Can You Afford to Ignore These 3 Stocks Up Over 200% in 2024?


  • These stocks, up over 200%, aren’t set to snap their winning streak anytime soon.
  • MediaCo Holding (MDIA): A major shakeup for this radio and media stock opens new market opportunities.
  • Root (ROOT): Analysts love the AI-powered insurance stock.
  • Super Micro Computer (SMCI): The high-tech company enables the wider AI trend and counts Nvidia among its major clients.

Stocks Up Over 200% - Can You Afford to Ignore These 3 Stocks Up Over 200% in 2024?

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Buying stocks up over 200% in 2024 is a tricky proposition. On one hand, you don’t want to fight momentum. Plenty of shorts have been burned trying to time a reversal in momentum for hot stocks like Tesla (NASDAQ:TSLA) and even former meme stock megalith Gamestop (NYSE:GME). Likewise, plenty of bulls have gotten cut trying to catch a falling knife, hoping for a resurgence. Still, determining which stocks will keep pumping and which — like Gamestop — are a dumpster fire is tough.

Each of these three stocks, up over 200% in 2024, slashes that opposing sentiment, though. All have bullish tailwinds propelling them higher, with unique factors helping buffer against wider market meltdowns. In other words, it may not be too late to ride the momentum even higher despite their existing 200%+ surge thus far.

MediaCo Holding (MDIA)

Radio microphone in a soundproofed room with an "on air" sign in the background.
Source: radioshoot/

MediaCo Holding (NASDAQ:MDIA) is a terrestrial radio and broadcasting media stock — not something you’d think would surge more than 200% ever, let alone in just a few short months. But, bucking expectations, this stock surged 361% since January 1st.

A fair amount of MediaCo’s recent gains came on the heels of an announcement that hedge fund Standard General LP snagged a sizeable 95% stake in the firm. Bordering on full-blown acquisition territory, the move telegraphed two messages to investors. First, hedge fund CEO Soohyung Kim is betting big on MediaCo’s future, and second, we can expect some degree of activism from Kim to push per-share pricing higher.

That shareholder activism may already be bearing fruit, as the company just announced a major acquisition of Estrella Media, diversifying MediaCo’s presence further into Spanish-language demographics and markets. Better yet, new interim CEO Jacqueline Hernandez is a former Telemundo exec who understands what that market needs and how to target it. Massive initial gains in 2024 may be just the beginning for this stock already up over 200%.

Root (ROOT)

A close-up shot of a hand choosing wooden blocks with emoticons related to health insurance. russell 2000 stocks
Source: Shutterstock

Root (NASDAQ:ROOT) is blowing past our 200% gain benchmark. This stock has already returned nearly twice that in 2024. Root’s stock is soaring because of continued AI enthusiasm and a shockingly strong fourth-quarter earnings report. Root is a digital insurance provider targeting auto owners, renters and homeowners that leverages AI to analyze potential clients and gather real-time driving data to optimize premium management and reduce loss risks.

In 2023, Root reported a 31% increase in gross written premiums to $783 million, although gross earned premiums dropped 1% to $636 million. The company also halved its net losses to $147 million, marking its best year ever. Analysts swarmed the stock following the breakout, with Jefferies setting the stage by quadrupling its price target and saying the company is “setting a path to profitable growth, market share gains and scalability for a viable business model.”

The market rewarded Root’s efforts, with its stock climbing 400% since January and a staggering 1,127% over the past year. Though still trudging along a path toward profitability, Root is making significant progress.

Super Micro Computer (SMCI)

In this photo illustration, the Super Micro Computer, Inc. (SMCI) logo seen displayed on a smartphone screen
Source: rafapress /

Super Micro Computer (NASDAQ:SMCI) may lag slightly behind our other stocks, but the AI-driven stock has popped more than 225% since January. SMCI capitalizes on its role in the ever-expanding artificial intelligence sector but also seems to have greater upside potential even as AI’s top stocks lose steam. The company supplies server-sized computing solutions and counts major players like Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) among its clients.

Fundamentally, Super Micro Computer exemplifies the idea that the most promising semiconductor and AI investment opportunities may reside with upstream suppliers — those providing “picks and shovels” — rather than with end-user companies facing intense competition within the sector.

This is evident when comparing the company’s price-to-earnings ratio of “just” 66x against Nvidia’s 97x. While not direct comparisons, this disparity suggests that, despite a 200% increase, Super Micro Computer is slightly undervalued compared to one of its major downstream clients that’s captured the lion’s share of wider AI exuberance.

On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Jeremy Flint, an MBA graduate and skilled finance writer, excels in content strategy for wealth managers and investment funds. Passionate about simplifying complex market concepts, he focuses on fixed-income investing, alternative investments, economic analysis, and the oil, gas, and utilities sectors. Jeremy’s work can also be found at

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