3 Overlooked Millionaire-Maker Stocks That Deserve Your Attention

Stocks to buy

Last year was a decidedly positive one for most growth stocks. Whether we’re talking about the millionaire-maker tech stocks most investors first think of like the “Magnificent Seven”, or small-cap names, many previous high-flyers took off once again.

Moving into 2024, the question is whether this momentum can continue. And while the three stocks on this list certainly have shown robust returns over the long-term, near-term volatility has hit these stocks in the past.

Of course, in order to make money in the investing game, one has to take risks. So, for those looking to add risk in 2024, here are three potential millionaire-maker stocks worth considering.

Shopify (SHOP)

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Shopify (NYSE:SHOP) is among the pandemic darlings that have fallen out of favor with many investors. However, a sharp rally last year led by strong fundamentals has many investors who previously overlooked this stock taking another glance.

Shopify’s recent earnings performance showed a 25% year-over-year (YOY) revenue increase to $1.7 billion and a 36% YOY rise in gross profit. Despite SHOP stock more than doubling in 2023, there still appears to be plenty of upside potential this year. That’s largely due to a subscription model which provides not only reliable recurring revenue but also customer loyalty.

Trading at a 45% discount to its 2021 peak, Shopify’s stock price could double once again and still remain right around its previous highs. If the company’s projections for top-line growth (around 25%) materialize, this is a hyper-growth stock with a valuation that makes sense.

Of course, downside risks exist, and they are certainly present with Shopify. However, given the strong momentum this e-commerce platform provider has shown, it’s worth at least adding to the watch list of millionaire-maker stocks right now.

Disney (DIS)

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A renowned household name, Disney (NYSE:DIS) really requires no introduction. However, unlike the other two names on this list, Disney is a mega-cap stock that continues to mature, with a forward-looking growth rate that isn’t as appealing.

Last year, Disney failed to reach the $1 billion mark in terms of global box office revenues. This marked a stark deviation from past years, excluding the pandemic-hit 2020. As a media and streaming giant, investors will continue to pay close attention to how Disney performs not only on the big screen, but in everyone’s living room. In essence, Disney has transformed (at least in the minds of many investors) into a streaming stock.

After a period of challenges, Disney’s former CEO Bob Iger returned to lead the company’s turnaround. With a strategic shift to entertainment and experiences, cost management and exceeding earnings expectations by 22.39%, Disney’s 2023 revenue did rise by 7%. The company’s combined streaming services, including Disney+, Hulu and ESPN, are anticipated to turn profitable by the end of this year. Indeed, that’s going to be an important metric for investors to focus on.

Despite all that, Disney could still remain a top long-term core portfolio holding worth buying into at depressed levels. There are very few companies with the expansive intellectual property portfolio of Disney. As the company continues to leverage its content creation strengths into the world of streaming, this is a key growth stock to keep an eye on in the years to come.

Monster Beverage (MNST)

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Monster Beverage (NASDAQ:MNST) has provided some of the most incredible returns in the market over the past two decades. Compounding investor capital at a staggering rate (returns approximate 83,000% over this period), one can certainly assert that this is a millionaire-maker stock that needs to be on investors’ radars.

Of course, now that Monster Beverage has a monster valuation, these sorts of returns aren’t likely to materialize again. Additionally, there’s plenty of competition brewing from other performance beverage makers.

However, given Monster’s impressive 30% market share in U.S. energy drinks, the company has insulated itself in a high-margin business with some notable partners. Additionally, Monster has begun to diversify its portfolio in a compelling way. Monster recently announced a foray into malt alcoholic drinks in early 2023 with The Beast Unleashed. Despite alcohol sales contributing a modest $42.3 million to the company’s $1.86 billion revenue haul in Q3, Monster’s successful product launches reflect ongoing market potential.

Over the past decade, Monster Beverage’s stock surged, prompting six stock splits, with the latest in March 2023 providing a 2-for-1 conversion. For investors seeking companies with millionaire-maker potential, MNST stock should be given consideration.

On the date of publication, Chris MacDonald 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.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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