Here are 20 stocks that stand to benefit from having so many people staying at home amid the coronavirus pandemic, according to Olivetree Financial.
Olivetree assigns a sentiment score to each stock in its list: A score of 50% is neutral, whereas one closer to 100% indicates extreme bullishness. The firm highlights five standout stocks that they see having the most upside potential.
Nvidia: With a score of 91%, Nvidia is the highest-rated stock on the stay at home list, and Olivetree expects the graphics chipmaker, which has seen its stock jump 50% so far in 2020, to continue to outperform, especially on the back of strong first quarter earnings that showed revenue increasing 39% from a year ago.
Apple: Apple scored 82%, with shares up 6% this year—despite the coronavirus impacting its supply chain for popular products like the iPhone—because there’s a low short interest ratio, meaning that not many investors are betting against the stock.
Shopify: The Canadian e-commerce platform Shopify scored 79%, with its stock surging 100% in 2020, and recently announced that it would let most of its employees work remotely on a permanent basis.
Facebook: It received a sentiment score of 76%, and its stock, up 12% so far this year, recently hit a new record high of over $235 per share.
Okta: This cloud software company scored 75% on the basis of continued outperformance and solid earnings growth, and its stock is up 64% this year.
The other stocks on Olivetree’s stay at home list include a mix of big retailers, food and beverage companies, software services and entertainment companies. The firm is bullish on Zoom (71%), which has seen its stock jump nearly 150% this year amid high demand for its remote conferencing service during the pandemic. Among the big tech companies, Olivetree is bullish on Microsoft