The SPY is currently up +2.05% in only the first two and a half weeks of the new trading year.
Shares of the S&P 500 index are trading at $388.64 at the time of this publication.
Last year, the index came down more than -10% bringing many companies down -50% to more than -80% on the year.
Today, stocks seem to be doing much better than experts and analysts anticipated.
Despite coming from a bear market, and all signs signaling an upcoming recession, early investors in some stocks are already killing it.
Here are 7 stocks currently outperforming the market already this year.
- Biora Therapeutics (NASDAQ:BIOR) +77.45%
- AMC Entertainment (NYSE:AMC) +40.46%
- AMC Preferred Equity (NYSE:APE) +31.67%
- Peloton Interactive (NASDAQ:PTON) +28.57%
- Tesla Inc. (NASDAQ:TSLA) +17.64%
- Hycroft Mining Holding (NASDAQ:HYMC) +15.98%
- GameStop Corp. (NYSE:GME) +10.70%
#1. Biora Therapeutics (BIOR) Stock
Biora Therapeutics (NASDAQ:BIOR), formerly known as Progenity (PROG) stock was up more than +182% in the first week of the new year.
Today, BIOR stock is up more than +77% this year.
The stock surged from $2 per share and peaked around $7.36 last in only the second week of the new year.
BIOR is extremely shorted, we’re talking about the company being one of the most shorted stocks in the market at the moment.
Ortex is reporting the company to have a whopping 243.95% short interest.
Why did BIOR stock surge so much this year already?
Biora Therapeutics is on track to move into clinic with its lead targeted therapeutics program.
If approved, it will be massive for the company and for shareholders alike.
Read More BIOR Stock News Here
#2. AMC Entertainment (AMC) Stock
AMC Entertainment (NYSE:AMC) stock continues to be one of the biggest ‘meme stocks’ even after its massive debut in 2021 when shares rose from $2.50 to $72 later that year.
The stock, at the publication of this article, is trading at $5.52, the same share price it was two years ago before gaining serious traction.
AMC Entertainment continues to improve its fundamentals and remains the #1 leader in the movie theatre industry.
While online streaming has grown to become quite popular, especially during the pandemic, experts are beginning to weigh in on AMC’s side in 2023.
CNBC stated, “Netflix has backtracked on its previous policies, including by introducing an ad-supported subscription option, leading many to wonder whether the company should rethink its resistance to the traditional Hollywood movie release model as it looks for new ways to grow revenue.“
Even Amazon associates who asked not to be identified, per Bloomberg News, are stating the company plans to invest $1 billion per year in the movie theatre industry.
The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release.
“While a $1 billion annual investment for film development is on the lower end of what major Hollywood studios spend each year, it’s a positive sign for the movie theater business, which has struggled in the wake of the pandemic”, said CNBC.
Read Breaking AMC Stock News Here
#3. AMC Preferred Equity (APE)
AMC Preferred Equity (NYSE:APE) is currently up +31.67% this year-to-date.
The equity made its debut in August of 2022 as a dividend for AMC shareholders.
AMC Entertainment has been able to capitalize on the equity by using funds to pay off debt and raise capital for the company.
Shares have plummeted since its inception; however, we’re seeing APE shares outperform the market too.
Plans to merge APE shares with AMC common stock will soon be up for shareholders to vote on.
Also Read: AMC Warns Short Sellers of Possible APE Short Squeeze
#4. Peloton (PTON) Stock
Peloton Interactive, Inc. (NASDAQ:PTON) is an American exercise equipment and media company based in New York City.
The company’s products are stationary bicycles, treadmills, indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a subscription service.
Company shares are up +28.75% year-to-date.
Peloton recently brought Leslie Berland, Twitter’s former marketing head, as its next chief marketing officer, per Bloomberg news reports.
She previously helped lead American Express for 10 years.
Peloton is trying to shift the tides after a rough 2022, when its stock dropped more than 75%.
The company in November posted wider losses than analysts expected for its first fiscal quarter.
Berland said in an announcement that she is “thrilled” to join the company at this “unique moment in its transformation journey.”
Read More Market News Here
#5. Tesla Inc. (TSLA) Stock
Tesla Inc. (NASDAQ:TSLA) had one of its worst years yet in 2022.
However, the company stock is outperforming the market today already gaining +17.64% in gains this year-to-date.
Tesla CEO Elon Musk sold 22 million shares of the company last year cashing in approximately $3.6 billion earlier in December according to this SEC filing.
After the massive selloff, Elon said during a Twitter space call that he will not sell any Tesla shares for about two years.
Musk said he sees a ‘serious’ recession in 2023 and is preparing for a worst-case scenario.
And although experts are saying a recession is likely to strike the U.S. economy during the first quarter of 2023, the company stock seems to be performing quite well today.
Related: Is Tesla Stock a Buy Right Now or Should You Wait?
#6. Hycroft Mining Holding (HYMC) Stock
Shares of Hycroft Mining (NASDAQ:HYMC) rose 25% earlier this year when the company announced it had discovered more gold and silver than it had anticipated.
Majority of the company is owned by AMC Entertainment.
22% of the company to be exact.
When the movie theatre chain acquired the mining company, headquartered in Nevada, shareholders followed.
Hycroft was able to raise an incredible $195 million in just two weeks after the acquisition.
Today, company shares are up nearly +16% year-to-date.
#7. GameStop Corp. (GME) Stock
GameStop Corp. (NYSE:GME) shares are currently up +10.70% year-to-date.
GME stock continues to be a retail investors favorite despite its popularity coming down since the ‘meme stock’ frenzy of 2021.
Today, shareholders are registering their shares through DRS to prevent short sellers from attacking the company stock.
According to GameStop, approximately 30% of GME’s float is registered with the Direct Registration System (DRS).
This equates to 71.3 million retail shares.
How much of GME’s float is owned by retail investors?
Nearly 70% of the float is owned by individual shareholders according to Vickers Stock Research.
While DRS certainly prevents the company from being shorted, it’s only one piece of the puzzle for a GameStop short squeeze.
Shareholders will need to create massive buying pressure next.
Read More About GameStop and DRS Here
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Let’s start a discussion! Leave your thoughts below. Do you own any of these stocks?