This month has seen a diverse range of AI stocks making impressive gains, driven by factors ranging from financial performance to strategic partnerships. Here’s a detailed look at these market movers, including a suggestion on which company you might like to add to your portfolio or watchlist.
Top 5 Best AI Stocks in June
5. CHWY (Chewy)
• Opening Price: $21.59
• Closing Price: $27.24
• Percentage Gain: 26.18%
Catalyst:
Chewy’s stock saw a substantial increase due to a strong Q1 2024 earnings report. The company reported earnings per share (EPS) of $0.31, significantly above the analyst estimate of $0.07. Revenue for the quarter came in at $2.88 billion, surpassing the forecast of $2.85 billion. The strong financial performance was driven by an increase in pet adoption rates and higher spending per customer. Additionally, Chewy announced a $500 million share repurchase program, which further boosted investor confidence
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4. RNA (Avidity Biosciences)
• Opening Price: $27.07
• Closing Price: $40.85
• Percentage Gain: 50.94%
Catalyst:
Avidity Biosciences experienced a significant rise in its stock price primarily due to a successful public offering, raising $400.9 million. The proceeds from this offering are earmarked for developing their clinical programs and advancing research on their Antibody Oligonucleotide Conjugate (AOC) platform. Positive initial data from their Phase 1/2 FORTITUDE trial for facioscapulohumeral muscular dystrophy (FSHD) also played a role in bolstering investor sentiment.