3 stocks that will make you richer in 2024

This is a great time to make money in the stock market. that much S&P 500 and Dow jones Industrial average Both reached record highs this year; Nasdaq composite It has increased by almost 34% over the last 12 months.

Simply put, this is a target-rich environment for stock pickers. So let’s take a look at three stocks that we think could help make investors richer in 2024.

Image source: Getty Images.

1. Ferrari

Number one on my list is Ferrari (Gyeongju 0.03%). The Italian company, known for its high-performance luxury sports cars, has seen its stock price rise steadily over the past few years. The stock price has risen 217% since 2019.

Like European luxury brands LVMH, Ferrari is making extravagant money. The selling price of a Ferrari vehicle typically ranges from $300,000 to $600,000. Some models can sell for up to $3 million.

Needless to say, this is not a car for the masses. Rather, Ferrari targets ultra-wealthy consumers who are willing to pay top dollar for a statement-making sports car.

And it’s a business model that has produced fantastic results. Over the past 12 months, revenue has grown from $3.7 billion in 2019 to nearly $6.5 billion at the time of this writing. Operating profit margin, a key measure of profitability, has increased from 24% to 26.8% over the past five years.

RACE Revenue (TTM) data from YCharts

With revenue up 17% as of its most recent earnings report (for the three months ended December 31, 2023), Ferrari remains a name to remember for growth-oriented investors.

2. Elf Beauty

next E.lf beauty (elf -0.73%). elf, which means ‘eyes, lips, face’, is an emerging cosmetics company. Founded in 2004, the company debuted with an initial public offering (IPO) on the New York Stock Exchange. In 2016.

The company produces and sells affordable makeup and skincare products online and in various retail stores. The best of those retailers is targetIt is now the best-selling color cosmetics brand at retailers, according to data from Nielsen.

Source: Elf performance announcement.

Elf’s stock price soared as the brand’s popularity increased. The stock has risen 1,730% in the blink of an eye since 2019, registering a compound annual growth rate (CAGR) of a whopping 78% over that period.

Moreover, analysts expect big results as more and more consumers learn about the company and its product offerings expand. Wall Street expects the company’s sales to increase 71% in 2024, reaching about $1 billion. Sales are expected to increase to $1.25 billion in 2025, up 25% from the previous year.

Moreover, with a market capitalization of less than $10 billion, the company could be an acquisition candidate by a large cosmetics company or consumer-facing company. In any case, growth investors should pay attention to ELF.

3. Palantir Technologies

Last on my list is Palantir technology (PLTR -3.82%). Palantir is a big data analytics company that uses artificial intelligence (AI) to sift through massive data sets, recognize patterns, and deliver actionable insights.

Today, it’s more important than ever as organizations large and small are swamped by a sea of ​​data. Palantir helps improve productivity, accuracy, and efficiency for both government and commercial organizations.

Financially, Palantir is clearly performing at a high level. For the trailing 12 months, revenue has jumped from $1.2 billion in 2021 to $2.2 billion now. Likewise, free cash flow is in many ways the ultimate measure of a company’s ability to deliver shareholder returns. — An increase of more than tenfold, from $62 million in 2021 to $697 million today.

PLTR Revenue (TTM) data from YCharts

Impressive earnings, free cash flow growth, and growing customer base make Palantir a stock worth considering for long-term growth-oriented investors.