Best- and Worst-Performing Stocks of Q2 2024

The Morningstar US Large-Mid Cap Index rose 4% in the second quarter, thanks to continued gains in the technology sector. The index tracks the performance of the top 90% of the US investable universe by market cap, and each quarter we screen it to find the best- and worst-performing companies. Data in this article is sourced from Morningstar Direct.

Best-Performing Stocks of the Second Quarter 2024

• Alnylam Pharmaceuticals ALNY
• Snap SNAP
• United Therapeutics UTHR
• Nvidia NVDA
• First Solar FSLR

Worst-Performing Stocks of the Second Quarter 2024

• Walgreens Boots Alliance WBA
• Five Below FIVE
• Unity Software U
• Exact Sciences EXAS
• Builders Firstsource BLDR

Metrics for the Best-Performing Stocks

Alnylam Pharmaceuticals

• Sector: Healthcare
• Industry: Biotechnology
• Economic Moat: Narrow

Alnylam surged 62.6% in the second quarter, bringing it up 31.3% over the past year. The company’s stock has a Morningstar Rating of 3 stars and is trading at a 9% premium to its fair value estimate of $223.

Snap

• Sector: Communication Services
• Industry: Internet Content & Information
• Economic Moat: None

Snap rallied 44.7%, bringing it up 62.8% over the past year. The company’s stock has a Morningstar Rating of 3 stars and is trading at a 19% premium to its fair value estimate of $14.

United Therapeutics

• Sector: Healthcare
• Industry: Biotechnology
• Economic Moat: None

United Therapeutics surged 38.7%, leaving it up 51.9% for the year. The company’s stock has a Morningstar Rating of 2 stars and is trading at a 44% premium to its fair value estimate of $221.

Nvidia

• Sector: Technology
• Industry: Semiconductors
• Economic Moat: Wide

Nvidia climbed 36.7%, lifting shares 226.7% over the past year. Shares are 37% below their last high on June 10, 2024. The company’s stock has a Morningstar Rating of 3 stars and is trading at an 18% premium to its fair value estimate of $105.

First Solar

• Sector: Technology
• Industry: Solar
• Economic Moat: None

First Solar advanced 33.6%, bringing the stock up 11.1% over the past year. Shares are 26.5% below their last high on June 12, 2024. The company’s stock has a Morningstar Rating of 2 stars and is trading at a 22% premium to its fair value estimate of $185.

Metrics for the Worst-Performing Stocks

Walgreens Boots Alliance

• Sector: Healthcare
• Industry: Pharmaceutical Retailers
• Economic Moat: None

Walgreens plunged 43.5% in the quarter, leaving the stock down 57.4% for the year. Shares are 61.4% below their last high on July 27, 2023. The company’s stock has a Morningstar Rating of 4 stars and is trading at a 47% discount to its fair value estimate of $23.

Five Below

• Sector: Consumer Cyclical
• Industry: Specialty Retail
• Economic Moat: Not Rated

Five Below fell 39.9%, down 36.8% from one year ago. Shares are 49.6% below their last high on Jan. 2, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Unity Software

• Sector: Technology
• Industry: Software - Application
• Economic Moat: Not Rated

Unity Software fell 39.1%, down 45.3% from one year ago. Shares are 67.5% below their last high on July 19, 2023. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Exact Sciences

• Sector: Healthcare
• Industry: Diagnostics & Research
• Economic Moat: None

Exact Sciences plunged 38.8%, leaving it down 48.2% for the year. Shares are 58.1% below their last high on July 19, 2023. The company’s stock has a Morningstar Rating of 4 stars and is trading at a 46% discount to its fair value estimate of $78.

Builders Firstsource

• Sector: Industrials
• Industry: Building Products & Equipment
• Economic Moat: Not Rated

Builders Firstsource tumbled 33.6% but was still up 19.4% from one year ago. Shares are 35.5% below their last high on March 21, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Companies that are not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.