Fast-Track to Fortune: 3 Stocks to Buy to Get Rich Fast

Stocks to buy

Many stocks had incredible runs in 2023, and not just the so called “Magnificent 7” mega-cap technology concerns. While underreported, many stocks beat the performance of the Magnificent 7 last year. Further, they saw their share prices completely recover from the downturn in 2022. Best of all, these market outperformers look likely to continue running hot. This year and beyond, they are fueled by strong earnings, growing market share, and beneficial partnerships.

For investors wanting to grow their portfolios, these stocks present a great opportunity. Few other stocks have grown as quickly or have as much potential to continue compounding gains. Let’s explore a fast-track to fortune with three stocks to buy to build wealth fast.

DraftKings (DKNG)

Ever since it established itself as the market leader in sports betting, shares of DraftKings (NASDAQ:DKNG) have been ripping higher.

In the last 12 months, DKNG stock has gained 133%, increasing to 236% since the company’s 2019 initial public offering (IPO). The stock’s strong performance has been underpinned by solid financial results. And the company’s growing share of the lucrative North American sports betting market is forecast to reach $12 billion in 2024.

Recently, DraftKings announced a 57% year-over-year (YOY) increase in Q3 revenue as its customer base grows. The unprofitable company reported a loss of 61 cents per share, which was better than the expected loss of 69 cents a share. Revenue in the quarter totaled $790 million versus the forecast of $706.8 million. DKNG reported 2.3 million monthly unique payers in Q3, a 40% YOY increase. Average revenue per bettor increased 14% to $114, the company said.

Currently, DraftKings is live with mobile sports betting in 22 U.S. states, with a betting presence in Canada. DKNG is planning to expand into Maine and North Carolina this year, pending regulatory approval. Last fall, DraftKings overtook rival sportsbook FanDuel to become the leader in the U.S. online gambling market with a 31% share.

Datadog (DDOG)

Source: Karol Ciesluk / Shutterstock.com

Cloud service provider Datadog (NASDAQ:DDOG) is another stock that has been on fire over the past year. DDOG rose 28% in a single trading session last fall after the company reported better-than-expected Q3 results and raised its guidance.

For all of 2023, Datadog’s share price doubled, bringing its return since its 2019 IPO to 240%. Founded in 2010, Datadog builds cloud monitoring and security products. Top clients include Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT).

Recently, the company reported earnings per share (EPS) of 45 cents, beating expectations for 34 cents. Revenue amounted to $547.5 million, up 25% YOY and beating Wall Street forecasts that called for $524.1 million in sales. Also, Datadog lifted its guidance, saying it now expects Q4 revenue of $564 million to $568 million, and full-year revenue of $2.1 billion. Both figures exceeded consensus forecasts among analysts.

Affirm Holdings (AFRM)

Source: Wirestock Creators / Shutterstock.com

After a rough 2022 bear market, shares of Affirm Holdings (NASDAQ:AFRM) staged a monster rally last year. They rose 455% during the course of 2023, outpacing nearly every other stock.

While AFRM has pulled back to begin 2024, it likely won’t be long before the share price is again running higher. The company’s share price rose 15% in one day right before these past holidays. News revealed its buy now pay later (BNPL) option will be added to self-checkout kiosks at Walmart (NYSE:WMT) stores.

Specifically, Affirm said that it will offer BNPL services that allow consumers to pay off purchases in installments at more than 4,500 Walmart locations. Also, consumers can choose Affirm’s BNPL option when shopping on Walmart’s website. Over the last year, Affirm has established partnerships with other major online retailers and e-commerce companies such as Amazon and Shopify (NYSE:SHOP).

On the date of publication, Joel Baglole held a long position in MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

Articles You May Like

Activist Elliott calls for a big buyback at Mitsui Fudosan — 3 ways the company may create value
Tomorrow’s Titans: The 3 Most Promising Stocks Predicted to Skyrocket
The 3 Best Food Stocks to Buy and Hold Forever: 2024 Edition
3 Starter Tech Stocks Every New Investor Should Own
Stock Surprises: 3 Companies Ready to Beat the Odds