When we talk about stocks that have been overlooked, it usually means that they haven’t been receiving a lot of buzz. It could also mean these stocks have underperformed their peers or the benchmark S&P 500, and likely have some catching up to do. When it comes to investing, it often pays to look at companies that others are overlooking. 

The three stocks we’ve chosen for this article span a wide range of industries. We believe that despite how they have performed so far this year, there is a lot more upside to come. So whether it is a semiconductor titan, a growing crypto miner or an elevator manufacturer, it’s definitely worth looking at overlooked stocks and zig when others zag. Here are our top choices for overlooked stocks that should be on your radar for the rest of 2024. 

Taiwan Semiconductor Manufacturing Company (TSM)

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) is the world’s largest chip fabrication company. What does that mean? It designs and manufactures semiconductors for other companies like Apple (NASDAQ:AAPL) and NVIDIA (NASDAQ:NVDA). Currently, Wall Street analysts project a one-year target range of $125.77 to $160.00.

How can one of the world’s largest companies be overlooked? Well, if you haven’t noticed, AI and chip stocks have completely taken over this market. Two of TSMC’s largest customers are NVIDIA and Arm Holding (NASDAQ:ARM). These stocks have returned 70.82% and 105.5% respectively to shareholders in 2024 so far. But without TSMC, none of these companies would be able to sell their high-powered chips. If demand for these chips is as high as these companies say it is, then TSMC has a lot of catching up to do. 

There is also a bit of a dark cloud that hangs over this stock. Many investors have shied away from TSMC due to concerns over China. Nonetheless, with the stock trading at a friendly multiple of just 21x future earnings and a fairly reasonably 10x TTM sales, TSMC is a pick-and-shovel play for the hottest industry on the planet.

CleanSpark Inc (CLSK)

CleanSpark (NASDAQ:CLSK) is a Bitcoin mining company that utilizes sustainable and renewable energy sources. It has risen as of late due to the rally in Bitcoin and cryptocurrencies, but we believe that this bull run is just starting.

But, how can a stock that has already returned 64% in 2024 be considered under-the-radar? That’s because we believe there are exponentially more gains to be made this year. Bitcoin miners tend to rise as the price of Bitcoin does. In April, the Bitcoin halving will effectively cut that output in half for miners. But CleanSpark is already prepared for this. The company is purchasing four, fully-operational Bitcoin mining facilities to account for the drop in revenue. Compared to the industry average post-halving cost-to-mine price of $47,117 per BTC, CleanSpark’s average price is just $28,093.

With analyst targets of more than $100,000 by the end of 2024, CleanSpark is a company that not many have heard of which can provide exponential returns during this crypto bull run.

Otis Worldwide Corporation (OTIS)

Otis Worldwide (NYSE:OTIS) is the world’s largest elevator manufacturing and maintenance company. The odds are high that we have all ridden in one of its elevators at some point in our lives. This is exactly the type of boring stock that compounds gains year after year. As of March, Wall Street analysts are putting OTIS’s one-year target range between an average of $95.40 to a high of $105.00.

We’re not going to try and sugarcoat it, this is a boring stock. How many of you even knew that Otis was a publicly traded company? The company only went public in 2020 after it was spun off from United Technologies. Since then, it has returned more than 111% to shareholders and has raised its dividend by an average of 19.4% each year. With an amazing profit margin also set to continue increasing in 2024, Otis is definitely a company that will lift the returns of any portfolio. 

On the date of publication, Ian Hartana and Vayun Chugh 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.