2 Growth Stocks That Could Skyrocket in 2024

These fast-growing businesses can fly above the market turbulence.

Investing in growing companies is the easiest way to build wealth over the long term. Businesses that serve wide-open markets and validate that opportunity with above-average revenue growth should see their share prices rise more often than fall. There are no guarantees, but this rule of thumb usually checks out.

Here are two businesses that entered the year with wind in their sails and that could see their stock prices rise further in 2024 and beyond.


Investing in companies that are riding fast-growing industries is a surefire way to find winners in the stock market. DraftKings (DKNG 1.63%) is a leading brand in an absolutely exploding market for online sports betting and gambling. The company’s revenue grew 64% in 2023, and with many states that have yet to legalize online sports betting, DraftKings has a long runway of growth ahead.

According to Statista, the combined value of the online casino gambling and sports-betting markets could reach over $150 billion by 2029. That’s a massive opportunity for a leading brand with only $3.7 billion in annual revenue.

It’s a great sign that as DraftKings enters new markets, it is seeing tremendous success right off the bat. For example, recent states have been turning a contribution profit faster than before. Because of this trend, management raised its profit projection. It aims to achieve over $2 billion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) by 2028.

What’s more, the company is expanding its addressable market with the recent acquisition of Jackpocket, which adds another $100 billion worth of opportunity to its already-sizable addressable market. Jackpocket will widen the company’s competitive advantage by lowering the cost to acquire new customers, thereby improving the company’s profit potential.

The stock rocketed higher over the last year but is still 42% off its previous peak. DraftKings’ shares aren’t exactly cheap, trading at 54 times forward earnings estimates, but the stock is worth a premium price thanks to impressive business growth and a large target market. Furthermore, improving profitability is an important catalyst this year that could see the stock hit new highs.


Amazon has dominated the e-commerce market over the last 20 years. But there are certain markets around the world where local companies are better suited to success than foreign competitors. Korea’s leading online store Coupang (CPNG 1.16%) is a perfect example. It is applying a similar strategy as Amazon with great success.

Coupang offers a growing selection of items, including groceries, and it can deliver these items within hours through its Prime-like Wow membership program. Free shipping and fast delivery on a wide selection of items are resonating with many customers, just as they did for Amazon in the U.S. Wow memberships grew 27% last year to 14 million.

Of course, Korea is pursuing a smaller market than Amazon, which is operating in many countries. But Korea is a growing commerce market that is expected to grow 4% per year through 2027 to reach a value of $563 billion. That leaves ample room for Coupang with just $24 billion in annual revenue to grow and deliver returns to shareholders.

Revenue grew 18% last year, and management expects more double-digit growth in 2024. That is plenty of growth to support its stock price, which is 62% off its previous peak and trading at a fair valuation of 1.63 times trailing revenue.

Investors are concerned about the broader health of the global economy and e-commerce shopping trends, and that’s one reason for the discounted share price. But if Coupang continues to deliver revenue growth in the high-teens range this year, more investors may rally to the stock and send the share price higher.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Coupang. The Motley Fool has a disclosure policy.

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