Several off-the-radar stocks experienced decent gains last week. This came as U.S. indices hit new record highs after Nvidia (NASDAQ:NVDA) posted upbeat earnings.
However, following the powerful boasting of stocks, a minor correction can be expected. Nevertheless, that does not explicitly preclude the possibility of further gain in certain off-the-radar stocks. On another positive note, analysts keep pointing to the artificial intelligence (AI) boom showing no signs of slowing down. It may even soon widen its scope.
With the S&P 500 reaching unusually high valuations after setting new record highs, investors might look for undervalued stocks with upside potential. Those off-the-radar stocks will become increasingly scarce as stock markets continue their ascent. However, some prospects remain.
SoundHound AI (SOUN)
With all the talk about Nvidia and AI, some analysts focus on more off-the-radar AI stocks with room for growth. One such pick? AI stock Soundhound AI (NASDAQ:SOUN).
SOUN has doubled this year after news emerged that Nvidia had taken a stake in the firm. Voice assistants with conversational abilities are an area in AI that has recently become popular. Whilst the company’s valuation has surged, some analysts argue that the off-the-radar stock has untapped potential.
The big question is whether the company can confirm the momentum as it prepares to report its Q4 results. Per its previous earnings, revenues increased 52% year-on-year (YOY). Moreover, management expects momentum to carry through the final months of 2024. If the firm lives up to the projections, investors might push the stock higher in their search for off-the-radar growth opportunities in AI.
Bitfarms (BITF)
While coming off its year-to-date (YTD) highs, Bitfarms (NASDAQ:BITF) could be considered as another off-the-radar stock. Well-positioned to benefit from rising prices primarily due to soaring cryptocurrencies, investors have yet to catch up on the upside potential for cryptocurrency mining.
As one of the more off-the-radar stocks in the cryptocurrency mining sector, Bitfarms looks poised to report improved financials for the prior year. Management is also reducing costs before the Bitcoin (BTC-USD) halving event, bringing additional mining capacity online later in February. With a focus on efficiency and expanding operations, Bitfarms may have upside potential for investors yet to discover this off-the-radar stock.
Pinstripes (PNST)
Pinstripes (NYSE:PNST), the Italian-themed ‘dinertainment’ concept, came to market at the start of 2024 and may warrant further investor attention as it becomes popular. The company reported solid financial results last week, seeing sales growth of 14.1% despite inflationary headwinds. The off-the-radar stock may be well-positioned for growth as it targets opening at least 150 new spots to its current portfolio of sixteen.
As the most off-the-radar stock of our picks, Pinstripes has received coverage from two analysts alone. They forecast a target price of $6.00, double from current levels.
For those seeking real undervalued growth opportunities beyond the more well-known off-the-radar stocks, Pinstripes might be just the type of overlooked venture primed to reward.
On the date of publication, Stavros Tousios did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
