The year 2024 will likely be remembered as a turning point in the stock market, with leadership broadening well beyond the “Magnificent Seven” that dominated the previous year. In 2023, the stock market was heavily driven by a narrow group of tech giants—often referred to as the Magnificent Seven (Apple, Microsoft, Nvidia, Alphabet, Amazon, Tesla, and Meta)—which made up a substantial portion of the market’s gains. However, in 2024, the market saw a much more diverse set of stocks lead the charge, including growth companies across various sectors. This year, a number of small to mid-cap stocks demonstrated remarkable growth, with several posting truly jaw-dropping returns. Below are some of the standout performers in 2024, based on data through December 26.
### Sezzle (SEZL): A 10-Fold Gain
Sezzle, a financial technology company known for its buy now, pay later (BNPL) platform, surged to the top of the stock market leaderboard in 2024, making a 10-fold increase in its stock price. The remarkable ascent began in Q1 when Sezzle’s revenue growth accelerated from 36% to 60%, and eventually to 71% in Q3. This impressive growth in the company’s core business was matched by a significant increase in institutional interest, with fund ownership rising from just 11 funds at the end of 2023 to more than 100 by the end of Q3, according to IBD MarketSurge data. Sezzle’s stunning performance, in the context of an increasingly competitive BNPL landscape, demonstrates the value of accelerated revenue growth and growing investor confidence in emerging fintech stocks.
### Palantir (PLTR): More Than 375% Growth
Palantir Technologies, the data analytics firm known for its work with government agencies in intelligence, counterterrorism, and military applications, had a remarkable year in 2024, with shares soaring by more than 375%. After a sharp reversal in early August, spurred by a strong earnings report on August 5, Palantir went on to hit new highs in September. While Palantir’s stock has historically been a volatile performer, its recent surge was bolstered by strong quarterly results, expanding government contracts, and a growing belief in the long-term value of its data-centric solutions in national security and commercial sectors. Palantir’s resurgence in 2024 demonstrates how investor sentiment can turn quickly in favor of companies with niche but highly valuable products and services.
### Astera Labs (ALAB): A 200% Surge
Astera Labs, a semiconductor company specializing in high-performance analog and mixed-signal solutions, had an exceptional 2024, with its stock price increasing by more than 200%. Notably, Astera’s stock began its dramatic rise only in early August after shares had bottomed out at a low of $36.22. The company’s Q3 revenue soared by 206% year-over-year to $113.1 million, marking its fourth consecutive quarter of triple-digit growth. Astera’s strong financial performance is expected to continue, with analysts projecting that the company will achieve its first annual profit in 2024, earning $0.72 per share. Looking ahead, the company’s earnings are forecasted to grow by 61% in 2025, making Astera Labs one of the standout growth stories in the semiconductor industry this year.
### GeneDx Holdings Corp. (WGS): An Explosive 2,750% Gain
One of the most astonishing stock performances of 2024 belongs to GeneDx Holdings, a company specializing in genomic testing. The stock skyrocketed by 2,750% this year, an extraordinary gain that eclipses even the best-performing stocks in the broader market. GeneDx’s genomic testing services, including its exome and genome tests, have proven to be in high demand, with the company reporting 77% year-over-year growth in test revenue in April. This surge in demand helped the company raise its full-year sales growth guidance, and another earnings beat in late October sent the stock to new heights. After years of lackluster performance and a reverse stock split in May 2023, GeneDx’s turnaround in 2024 shows the power of innovation in the healthcare sector and how companies in niche but rapidly growing markets can explode onto the scene when they meet investor expectations.
### Broadening Leadership in 2024
The stock market leadership in 2024 was notably more diverse than the concentrated dominance seen in 2023. Growth stocks in a wide range of sectors—fintech, government technology, semiconductors, and genomics—captured investor attention, and several smaller companies saw their stock prices soar as they exceeded expectations for growth. The broader market leadership in 2024 demonstrates that investors are not only willing to invest in the biggest names but are also increasingly looking for opportunities in emerging, high-growth sectors.
In particular, Sezzle’s explosive growth, Palantir’s continued success, Astera Labs’ semiconductor boom, and GeneDx’s astonishing comeback are proof that the market can be fertile ground for a wide variety of innovative companies. As we look ahead to 2025, it’s clear that the stock market may continue to reward companies that deliver strong revenue growth, innovation, and disruption in industries ranging from finance and technology to healthcare and semiconductors.
