Here’s a personal story – while millionaire-maker stocks to buy seems like a fantastical notion, it’s not an impossible one. Roughly two-and-a-half years ago, I shared how I bought my house free and clear thanks to cryptos. I’m not claiming any special insight. However, you can absolutely get rich wagering on high-growth potential stocks. I’ve had a little taste of it myself.
Now, before you go on to plunk your hard-earned dollars into any investment idea, you must take care of your bases. If you’re in a difficult financial situation, let me just say upfront (my SEO rating be damned) that you don’t want to go for the so-called best stocks for high returns. Yes, these ideas offer high-return potential but they’re risky AF, as the kids like to say. Still, with the right combination of relevance, fundamental tailwinds, and a whole lotta luck, you might make bank. With that in mind, below are the top growth stocks of 2023.
Ribbon Communications (RBBN)
A telecommunications firm, Ribbon Communications (NASDAQ:RBBN) arguably represents one of the more underappreciated millionaire-maker stocks to buy. Specializing in software, internet protocol, and optical networking solutions for service providers, enterprises, and critical infrastructure sectors, Ribbon brings relevancies in droves. However, you wouldn’t necessarily know it by looking at its five-year chart, which shows a 51% loss.
However, since the beginning of this year, RBBN gained almost 27% of its equity value. In the trailing month, shares popped up over 32%. Still, with a market capitalization of just over $592 million at the time of writing, there could be more room to grow. Notably, the company prints a three-year EBITDA growth rate (per share) of 42%, above almost 90% of its peers.
Also, RBBN carries a unanimous analyst view of a strong buy. Don’t get too excited by the aforementioned link because the 5,278% upside potential is a clerical error. However, Wall Street experts anticipate large double-digit growth over the next 12 months. Thus, RBBN makes for one of the best growth stocks to invest in for speculators.
Gevo (GEVO)
If you really want to dial up the risk-reward profile for your millionaire-maker stocks to buy, Gevo (NASDAQ:GEVO) presents an enticing opportunity but only for extreme gamblers. A renewable chemicals and advanced biofuels company, Gevo pursues a business model based on the circular economy concept. Essentially, the enterprise develops bio-based hydrocarbon alternatives, in turn fostering more sustainable solutions down the wide energy value chain.
From a narrative standpoint, GEVO easily rates as one of the high-growth potential stocks. At the same time, it presents incredible risks that shouldn’t be ignored. While shares only dipped 4% since the beginning of this year, over the past 365 days, they stumbled more than 31%. During the past five years, they collapsed over 52%.
Like it or not, with long-term negative revenue growth and abysmally crimson-stained profit margins, GEVO represents pure aspiration. However, that’s enough for two analysts, who rated GEVO a buy. And one even pegs shares hitting $18, implying almost 929% upside. Thus, it could be one of the best stocks for huge returns.
Ocugen (OCGN)
A blast from the past for millionaire-maker stocks to buy, biotechnology firm Ocugen (NASDAQ:OCGN) ranked among the favorites for meme traders back during the worst of the Covid-19 crisis. While Ocugen originally focuses on novel gene therapies for rare eye diseases, it leveraged its acumen to develop a Covid-19 vaccine. However, with fears of the SARS-CoV-2 virus fading, OCGN slipped badly.
Since the January opener, shares gave up 55% of equity value. In the trailing one-year period, OCGN fell 77%. However, it’s also possible that in 2024, 15% of the population (I believe that’s referring to the global population) could be infected with Covid-19, where it may become endemic. Until then, the virus can disproportionately affect vulnerable communities. And even under an endemic state, scientists can’t assume that everybody would be safe.
So, the threat may remain, and therefore, analysts are optimistic about OCGN, pegging shares a unanimous strong buy. Overall, their price target lands at $4.25, implying 655% upside potential. It’s possible, then, that it could be one of the top growth stocks of 2023.
On the date of publication, Josh Enomoto 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.