks With Double-Digit Returns in the Past Month

Wall Street has maintained its northward journey in 2024 after an astonishing rally in 2023. The technology sector is predominantly driving the ongoing rally. An unprecedented adoption of generative artificial intelligence (AI) technology globally was the prime factor.Meanwhile, from mid-July, the technology stocks have been facing hurdles intermittently primarily owing to their extreme overvaluation. Moreover, fear of a near-term recession also accelerated the technology sector’s decline. Year to date, the tech-heavy Nasdaq Composite Index has advanced nearly 14.4%. However, in the past month, the index has risen a mere 0.6%.Despite the Nasdaq Composite’s recent meltdown, a handful of stocks of this index have provided double-digit returns with more upside left. Five such stocks are Affirm Holdings Inc. AFRM, Arch Capital Group Ltd. ACGL, The Cooper Companies Inc. COO, Erie Indemnity Co. ERIE and Workday Inc. WDAY. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.5 Nasdaq Stocks With Double-Digit Returns in the Past MonthImage Source: Zacks Investment ResearchAffirm Holdings Inc.Affirm Holdings operates a payment network in the United States, Canada, and internationally. AFRM’s platform includes point-of-sale payment solutions for consumers, merchant commerce solutions, and a consumer-focused app. AFRM’s commerce platform, agreements with originating banks, and capital markets partners enables consumers to pay for a purchase over time. AFRM has active merchants covering small businesses, large enterprises, direct-to-consumer brands, brick-and-mortar stores, and companies with an omni-channel presence. AFRM’s merchants represent a range of industries, including sporting goods and outdoors, home and lifestyle, travel and ticketing, electronics, fashion and beauty, equipment and auto, and general merchandise.Earnings Estimate Revisions of AFRM Shares on the RiseZacks Rank #1 Affirm Holdings has an expected revenue and earnings growth rate of 29.6% and 50.9%, respectively, for the current year (ending June 2025). The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 30 days. The stock price of AFRM has soared 52.1% year to date.Image Source: Zacks Investment ResearchArch Capital Group Ltd.Arch Capital boasts a strong product portfolio and has a solid track record of premium growth. Premiums should benefit from new business opportunities, rate increases, growth in existing accounts and Australian single-premium mortgage insurance. ACGL has also been diversifying its Mortgage Insurance business via strategic acquisitions that also complement the strength in the specialty insurance and reinsurance businesses. A solid capital position shields it from market volatility. ACGL’s growing Investment portfolio provides meaningful tailwinds to its bottom line. Strategic buyouts strengthen ACGL’s portfolio and offer geographic diversification.Solid Earnings Estimate Revisions for ACGL StockZacks Rank #2 Arch Capital has an expected revenue and earnings growth rate of 15.3% and 6.6%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 30 days. The stock price of ACGL has rallied 14.2% year to date.Image Source: Zacks Investment ResearchThe Cooper Companies Inc.The Cooper witnessed solid performance across its core CVI and CSI units and robust geographical performance in the last reported quarter. COO is optimistic about its myopia management program and sustained strength in fertility. Per management, COO continues to witness success with its daily silicone hydrogel lenses, which position it as one of the leaders in the soft contact lens market. A strong financial outlook amid persistent pandemic-led challenges instills further confidence.Impressive Earnings Estimate Revisions for COO StockZacks Rank #2 The Cooper has an expected revenue and earnings growth rate of 8.4% and 13.4%, respectively, for the current year (ending October 2024). The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 30 days. The stock price of COO has climbed 18.7% year to date.Image Source: Zacks Investment ResearchErie Indemnity Co.Erie Indemnity operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. ERIE provides issuance and renewal services, sales related services, including agent compensation, and sales and advertising support services, underwriting services comprising underwriting and policy processing, and other services consist of customer services and administrative support services, as well as information technology services.Strong Earnings Estimate Revisions for ERIE SharesZacks Rank#1 Erie Indemnity has an expected revenue and earnings growth rate of 15.7% and 33.8%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 60 days. The stock price of ERIE has surged 11.4% year to date.Image Source: Zacks Investment ResearchWorkday Inc.Workday has benefited from solid customer wins, strategic expansions and strong contract renewals. WDAY is benefiting from healthy demand for financial and human capital management solutions in various end markets, including education, financial services and healthcare. WDAY’s collaboration with Salesforce to develop a leading-edge AI-powered solution will likely enhance workplace efficiency and employee satisfaction.WDAY Shares Witness Robust Earnings Estimate RevisionsZacks Rank#2 Workday has an expected revenue and earnings growth rate of 15.6% and 18.8%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 30 days. The stock price of WDAY has jumped 20% year to date.Image Source: Zacks Investment Research5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Cooper Companies, Inc. (COO): Free Stock Analysis Report Erie Indemnity Company (ERIE): Free Stock Analysis Report Workday, Inc. (WDAY): Free Stock Analysis Report Arch Capital Group Ltd. (ACGL): Free Stock Analysis Report Affirm Holdings, Inc. (AFRM): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks