Hot or Not: Stocks to Watch Today (November 1, 2024)

Some stocks are on a sugar high after Halloween; others, not so much. Here’s what we’re following:

🔥 HOT: Roblox (NYSE: RBLX) gained 19.9% on Thursday after reporting solid third-quarter earnings and raising its full-year guidance. The company’s third-quarter revenue was 29% higher than last year’s third-quarter revenue, and its bookings were up by 34%. The surprise earnings beat puts RBLX in the green for the year, leaving it up 15.8% as of Thursday’s close.

🥶 NOT: Shares of Roku (NASDAQ: ROKU) plunged 18.9% on Thursday after the company delivered disappointing fourth-quarter guidance despite reaching a milestone of $1 billion in quarterly revenue. While the streaming platform company reported better-than-expected third-quarter results with net revenue of $1.1 billion (up 16% year-over-year) and a narrower net loss of $0.06 per share versus the expected $0.33 loss, investors focused on the weak forward outlook.

🔥 HOT: Peloton’s (NASDAQ: PTON) stock jumped by 27.8% on Thursday, leaving it up an impressive 42.6% YTD. The boost came from surprisingly positive fiscal 2025 first-quarter earnings and the announcement that former Apple Fitness+ CEO Peter Stern would be taking over as Peloton’s new chief executive. This latest rally marks a 200% gain since the stock’s low point on May 2nd.

🥶 NOT: Tech giants are facing investor skepticism over their massive AI investments, with Meta Platforms (NASDAQ: META) dropping 4.3% on Thursday despite beating profit expectations. The social media giant warned of a “significant acceleration” in AI infrastructure expenses for 2025, joining other tech leaders like Google and Microsoft in forecasting elevated capital spending. The extensive spending is raising concerns about pressure on profit margins as companies rush to expand AI capacity despite facing bottlenecks from chip shortages.

📈 Want more? Check out the biggest winners and biggest losers on WSZ. 

Strong Buys: Top Picks from Top Wall Street Analysts 

Here you go … High quality stock ideas, delivered straight to you from Wall Street’s top analysts. Access to these picks is a premium feature on our site, but we’ve unlocked a FREE sampling below: 

TKO Group Holdings (NYSE: TKO) 

⭐ Earnings expected 11/6

Analyst/Firm: Lance Vitanza / TD Cowen

Analyst ranking: Top 3% / average return +54.47% / win rate 66% 

Yesterday’s market close: $116.77

Price target: $143.00 

• Maintaining a Strong Buy rating, TD Cowen's Lance Vitanza raised their price target on TKO Group Holdings (NYSE: TKO) by 2.1% from $140 to $143 on 10/29, in advance of the company’s expected 11/6 earnings report. 
• In a preview note, Vitanza said that TKO Group Holdings' "surprise" announcement of its acquisition of Professional Bull Riders, On Location, and IMG in a $3.25B all-equity transaction from Endeavor Group Holdings, Inc."overshadowed the long-hoped-for clarity about capital allocation investors had been expecting from a print expected to be favorable.
• The analyst added that "the acquisitions ultimately make sense and were priced fairly for both sides."
• The max 1-year forecast for TKO suggests 40%+ potential upside. See more.

1-year chart for TKO, courtesy TradingView

Boot Barn Holdings (NYSE: BOOT) 

Analyst/Firm: Matthew Boss / JP Morgan

Analyst ranking: Top 15% / average return / win rate 55% 

Yesterday’s market close: $124.55

Price target: $181.00 

• Maintaining a Strong Buy rating, JP Morgan's Matthew Boss raised their price target on Boot Barn Holdings (NYSE: BOOT) by 13.1% from $160 to $181 on 10/29. 
• Boot Barn Holdings delivered a "beat and raise" quarter, Boss said after reviewing the company's Q2 2025 earnings report, released on 2024/10/28.
• An inflection point in transaction growth was the primary driver of the Q/Q comp acceleration, the analyst told investors.
• Boss noted that the CEO shift is part of a "multi-year succession."
• See why BOOT has a Strong Buy consensus.

1-year chart for BOOT, courtesy TradingView

ProQR Therapeutics (NASDAQ: PRQR)

Analyst/Firm: Steven Seedhouse / Raymond James

Analyst ranking: Top 10% / average return +8.71 / win rate 44% 

Yesterday’s market close: $3.50

Price target: $14.00 

• Raymond James's Steven Seedhouse upgraded their rating on ProQR Therapeutics NV (NASDAQ: PRQR) from Buy to Strong Buy on 10/29. The analyst also raised their price target by 133.3% from $6 to $14.
• Seedhouse said that the catalyst for their upgrade and price target hike was ProQR Therapeutics NV's recent successful clinical translation of RNA editing.
• The analyst said their conviction in clinical translation of ProQR Therapeutics NV's lead program AX-0810, which edits NTCP for treatment of cholestatic diseases, "is even higher now"
• Looking ahead, Seedhousetold readers to expect ProQR Therapeutics NV to provide additional preclinical data for AX-0810 related to the selected candidate and its delivery modality, as well as pre-clinical data for AX-1412 in cardiovascular disease, by the end of 2024.
• See more forecasts for PRQR here.

1-year chart for PRQR, courtesy TradingView.

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