The S&P 500 index, which is tracked by the SPDR S&P 500 ETF Trust SPY , posted a gain of 6.2% in the first quarter of 2023, while technology stocks in the Nasdaq 100 index, which is tracked by the Invesco QQQ Trust Series 1 QQQ , fared much better by posting a20% increasein the quarter, also marking the third-best quarterly performance since the dot-com boom in 2001.
Which U.S.stocks have performed the best so far in 2023? And what kind of upside potential do they still offer in the following quarters? Is the Wall Street analyst consensus in agreement with current market valuations?
Benzinga answered these questions by screeningstocks having a market valuation of at least $1 billion and ranked them by Q1 total returns. Here's what we discovered.
Read Also:Top 5 Best And Worst U.S. Industry ETFs In Q1 2023: AI and Bank Turmoil Shaped Stock Returns
The Five Top Performing U.S. Stocks in Q1 2023
5) Marathon Digital Holdings, Inc. MARA
Marathon Digital Holdings is a digital asset miningtechnology company with a focus on the blockchain ecosystem and the development of digital assets. The company grew by 143% in the first quarter, owing to a 50% quarterly gain in the overall crypto market value, which increased to 1.15 trillion at the conclusion of the quarter. A short squeeze phenomenon was another factor that most likely led to the company's extraordinary rise. Marathon Digital Holdings was one of the most shorted companies in the marketat the start of the year, with a short interest of 43%. Once sellers were forced to liquidate positions and purchase back stock amid strongprice momentum, the unwinding of those short bets likely exacerbated the bullish surge. By the conclusion of the quarter, short interest in MARA had dropped to 27%. Marathon trades at a discount of 30% versus the average analysts price target. Analyst Gianni Di Poce recently said the company could rise 47% as the shares are undervalued.
4) Oscar HealthIncOSCR
Oscar Health, Inc., formerly known as Mulberry Health Inc., is a health insurance company in the U.S. that created +Oscar, a technology-driven platform meant to help providers and payors directly support their shift to value-based care. Oscar Health rose by 170% in the first quarter of2023. The company skyrocketed in the last days of the quarter on the heels of better-than-expected fourth quarterearnings and the appointment of former Aetna CEO Mark Bertolini. The newly hired CEO believes the firm can provide digital tools to assist doctors and health systems engage with patients and manage their treatment. Oscar Health is trading at a 22% price premium to the average analyst price target.
3) C3.aiIncAI
C3.ai, Inc., formerly known as C3 IoT, Inc., operates as an enterprise artificial intelligence (AI) software company providing a wide range of AI applications. C3.ai delivered a 191% return in the first quarter of 2023. However, the stock still trades 65% lower from its IPO. In February, C3.ai saw an increase in the short interest by market participants to 22%, after the short-seller Spruce Point Capital questioned its profitability. C3.ai is trading at a 40% premium to the average analyst price target.
2) Riot PlatformsIncRIOT
Riot Platform is a bitcoin mining firm that operates in three segments: Bitcoin mining, data center hostingand engineering. The firm also offers co-location services to large-scale bitcoin mining enterprises.
Riot Platforms rose 195% in the first quarter of the year, but continues to be 85% lower than its all-time high reached in February of 2021. The rise in bitcoin prices (up nearly 70% in the first quarter) was one of the key bullish driver for the stock. The short interest is currently around 19% and the stock is broadly in line with the average analyst price target
See the latest analysis on Riot Platform: This Bitcoin-Mining Stock Surged Over 47% In 1 Month: But Options Market Has Something Else To Say
1)Biomea Fusions IncBMEA
Biomea Fusionis a clinical-stage biopharmaceutical firm specializing in the research and development of covalent small molecule medicines for the treatment of patients with genetically defined cancers and metabolic diseases.
BMF-219, an orally bioavailable, powerful, and specific covalent inhibitor, is its primary product candidate for treating patients with liquid and solid tumors, as well as type 2 diabetes.
Biomea Fusions increased 272% in the first quarter of the year. The vast bulk of the performance occurred on the last day ofthe quarter, when the company announced positive data from an ongoing phase II trial, indicating that 89% of patients achieved a HbA1c decrease.
Biomea is selling at a discount to Wall Street analysts' average price target, which is 53% higher than current stock prices.
Read Next:Labor Market Is Cooling: ADP Job Growth Misses Expectations. Here's How Fed Rate Bets And Markets Are Reacting
Energy bills are to rise again next year, according to a respected forecaster.
Costs from January to March are projected to rise another 1% to £1,736 a year for the average user, according to research firm Cornwall Insight.
The energy price cap, which sets a limit on how much companies can charge per unit of electricity, is also expected to rise, costing typical households an extra £19 a year.
After the latest hike, there were hopes of a fall in the new year, but volatile wholesale gas and electricity markets are still above historic average costs.
Prices have gone up due to supply concerns arising from Russia‘s war in Ukraine, and maintenance of Norwegian gas infrastructure.
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But spring is expected to herald a reduction as is October 2025, Cornwall Insight said.
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‘Energy prices make me depressed’, pensioner Roy Roots said in August
Every three months energy regulator Ofgem revises the cap based on wholesale costs.
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The official January price cap announcement will be made on Friday.
It comes as millions of pensioners lost their automatic winter fuel allowance payment after the government means-tested the benefit.
Meanwhile, Cornwall Insight’s principal consultant Dr Craig Lowrey warned “millions” of households won’t heat their homes to “recommended temperatures, risking serious health consequences” with bills on the rise.
“With it being widely accepted that high prices are here to stay, we need to see action,” he said, suggesting options like cheaper rates for low-income homes, benefit restructuring, or other targeted support for the vulnerable “must be seriously considered”.
The energy price cap system is being reviewed by Ofgem with possible changes to the standing charge coming over the next year.
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Masked burglars have stolen farm vehicles from the Windsor Castle estate while members of the Royal Family are believed to have been asleep nearby.
Two men scaled a 6ft fence on the night of 13 October and used a stolen truck to break through a security gate, The Sun first reported.
The pair then fled with a pick-up and a quad bike that were stored in a barn.
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But the Prince and Princess of Wales, along with their three children George, 11, Charlotte, nine, and six-year-old Louis were believed to have been in their home, Adelaide Cottage, on the estate, according to The Sun.
The family moved there in 2022.
In a statement, Thames Valley Police said: “At around 11.45pm on Sunday 13 October, we received a report of burglary at a property on Crown Estate land near to the A308 in Windsor.
“Offenders entered a farm building and made off with a black Isuzu pick-up and a red quad bike. They then made off towards the Old Windsor/Datchet area.
“No arrests have been made at this stage and an investigation is ongoing.”
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The UK is braced for “disruptive snow” as yellow weather warnings cover large parts of the country until Tuesday – with the Met Office saying there is the “potential” for the alerts to be “escalated”.
The forecaster has warned up to 20cm of snow may accumulate in the worst affected areas as the country experiences its “first taste of winter”.
The Met Office has also told people to expect ice, cold temperatures and wintry showers this week.
A yellow warning for snow and ice is in place for much of the north of the country – covering areas in the East Midlands, Yorkshire, Wales and the north of England – from 7pm on Monday night to 10am on Tuesday morning.
Those in the impacted areas have been told power cuts are possible and mobile phone coverage might be affected.
The Met Office has said there is a “slight chance” some rural communities could be cut off and that bus and train services may be delayed or cancelled.
People are also warned to be careful not to slip or fall on icy surfaces.
The Met Office has said there will be bright spells across northern and eastern areas throughout today, but rain in the south and west will gradually spread northeastwards and turn to snow over northern hills.
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Tom Morgan, Met Office meteorologist, said: “We could see some disruptive snow in the Pennine regions, in particular, the Peak District as well, especially Monday night, but we could well see some impacts lasting on until Tuesday morning’s rush hour.
“Even down to lower levels, we could well see some snow as well, so quite a bit of disruption possible by Tuesday morning, and then the week ahead is likely to stay cold nationwide, a windy day on Tuesday, and then winter showers through the week ahead.”
Mr Morgan said that despite a “mild” start to the month, the cold conditions are more typical of “mid-winter to late-winter”.
“What we can say is that it’s going to be very cold for the time of year, there will be widespread overnight frosts, and a few locations where there’s snow on the ground,” he continued.
Meanwhile, a yellow snow and ice weather warning that came into force at 4pm on Sunday will end at 11am this morning.
The warning covers the northern tip of Scotland and people there have been told there may be icy patches on some untreated roads, pavements and cycle paths.
The Met Office has said there is “potential” for both yellow warnings to be “escalated”.
In southern England, a typical maximum temperature for this time of year is 11C (52F), but daytime highs for the week ahead are forecast to be around 5C (41F), while some parts of Scotland will reach “only just above freezing”, Mr Morgan said.
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The meteorologist said the public can best prepare for the wintry weather by checking their cars are suitable for icy and potentially snowy conditions and to take extra supplies including food, blankets and a fully charged mobile phone with them on journeys.
He added there were “likely” to be changes to the weather warnings in the coming days, and that “winter flurries” could be seen in the south of England later in the week.
Despite the cold conditions, the “whole of the UK” will enjoy more sunshine this week, the meteorologist added.
He said: “There’ll be some snow showers in the peripheries of the UK, particularly northern Scotland, and down the east and the west coast, but if you live inland and you live in the south, there’ll be lots of sparkly blue skies on the most days through Tuesday to Friday.”
It comes as a cold weather alert issued by the UK Health Security Agency, which was introduced at 9am on Sunday, will be in place until 9am on Thursday.
It covers a large area of England, north of Northhampton. The alert is triggered when there is a risk that healthcare services might face extra pressure and is designed to prepare those who are “particularly vulnerable” and “likely to struggle to cope”.