With just weeks to go before 2022, one of the top questions has been where to invest for the New Year. While we can’t tell you with 100% certainty what will pop or drop, here are three of the top stocks you may want to seriously consider.
Riot Blockchain (RIOT)
Weakness in Bitcoin mining stock, Riot Blockchain (RIOT) may be an opportunity — especially with Bitcoin showing signs of bottoming out. Not only did Bitcoin catch support dating back to early October, but RSI, MACD, and Williams’ %R have become over-extended in oversold territory, as well. If BTC can push higher from here, mining stocks like RIOT could follow.
Helping, BTIG analyst Gregory Lewis just raised the firm’s price target on RIOT to $50 from $45.
Even better, Riot Blockchain continues to produce impressive numbers. In Q3 2021, the company increased total revenue by 2,532% to a record $64.8, as compared to $2.5 million year over year. It also increased mining revenue by 2,099% to $53.6 million, as compared to $2.4 million year over year.
Nio Inc. (NIO)
Citigroup analyst Jeff Chung says the stock can more than double to $87 a share. He notes recent weakness in NIO was related to the company selling 53.3 million ADRs. However, with the sale now over, the analyst sees multiple catalysts for upside.
One, November sales are expected to be solid.
“NIO delivered 3,667 vehicles in October 2021, representing a decrease of 27.5% year-over-year. The vehicle delivery in October was significantly impacted by reduction in production volume as a result of the restructuring and upgrades of manufacturing lines and the preparation of new products introduction from September 28 to October 15, as well as certain supply chain volatilities,” according to the company.
Two, global EV sales are set to accelerate with global leaders demanding that millions of EVs hit the roads over the next 10 years.
Roblox Corp. (RBLX)
While the metaverse isn’t mainstream just yet, it’s already having a big impact on stocks, like RBLX. That’s because Roblox already has a social metaverse, with a mission of building a human co-experience platform that enables billions of users to come together to play, learn, communicate, explore and expand their friendships, according to Roblox.
Even Morgan Stanley is bullish, raising its price target on RBLX to $150.
“RBLX’s 3Q results and analyst day highlighted its early leadership in the metaverse and continued innovation to capitalize on materially higher long-term monetization opportunity,” they noted, as reported by TipRanks. “While we had previously comped our target multiple to growing social platforms like SNAP/PINS, we believe a premium is appropriate given the advertising optionality on top of RBLX’s existing in-app purchase revenue streams.”
Advanced Micro Devices (AMD)
As we noted at the end of 2020, “After breaking above double top, AMD could be headed to $100 a share. Not only is the company still chipping away at competitor market share, its CEO remains bullish. In fact, CEO Lisa Su said she expects to see more growth in the PC market and a better than expected first quarter in 2021.”
At the moment, AMD is up to $155 and could see $200 in the New Year, as it continues to strip market share from major competitors. Other analysts are just as bullish. Wells Fargo recently raised its price target on AMD to $180 from $145. Wedbush raised its from $140 to $165. Susquehanna raised its target from $145 to $175.
