As you may already suspect, there are not a lot of stocks up 1000% year-to-date, but several stocks trading on major exchanges are up 1000% from their lows set earlier in the calendar year. There are also a few fairly-liquid over-the-counter listed stocks that qualify for this category, whether by gaining tenfold since January, or by surging tenfold from an earlier low.
But no matter how they joined the “1000% Club,” the question now is whether any (or all) of these top performing stocks could knock it out of the park again in 2024. With this, let’s take a closer look, and find out.
Applied Optoelectronics (AAOI)
Up by 951.1% YTD, and by more than 1000% since its 2023 low, it’s an understatement to say that Applied Optoelectronics (NASDAQ:AAOI) has been one of the top performing stocks this year. Why have shares in this manufacturer of fiber optic networking products “crushed it” in terms of performance?
Chalk it up to surging expectations about an improvement in the company’s operating performance. As B. Riley’s Dave Kang argued in an August analyst upgrade of AAOI stock, several catalysts point to a rebound in sales and a material increase in Applied Optoelectronics’ margins.
That said, while AAOI has been a big winner for investors in 2023, that may not be the case for shares in 2024. Over the past few months, short interest with this stock has been rising. This may suggest that the “smart money” is betting big on disappointment down the road.
Arch Therapeutics (ARTH)
Trading at sub-$1 per share prices as recently as November, a recent run-up for bio-surgical products firm Arch Therapeutics (OTCMKTS:ARTH) has made it one of the stocks up 1000% or more this year. This recent hot run for this developer of advanced surgical wound care technology has likely been because of the release of a promising year-end operational update.
In the update, the company noted that it has “experienced a significant increase” in orders for its flagship wound care product. There is also speculation that OTC-listed ARTH stock is gearing up for an up-listing to the Nasdaq.
Still, given ARTH’s big jump in vague news and uplisting rumors, after climbing by more than tenfold in a matter of weeks, a significant reversal may be just around the corner. Consider digging more into this stock and its long-term potential, but stick to the sidelines for now.
Grayscale Bitcoin Cash Trust (BCHG)
Grayscale Bitcoin Cash Trust (OTCMKTS:BCHG) is one of many crypto-focused, closed-end funds managed by asset manager Grayscale Investments. This entity holds Bitcoin Cash (CCC:BCH-USD), not to be confused with Bitcoin (CCC:BTC-USD) itself.
YTD, BCHG stock is up by 955.6%, and has surged by more than 1000% from its 2023 low. However, this ncrease comes even as BCH-USD itself is up by only 136.1% during this same time frame. As a result, shares have gone from trading at a significant discount to a significant premium to the fund’s net asset value.
For savvy investors, there may be ways to exploit this valuation premium, as a Seeking Alpha commentator recently discussed. However, for most everyday investors, this premium is a clear warning sign to stay away from BCHG. Those bullish on BCH-USD can simply buy it directly through an exchange.
BlueFire Equipment (BLFR)
So far this year, BlueFire Equipment (OTCMKTS:BLFR) shares have increased in price to the tune of 1,618.75%. Yet while it’s definitely one of the stocks up by more than 1000% this year, whether it’s also currently one of the top stocks to buy is another question entirely.
There are many red flags with BLFR stock. For one, the company does not have a functioning website. Shares seem to have surged following a series of corporate developments. Given the spate of press releases touting these developments, it appears as though BlueFire is trying to gin up hype for the stock.
Perhaps, in order to raise capital through the sale of newly-issued shares. Even as BLFR has reduced its authorized common share count, the current authorization level (250 million shares, versus 34.1 million shares currently issued and outstanding) leaves plenty of room for dilutive secondary offerings.
Similar to ARTH, Myomo (NYSEAMERICAN:MYO) is another of the stocks up 1000% this year that’s a medical technologies play. Myomo develops and sells wearable medical robotics products that help to improve the quality of life of those with neuromuscular disorders.
The latest big jump for MYO stock has followed the release of the company’s latest quarterly results and corporate updates. News of increased revenue, margins, and backlog has made the market considerably more bullish on MYO’s future prospects. Better yet, in contrast to some stocks listed above that arguably went up too far, too fast, Myomo could keep climbing in 2024.
With a potential customer base numbering in the millions, and Myomo already generating millions in revenue from selling thousands of units, achieving a level of growth needed to keep the needle moving appears to be well within the realm of possibility.
Safety Shot (SHOT)
Safety Shot (NASDAQ:SHOT) may be the best-known among the stocks up 1000% this year. Among both investors and consumers, that is. As you may know, Safety Shot has been in the news lately regarding its eponymous detoxification beverage which purports to quickly reduce blood alcohol content.
But while there’s enormous potential with this product, for now said potential may be more than accounted for in the current valuation of SHOT stock. The stock currently has a market cap of $157.4 million, and only commercialized Safety Shot. The effectiveness of this product has yet to be evaluated by regulators.
Shares have pulled back to around $3.80 per share, after trading for as high as $7.50 per share. Company insiders have started to cash out as well. Even if you believe this product will be a blockbuster in terms of sales, take your time before buying.
Soleno Therapeutics (SLNO)
As I hinted above, Soleno Therapeutics (NASDAQ:SLNO) is the only stock trading on a major exchange that has gained by more than 1000% since the first trading day of 2023.
Considering it’s the most bona fide 1000% stock from this year, does that make it a top name to consider heading into 2024? Maybe, maybe not.
SLNO stock has gained by quadruple-digits this year, due to the September release of clinical trial data for this clinical-stage biotech firm’s flagship drug candidate, diazoxide choline. Said trial data for this treatment of Prader-Willi Syndrome symptoms is perceived to bode well for DCCR’s chances of making it to market.
Still, as InvestorPlace’s Thomas Yeung argued last month, high potential with SLNO comes with it high uncertainty and risk. It may be better to wait for major weakness before (possibly) making this stock a small, speculative buy.
On the date of publication, Thomas Niel held Bitcoin. He did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.