Wall Street witnessed an impressive bull run in the past 15 months. The rally was primarily led by growth stocks, especially, technology stocks. Consequently, the tech-heavy Nasdaq Composite Index took the lead role in enabling U.S. stock markets to resume their northward journey after a highly disappointing 2022.

Moreover, the ongoing tech rally was led by a massive thrust toward artificial intelligence (AI), especially generative AI. The rapid penetration of digital technologies and the Internet worldwide during the lockdown, ushered in significant adoption of AI. Year to date, the Nasdaq Composite has rallied 10.4%.

Despite being a tech-laden index, the Nasdaq Composite also carries a diversified structure. Several stocks from non-technology sectors are included on the index. A few stocks, with a favorable Zacks Rank, from these non-technology sectors have also popped in 2024.

Our Top Picks

We have narrowed our search to five Nasdaq Composite listed non-technology stocks that have provided more than 25% returns year to date and have more potential for growth. These stocks have seen positive earnings estimate revisions in the last 60 days.  Each of our picks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The chart below shows the price performance of our five picks in the past three months.

Image Source: Zacks Investment Research

Coinbase Global Inc. COIN provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.

Coinbase Global has an expected revenue and earnings growth rate of 45.3% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 23.8% over the last seven days.

Robinhood Markets Inc. HOOD operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies using its Robinhood Crypto platform.

Robinhood Markets has an expected revenue and earnings growth rate of 12.7% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 8.7% over the last seven days.

Interactive Brokers Group Inc. IBKR is a global automated electronic broker. IBKR’s efforts to develop proprietary software, low compensation expenses relative to net revenues, an increase in emerging market customers and higher rates are expected to support financials. We project total net revenues (GAAP) of IBKR to grow 4.5% this year.

Further, consolidation of operations in the European Union is expected to bolster IBKR’s operational efficiency. IBKR executes, processes and trades in cryptocurrencies too. IBKR’s commodities futures trading desk offers customers a chance to trade cryptocurrency futures.

Interactive Brokers Group has an expected revenue and earnings growth rate of 4.9% and 7.1%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last seven days.

Celsius Holdings Inc. CELH specializes in commercializing healthier, nutritional functional foods, beverages and dietary supplements. CELH markets Celsius, the calorie burner, through its wholly-owned operating subsidiary and sells its products through grocery, drug, convenience, club and mass, and health and fitness channels.

Celsius Holdings has an expected revenue and earnings growth rate of 41.6% and 41.6%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 14.7% over the last 60 days.

Shockwave Medical Inc. SWAV exhibited significant revenue growth in 2023. Expansion in gross margin is encouraging. SWAV is optimistic about the sustained clinical acceptance and penetration of Intravascular Lithotripsy (IVL), as evident from its strong demand in 2023.

The results were driven by the increasing adoption of coronary IVL in the United States. The introduction of the coronary product, Shockwave C2, in the United States, and the higher adoption of Shockwave products have been some of the highlights. A solid solvency position is another positive for SWAV.

Shockwave Medical has an expected revenue and earnings growth rate of 26.2% and 27%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 7.5% over the last 60 days.

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Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report

Celsius Holdings Inc. (CELH) : Free Stock Analysis Report

ShockWave Medical, Inc. (SWAV) : Free Stock Analysis Report

Coinbase Global, Inc. (COIN) : Free Stock Analysis Report

Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report

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