3 High-Growth Stocks to Buy for Maximum Wealth Building

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Artificial intelligence (AI) isn’t the only area of the stock market where investors can find high-growth stocks in 2024. While the market rally isn’t broad-based, there are pockets where stocks are flying and delivering big gains to investors. These include areas such as cybersecurity, buy now pay later, online banking, sports betting and even some foreign stocks listed on U.S. markets. The key is to know where to look for these hyper growth names and to determine where the bulls are running.

With the market at an all-time high, many of the winning stocks today can be expected to continue running higher over the near-term. Owning even one or two high-growth stocks can make a big difference in an investor’s portfolio and help to build wealth in the long run. Here are three high-growth stocks to buy for maximum wealth building.

SoFi Technologies (SOFI)

SoFi Technologies, Inc logo with stock market chart background. is an American online personal finance company and online bank.

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SoFi Technologies (NASDAQ:SOFI) stock just jumped 23% in a single trading session after the online bank reported its first ever quarterly profit and record revenues. The company, which issues consumer banking products ranging from student loans to credit cards, reported fourth-quarter 2023 earnings per share (EPS) of two cents, topping Wall Street forecasts that had called for a break-even quarter. Revenue totaled $594 million, hitting record levels, and beating the $572 million that analysts expected.

The breakdown of SoFi’s Q4 numbers was particularly impressive, with sales up 34% from a year earlier. The company’s lending segment saw personal, student and home loan originations rise 31%, 95% and 193% respectively. Deposits at the online lender rose by $2.9 billion in the quarter, and its membership increased by 585,000 to more than 7.5 million customers. SoFi’s forward guidance was bullish and ahead of Wall Street forecasts, sending its share price sharply higher.

SOFI stock is now up 33% in the last 12 months and appears to have momentum behind it following the strong Q4 print, making it one of the high-growth stocks to invest in during 2024.

Flutter (FLUT)

A person wearing a suit and tie holds a handful of dollar bills in the middle of a brightly lit sports stadium; representative of sports betting

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Flutter (NYSE:FLUT), the parent company of online betting site FanDuel, listed its shares on the New York Stock Exchange (NYSE) on Jan. 29. It’s a secondary listing for Flutter, an international gambling company that’s headquartered in Dublin, Ireland, and whose shares already trade on the London Stock Exchange. But the listing in New York gives American investors a new high-growth stock to consider in the red hot area of sports betting. FLUT stock also offers an alternative to DraftKings‘ (NASDAQ:DKNG) stock.

The listing in New York comes as the U.S. becomes Flutter’s most important global market for revenue and market share growth, and where FanDuel is the current leader in online sports betting. In Q4 2023, FanDuel had a 43% U.S. market share based on gross revenue and 51% based on net revenue, ahead of rival DraftKings.

And, unlike DraftKings, Flutter is a profitable company. With a record 73.5 million Americans (nearly 30% of all adults) placing bets on the current NFL football season, now could be a good time to invest in FLUT stock. Flutter’s stock has risen 28% over the last 12 months in London trading, indicating it will feel at home among the other high-growth stocks on the American market.

Alibaba (BABA)

Alibaba Group headquarters sign located in Hangzhou China BABA stock.

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Investment bank Goldman Sachs (NYSE:GS) notes that hedge funds are buying beaten down Chinese stocks at the fastest pace in more than five years. In a note to clients, Goldman Sachs said that hedge funds put nearly $12 billion into Chinese equities between Jan. 23-25 after the government in Beijing announced planned stimulus measures to bolster confidence in the world’s second-largest economy. And one of the main stocks hedge funds have been buying is e-commerce play Alibaba (NYSE:BABA).

The stock market in Hong Kong has risen 6% since Beijing announced its intention to stimulate the Chinese economy, while Shanghai’s main stock index has gained more than 3%. BABA stock has risen 5.6% off its 52-week low and is starting to show signs of life after a persistent decline that dragged the share price down 34% in the past 12 months. Alibaba’s stock has also gotten a lift from news that founder Jack Ma has been buying the stock lately. All these indicators imply that Alibaba might become one of the high-growth stocks once again.

On the date of publication, Joel Baglole did not hold (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 biedexmarkets.com.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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