3 Stocks to Turn $1,000 Into $1 Million: June 2024
The stock market has recently sent many investors on a wild ride. Many sectors have experienced impressive growth over the last year, with the S&P 500 Index reporting 24% growth while the average yearly return is roughly 10%.
Many investors are still very interested in adding capital to existing positions and taking on new positions in this bullish environment, which could continue to increase in the near term.
The overall stock market environment is ideal for investors who desire strong returns and the possibility of growing their portfolio exponentially from $1,000 to potentially $1 million.
Below, I have chosen a number of million-maker stocks, perfect for investors seeking companies on an impressive growth trajectory that are expected to continue providing substantial returns.
Millionaire-Maker Stocks: Blue Bird (BLBD)
Blue Bird (NASDAQ:BLBD) manufactures school buses primarily for state governments and service centers. It produces buses powered by gasoline, diesel, electric, propane and natural gas.
Over the past year, its share price has increased by nearly 165%, mostly due to its recent earnings results, which beat analyst predictions, as well as its record-high sales of electric buses.
On May 8, BLBD reported earnings results for the second quarter of 2024, stating that total revenue increased by 15% year-over-year. Net income for Q2 2023 was $7 million, and it rose to $26 million in Q2 2024. BLBD also raised its full-year guidance regarding revenue between $1.275 and $1.325 billion.
Overall sales of its electric buses rose by 56% compared to the previous year. The company’s backlog is approximately 500 orders for its electric vehicles.
The U.S. Environmental Protection Agency passed the Clean School Bus Program in 2021, which provides funding for replacing diesel-powered school buses with electric ones. This has heavily benefited Blue Bird recently.
Blue Bird is a solid buy for investors looking to add industrial stocks with strong growth potential to their portfolios.
SkyWest (SKYW)
SkyWest (NASDAQ:SKYW) is a regional airline company providing passenger and cargo transportation services among a fleet of approximately 500 aircraft. It also provides leasing and charter services.
SkyWest reported first-quarter earnings for 2024 on April 25. It stated that total revenue increased by 16% year-over-year. A net loss of $22 million was reported for Q1 2023, and a net income of $60 million was reported for Q1 2024.
Due to increasing travel demand and solid earnings results, SkyWest shares have increased by 130% over this past year. Other airline stocks have lagged behind, such as United Airlines (NASDAQ:UAL) and American Airlines (NASDAQ:AAL), which have seen their share prices only increase by 4% and decrease by 27%, respectively.
Airfares in April of last year were 6% higher than in April 2024, and with the busy summer travel season approaching, SkyWest may be very profitable over these next few months.
SkyWest is by a wide margin the best-performing passenger airline stock over this past year. With expected growth to continue throughout 2024, it shows no sign of stopping.
Applovin (APP)
Applovin (NASDAQ:APP) is a software platform that enables users to distribute and monetize their produced content. Its major products include AppDiscovery, a marketing software; MAX, an in-app bidding software; and Adjust, an analytic tool for app development.
Over this past year, its share price has risen 259% due to strong earnings results and overall investor enthusiasm surrounding generative AI development.
On May 8, Applovin reported earnings for the first quarter of 2024, stating that total revenue increased by 48% compared to the previous year. A net loss of $5 million was reported for Q1 2023; for Q1 2024, it shifted to net income of $236 million.
Applovin’s new AI engine, Axon 2.0, which provides targeted ad services primarily for mobile gaming, helps to facilitate an impressive earnings beat for its software segment.
APP is a strong buy technology company offering cutting-edge AI software capabilities with solid upside potential for investors.
As of this writing, Noah Bolton held a LONG position in BLBD. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
