In this article, we discuss the 13 best get rich quick stocks to buy. If you want to skip our detailed analysis of these stocks, go directly to 5 Best Get Rich Quick Stocks To Buy.
There are many reasons for investors to be optimistic about the near-term future of the United States economy, especially as the central bank keeps interest rates steady and businesses begin to bounce back from the recession fears of the past two years. Retail investor activity at the stock is picking up pace yet again as interest in get rich quick schemes rises amid a flurry of activity in the technology space in anticipation of an eventual decrease in borrowing costs and venture capital interest in the high growth spaces.
Trades in penny stocks that are volatile is one such get rich quick scheme. Some of the top stocks to monitor in this context include Opendoor Technologies Inc. (NASDAQ:OPEN), Aurora Innovation, Inc. (NASDAQ:AUR), and Compass, Inc. (NYSE:COMP). Even though these companies are priced cheaper than the competition, they have explosive growth catalysts and retail investor interest. This makes them attractive for shrewd investors who want to invest in get rich quick schemes to take advantage of the recent rebound in stocks.
Robert Reffkin, the CEO of Compass, Inc. (NYSE:COMP), recently highlighted during the third quarter earnings call that his company had delivered positive free cash flow for the second quarter in a row despite a rapidly deteriorating market, as mortgage rates increased over 100 basis points to 8%. The firm grew quarterly market share 26 basis points year over year and grew principal agents by 4% year over year and 3% sequentially.
“We had above 98% principal agent retention for the quarter, which is the second highest agent retention level since we went public. We launched several new exciting features on our technology platform that improved agent productivity and led to retention and recruitment. We moved closer to achieving our goal of bringing our operating expenses down to a run rate of $900 million in the fourth quarter. And in the midst of a rapidly deteriorating market, we delivered positive free cash flow for the second quarter in a row.
We have worked hard to position Compass to be able to ride out this period of macroeconomic uncertainty and position Compass for even greater success when the market recovery begins. We are working from a position of strength. As the No. 1 brokerage by sales volume in the United States over the past two years, we have built an amazing business with the best agents serviced by a highly dedicated team of professionals at Compass that is laser-focused on delivering excellence at every level.
Although the market has not improved over the past year, Compass is a much stronger company with a lower cost base, higher principal agent retention, a revitalized post-pandemic culture, enhanced technology platform, and a larger agent-to-agent client referral network. I am proud of the fact that our team has thoughtfully and skillfully been able to reduce opex run rate by approximately $550 million since the second quarter of 2022. We said we would do it, and we did it. We expect to achieve our target 900 million opex run rate as we exit Q4 as planned.
This is more than a half billion dollars of expense cutting while still growing the number of agents, improving agent retention, and adding important new features to our technology platform. Our technology is clearly making a difference for agents. We have included a slide in our investor deck with quotes from agents who left Compass and came back and cited technology as the reason. With their permission, we have also included their phone numbers, so you can call them directly.”
Our Methodology
The companies that are priced under $5 per share have a beta of greater than 2 were shortlisted. The top thirty were then selected and the thirteen best ranked according to hedge fund sentiment. Data from around 900 elite hedge funds tracked by Insider Monkey in the third quarter of 2023 was used to identify the number of hedge funds that hold stakes in each firm. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.
A close-up of a stock market ticker displaying the company's stocks.
13. Incannex Healthcare Inc. (NASDAQ:IXHL)
Number of Hedge Fund Holders: N/A
Beta Rating as of December 30: 2.06
Incannex Healthcare Inc. (NASDAQ:IXHL) is a clinical stage pharmaceutical development company that engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies.
In late August, Incannex Healthcare Inc. (NASDAQ:IXHL) had announced that Psychennex, a subsidiary of the firm, was preparing an investigational new drug application so it can begin US clinical testing of its psychedelic therapy candidate Psi-GAD. Psi-GAD had been in Phase 2 testing in partnership with the Monash University in Australia for the treatment of generalized anxiety disorder.
Just like Opendoor Technologies Inc. (NASDAQ:OPEN), Aurora Innovation, Inc. (NASDAQ:AUR), and Compass, Inc. (NYSE:COMP), Incannex Healthcare Inc. (NASDAQ:IXHL) is one of the best get rich quick stocks to buy.
12. Companhia Siderúrgica Nacional (NYSE:SID)
Number of Hedge Fund Holders: 7
Beta Rating as of December 30: 2.12
Companhia Siderúrgica Nacional (NYSE:SID) operates as an integrated steel producer in Brazil and Latin America. At the end of the third quarter of 2023, 7 hedge funds in the database of Insider Monkey held stakes worth $1.9 million in Companhia Siderúrgica Nacional (NYSE:SID), compared to 8 in the preceding quarter worth $10 million.
11. Wheels Up Experience Inc. (NYSE:UP)
Number of Hedge Fund Holders: 8
Beta Rating as of December 30: 2.40
Wheels Up Experience Inc. (NYSE:UP) provides private aviation services in the United States. In mid-November, Wheels Up Experience Inc. (NYSE:UP) announced that it had closed a new investment led by Kore Capital and funds managed by Whitebox Advisors. The new investors join Delta Air Lines, Certares Management, Knighthead Capital Management, and Cox Enterprises, providing an additional term loan facility of $40 million under the existing credit agreement.
At the end of the third quarter of 2023, 8 hedge funds in the database of Insider Monkey held stakes worth $125 million in Wheels Up Experience Inc. (NYSE:UP), the same as in the previous quarter worth $329,000.
10. Cipher Mining Inc. (NASDAQ:CIFR)
Number of Hedge Fund Holders: 9
Beta Rating as of December 30: 2.27
Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that develops and operates industrial scale bitcoin mining data centers in the United States. On November 9, investment advisory Canaccord maintained a Buy rating on Cipher Mining Inc. (NASDAQ:CIFR) stock and raised the price target to $5.5 from $4.5.
At the end of the third quarter of 2023, 9 hedge funds in the database of Insider Monkey held stakes worth $1.4 million in Cipher Mining Inc. (NASDAQ:CIFR), compared to 11 in the previous quarter worth $2.9 million.
9. CureVac N.V. (NASDAQ:CVAC)
Number of Hedge Fund Holders: 10
Beta Rating as of December 30: 2.58
CureVac N.V. (NASDAQ:CVAC) is a clinical-stage biopharmaceutical company that focuses on developing various transformative medicines based on messenger ribonucleic acid. On December 19, investment advisory Bank of America maintained an Underperform rating on CureVac N.V. (NASDAQ:CVAC) stock and lowered the price target to $6.4 from $8.
Among the hedge funds being tracked by Insider Monkey, Boston-based firm RA Capital Management is a leading shareholder in CureVac N.V. (NASDAQ:CVAC) with 10.6 million shares worth more than $72 million.
8. Olaplex Holdings, Inc. (NASDAQ:OLPX)
Number of Hedge Fund Holders: 13
Beta Rating as of December 30: 2.42
Olaplex Holdings, Inc. (NASDAQ:OLPX) develops, manufactures, and sells hair care products. On November 8, investment advisory Telsey Advisory maintained a Market Perform rating on Olaplex Holdings, Inc. (NASDAQ:OLPX) stock and lowered the price target to $2 from $4.
At the end of the third quarter of 2023, 13 hedge funds in the database of Insider Monkey held stakes worth $30 million in Olaplex Holdings, Inc. (NASDAQ:OLPX), compared to 18 in the previous quarter worth $60 million.
7. Pagaya Technologies Ltd. (NASDAQ:PGY)
Number of Hedge Fund Holders: 16
Beta Rating as of December 30: 6.98
Pagaya Technologies Ltd. (NASDAQ:PGY) operates as a financial technology company in Israel, the United States, and internationally. On December 14, investment advisory Jefferies initiated coverage of Pagaya Technologies Ltd. (NASDAQ:PGY) stock with a Buy rating and a price target of $2.50.
At the end of the third quarter of 2023, 16 hedge funds in the database of Insider Monkey held stakes worth $44 million in Pagaya Technologies Ltd. (NASDAQ:PGY), compared to 12 in the previous quarter worth $70 million.
6. fuboTV Inc. (NYSE:FUBO)
Number of Hedge Fund Holders: 16
Beta Rating as of December 30: 2.41
fuboTV Inc. (NYSE:FUBO) operates a live TV streaming platform for live sports, news, and entertainment content in the United States and internationally. On December 12, investment advisory Cantor Fitzgerald initiated coverage of fuboTV Inc. (NYSE:FUBO) stock with an Overweight rating and a price target of $5.
At the end of the third quarter of 2023, 16 hedge funds in the database of Insider Monkey held stakes worth $42.5 million in fuboTV Inc. (NYSE:FUBO), compared to 13 in the previous quarter worth $42.9 million.
Along with Opendoor Technologies Inc. (NASDAQ:OPEN), Aurora Innovation, Inc. (NASDAQ:AUR), and Compass, Inc. (NYSE:COMP), fuboTV Inc. (NYSE:FUBO) is one of the best get rich quick stocks to buy.
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Disclose. None. 13 Best Get Rich Quick Stocks To Buy is originally published on Insider Monkey.
