Title: Two Growth Stocks Poised to Soar in 2024
Investing in growing companies is a proven way to build wealth over the long term, and two businesses that are set to see their stock prices rise further in 2024 are DraftKings and Coupang.
DraftKings, a leading brand in the online sports betting and gambling industry, saw its revenue grow by an impressive 64% in 2023. With many states yet to legalize online sports betting, DraftKings has a long runway of growth ahead. The company’s recent acquisition of Jackpocket further expands its addressable market, adding another $100 billion worth of opportunity. Despite a recent stock price surge, DraftKings still has room to grow and is expected to achieve over $2 billion in adjusted EBITDA by 2028.
Coupang, Korea’s leading online store, is following a similar strategy to Amazon with great success. The company’s Wow membership program, offering free shipping and fast delivery on a wide selection of items, has resonated with customers, leading to 27% growth in memberships last year. With Korea’s e-commerce market expected to grow to $563 billion by 2027, Coupang has ample room for growth with just $24 billion in annual revenue. Despite concerns about the global economy and e-commerce trends, Coupang’s stock is trading at a fair valuation and could see a boost if it continues to deliver double-digit revenue growth.
Both DraftKings and Coupang offer investors the opportunity to capitalize on fast-growing industries and expanding markets. While there are no guarantees in the stock market, these two companies have strong growth potential and could see their stock prices soar in 2024 and beyond.
