Two weeks ago, I looked at a few stocks that were already trading at least 10% higher just a few days into 2020. Now I’m going to raise the bar, limiting my search to investments that have gained at least 20% this month.
More than 100 U.S. exchange-listed stocks have risen by 20% or better year to date. Pinterest (NYSE:PINS), Tesla Motors (NASDAQ:TSLA), and SmileDirectClub (NASDAQ:SDC) are among this year’s early winners. Let’s see why they’re revving up in 2020.
Pinterest: Up 20%
This has been a strong month for some of the underperforming IPOs of the 2019 class, and Pinterest is one of last year’s forgotten freshmen that’s turning heads as a sophomore. The visual search engine closed out 2019 just below its summertime debut price of $19, but it’s not a broken IPO anymore.
The year began with whispers of Pinterest as a buyout candidate, but it’s excitement for Pinterest’s improving fundamentals that’s led to a more sustainable pop. A couple of analysts have either upgraded the stock or boosted their price targets, and a positive development happened earlier this month, when traffic tracker eMarketer reported that Pinterest had overtaken Snap’s (NYSE:SNAP) Snapchat to become the country’s third most popular social media platform.
Pinterest is reaching a growing audience of 322 million monthly active users…