These Russel 1000 stocks jumped by >250% in 2023

The Russell 1000 index had a strong performance in 2023 as hopes of rate cuts intersected with the enthusiasm of artificial intelligence (AI). The index, which tracks 1,000 companies, rose by over 24%, matching the performance of the S&P 500 index. It, nonetheless, underperformed the tech-heavy Nasdaq 100 index, which rose by over 52%.

Most Russell 1000 index companies were in the green in 2023, which helped it move into a bull market. This article looks at some of the best-performing constituents in the index. Precisely, it looks at companies that jumped by more than 250% this year.

Russell 1000 index chart

Affirm 

Affirm (NASDAQ: AFRM) stock price had a strong performance in 2023 as demand for Buy Now Pay Later (BNPL) solutions rose. The shares soared by more than 454%, pushing its total market cap to more than $13 billion. 

Affirm’s revenue growth accelerated in 2023. Its revenue rose to $244 million in the first quarter and to over $233 million in Q3. It had made $224 million in the third quarter of 2022. 

This growth happened as more companies, especially Amazon, deepened its relations with the company. It also partnered with Blackhawk Network in a bid to provide more options on gift cards.

Affirm also rose as consumer spending remained vibrant in a high-inflation environment. There is a likelihood that its performance will continue doing well as the Federal Reserve starts to cut rates in 2024. Still, analysts at Morgan Stanley believes that the stock is due for a pull back in 2024. They noted:

"While we believe Affirm is executing well amid its goal of becoming a more meaningful player in the payments landscape, at $44, we believe the market has gotten ahead of itself.”

Coinbase Global

Coinbase (NASDAQ: COIN) stock price surged by more than 355% in 2023 as cryptocurrency prices jumped. The company, together with other crypto-focused firms like Marathon, Riot, and Bitfarmks, were among the top performers. Its rally happened even as the SEC launched a major lawsuit against the company.

Coinbase is benefiting from the crypto comeback, which is leading to more transactions in the company. It is also set to benefit because of the rising value of its Bitcoin holdings. Most importantly, Coinbase will be the custodian of most Bitcoin ETFs. 

The outlook for Coinbase is positive because analysts believe that cryptocurrencies will continue soaring in 2024. In addition to lower rates, Bitcoin will benefit from the halving event scheduled for April.

Applovin

Applovin (NASDAQ: APP) share price surged by more than 300% in 2024, making it the third-best performer in the Russell 1000 index. This rally brought its total market cap to over $13 billion.

For starters, Applovin is a company that helps other firms to connect to their audience in-app and mobile devices. Its solutions include AppDiscovery, MAX, SparkLabs, and ALX. 

The company’s stock jumped as it continued growing. Its revenue rose by 21% to $864 million in the last quarter. This growth led to an adjusted EBITDA of $490 million, a 49% increase from the same period in 2022.

The management also provided a solid guidance. It sees its revenue soaring to between $910 million and $930 million in Q4. 

Vertiv

Vertiv (NYSE: VRT) stock price jumped by more than 270% in 2023 as demand for digital infrastructure rose. This growth was evident when the company published strong financial results. Its revenue rose by 17% in the third quarter, helped by its Americas segment, which rose by 40%. It sees its full-year revenue rising by 21%, which is a strong performance. 

For starters, Vertiv provides several products for companies in most industries. Some of its products include liquid cooling products for data centers, micro data center and edge white space, and power management solutions.

Other notable top performers in the Russel 1000 index were Nvidia (up by 239%), DraftKings (213%), Meta Platforms (191%), and Palantir Technologies (171%).