3 Vegan Stocks to Buy Now: June 2024


  • These are the best vegan stocks to buy now for a healthy dose of growth to you portfolio.
  • Oatly (OTLY): OTLY’s value could go significantly higher with growing demand for its oat products.
  • Laird Superfood (LSF): The company also raised its net sales outlook to $38 million to $42 million, which represents growth of 11% to 23% over 2023.
  • U.S. Vegan Climate ETF (VEGN): Or, if you want to diversify with a group of vegan climate stocks at a low cost, there’s always this exchange-traded fund.
Vegan stocks to buy now - 3 Vegan Stocks to Buy Now: June 2024

Source: Nina Firsova / Shutterstock.com

About 70% of Americans are eating plant-based foods, creating a substantial opportunity for vegan stocks to buy now. Plus, nearly half of all U.S. restaurants now offer vegan food options. 

According to Research and Markets, the global food sector could run from about $40.1 billion in 2022 to more than $91.9 billion by the time 2027 rolls around. On top of that, the vegan fast food market is expected to jump to more than $28 billion by 2034, with fast food chains now offering a vegan option.

The vegan supplements market could surge to $13.6 billion by 2028. The plant-based milk market could soar to $51.87 billion by 2023, says The Brainy Insights. The vegan cheese market could be worth more than $8 billion by then, as well, says MarketResearch.biz.

Even vegan ice cream could surge to $4 billion by 2030 from $1.6 billion in 2022, says Fairfield Market Research. All thanks to growing awareness of animal welfare, health and sustainability. Love it or hate it, it’s best to follow the money with some of the top vegan stocks to buy now.

Oatly (OTLY)

OTLY stock: Image of oat milk on a tray.
Source: Katrinshine / Shutterstock.com

While risky, Oatly (NASDAQ:OTLY) provides plant-based dairy products that are made with oats. It’s also one of the top vegan stocks to buy now.

In fact, per its profile, OTLY offers Barista edition oat milk, oat yogurts, frozen desserts, ice-creams, and yogurts; cooking products, including cooking cream, whipping cream, vanilla custard, and drinks to name a few. It also just added oat milk creamers in the U.S.

Earnings have been solid, too. Its eight-cent earnings per share loss was in-line. Revenue of $199.16 million, up 1.8% year over year, beat by $1.49 million. Better, gross margins for the quarter were 27.1%, a 9.7% increase year over year. Adjusted EBITDA was $13.2 million as compared to a year-earlier loss of $23.5 million.

Plus, with demand only set to rise, OTLY could gain a good deal of upside momentum.

Laird Superfood (LSF)

Vegetables and fruits are scattered over a white background.
Source: Shutterstock

There’s also Laird Superfood (NYSEAMERICAN:LSF), which markets plant-based natural and functional foods in the U.S. That includes powdered and liquid coffee creamers, beverage-enhancing supplements; hydrated coconut water products; performance mushroom supplements; functional, organic roasted, and instant coffee, tea, hot chocolate products; and other snacks.

Plus, investors love the stock. Since bottoming out at around 75 cents in March, LSF is now up to $4.36 and could race higher. Helping, earnings have been solid. In its most recent quarter, the company’s net sales were up 22% to $9.9 million.

It even achieved 40% gross margins, which is a 17-point jump year over year. Operating expenses fell by $1.1 million, as its net loss improved by $3.1 million. Even more impressive, there’s no debt on the bookings and $7.3 million in cash.

The company also raised its net sales outlook to $38 million to $42 million, which represents growth of 11% to 23% over 2023. 

Roth MKM also upgraded the stock to a strong buy rating with a price target of $4.50 from $1.30. All thanks to strong earnings. Canaccord analysts raised their price target to $3.50, with a buy rating, as well.

U.S. Vegan Climate ETF (VEGN)

"Vegan" spelled in vegetables against wooden backdrop.
Source: Shutterstock

Or, if you want to diversify with a group of vegan climate stocks at a low cost, there’s always an exchange-traded fund (ETF) like the U.S. Vegan Climate ETF (CBOE:VEGN).

With an expense ratio of 0.60%, the VEGN ETF offers exposure to companies that meet environmental, social, and governance (ESG) standards, are animal friendly and are good for the environment.

The ETF also tracks the “Beyond Investing US Vegan Climate Index, which screens for a variety of ESG considerations, primarily animal harm and exploitation, as well as fossil fuels, environmental damage, and human rights,” as noted by VeganETF.com.

Some of its top holdings include Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), Apple (NASDAQ:AAPL), Tesla (NASDAQ:TSLA), Visa (NYSE:V), and Adobe (NASDAQ:ADBE).

The ETF also just paid a dividend of just over six cents per share on June 12. Technically, I’d wait for a pullback in the ETF before buying. Since bottoming out at around $43, it raced to $48.52, where it’s technically stretched. It’s also overbought on RSI, MACD and Williams’ %R. 

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/3-vegan-stocks-to-buy-now-june-2024/.

©2024 InvestorPlace Media, LLC