3 Stocks to Turn $1,000 Into $1 Million: February 2024
If you want millionaire-maker stocks, go consult Warren Buffett. The Oracle of Omaha has plenty of compelling ideas. However, if you want to reach millionaire status quickly, you’re going to need to dial up the risk factor.
Here, the narrative is quite simple. If you want to give yourself a realistic possibility – note I didn’t say probability – of winning big, you’ve got to target extremely speculative market ideas. Usually, that means penny stocks or shares that are priced so low they can benefit from the law of small numbers.
However, once the initial liftoff is achieved, the beneficiary enterprises need attractive businesses to keep the fire burning. Arguably, the below companies have exactly that – but you better be prepared for extreme volatility. On that note, take a look at these millionaire-maker stocks.
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Knightscope (KSCP)
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Billed as a security camera and robotics firm, Knightscope (NASDAQ:KSCP) designs, builds, and deploys robots called Autonomous Data Robots. This solution allows for the monitoring of people in malls, parking lots, neighborhoods, and other public areas. Fundamentally, the main positive catalyst for KSCP stock centers on security.
As a Californian, one news item caught my eye: the popular In-N-Out Burger will close its first location in its 75-year history in Oakland. To the chagrin of residents, a wave of car break-ins, property damage, theft, and robberies affecting both customers and employees took their toll on the business. It’s incidents like this multiplied at a scale that demonstrates the forward viability of KSCP as one of the millionaire-maker stocks.
To be sure, Knightscope carries significant risks, including several severe ones, per investment data aggregator Gurufocus. Still, after a rough patch in getting the business moving, the company has printed encouraging revenue growth recently.
Ascendiant’s Edward Woo believes shares can hit $4. If so, we’re talking upside potential of over 692%.
Quantum Computing (QUBT)
Source: Shutterstock
I love companies that explain what they do just with their title. Here on this list of millionaire-maker stocks, we have Quantum Computing (NASDAQ:QUBT). It doesn’t get much more direct than that. In all seriousness, the company is pioneering the production of photonic hardware solutions using non-linear quantum optics. This innovation should allow exponential acceleration in computing, machine learning, cybersecurity and other advanced fields.
According to Fortune Business Insights, the market itself is relatively small, landing at only $928.8 million last year. However, it’s expanding at a tremendous clip; a compound annual growth rate (CAGR) of 32.1% to 2030, per analysts’ projections. If that rate holds true, the quantum computing sector could be worth approximately $6.53 billion.
For context, QUBT stock only printed a market capitalization of just under $59 million. So, if the stars align, Quantum could easily rank among the millionaire-maker stocks.
Sure enough, Ascendiant’s Woo also endorses QUBT, targeting $8.75 or around 1,015% up from Wednesday’s close.
Vivos (RDGL)
Source: Gorodenkoff / Shutterstock.com
If you want to know what a dedicated fanbase for a publicly traded security looks like, check out my X account. Here, you’re going to find plenty of discussions and expressions of adoration for medical technology firm Vivos (OTCMKTS:RDGL). Yes, it’s traded over the counter. Yes, it’s a six-cent stock. No, it’s not something out of the movie “The Wolf of Wall Street.”
Instead, what we have here is a radiation oncology specialist. Focusing on an advanced form of brachytherapy, Vivos utilizes radioactive materials (yttrium-90) to directly implement a high-dose treatment to the target area while imposing a minimal dosage to surrounding healthy tissue. Brachytherapy is already a promising therapeutic approach, which should see a 7.1% CAGR to land at a value of $1.62 billion by 2030.
Here’s what’s really intriguing about Vivos: it improves upon brachytherapy through a minimally invasive procedure that leverages a hydrogel solution to deliver the cancer-fighting therapeutic. Following the implementation, the hydrogel is safely absorbed by the body. Vivos appears unique in its brachytherapy-based approach. Therefore, I have personally put my money where my mouth is here.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Josh Enomoto held a LONG position in RDGL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.
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