Investing in growth stocks that have the potential to double your money can be a difficult task. It involves conducting extensive due diligence and being patient as you navigate the market’s ups and downs.
For investors looking towards the end of the decade, several sectors have the potential to create multibaggers. This includes industries such as artificial intelligence, renewable energy, healthcare, and infrastructure, to name a few. Moreover, companies may benefit from industry or company-specific tailwinds to drive their revenue, earnings, and free cash flow.
This backdrop can position them to outperform the broader market in the years ahead. While past performance does not indicate future results, these companies possess strong fundamentals to achieve outsized returns by 2030.
Here are the top three growth stocks to buy for the potential of 100% gains or more!
GoDaddy (GDDY)
GoDaddy (NYSE:GDDY) is a technology company in the web and domain hosting space that is off to the races in 2024. The company’s strategic focus on its suite of services for small and medium-sized enterprises (SMEs) continues to drive profitable growth.
GoDaddy is a lesser-known company that has catapulted into the spotlight this year. After its recent addition to the S&P 500 Index, both Wall Street and retail investors are starting to take notice. The stock is on a rampage this year and has risen more than 50% year to date due to the company’s expanding revenue, earnings, EBITDA, and free cash flow. In addition, GoDaddy is investing heavily in growing its AI-powered platform, GoDaddy Airo. It includes an unparalleled customer experience, with features such as AI logo generation, social media marketing, and SEO capabilities. Moreover, its revenue increased 7% year-over-year in the second quarter, including a 76% bump in its net earnings to $146.3 million. With compounding free cash flow and strong margin expansion capabilities, GDDY stock is among the top growth stocks to buy to double your money.
Texas Roadhouse (TXRH)
Texas Roadhouse (NASDAQ:TXRH) is another company on the list that has incredible long-term growth potential. With the company’s restaurant expansions underway in 2024, it can significantly expand its revenue, earnings, and EBITDA through 2030.
Texas Roadhouse is a restaurant chain focusing on high-quality steaks and sides, which have gained incredible traction since the pandemic. It is known for its family-oriented atmosphere, pleasant customer service, and relatively affordable dining options. Additionally, the company has done exceptionally well in the last two years when considering the more budget-conscious consumer. Large restaurant chains like McDonald’s (NYSE:MCD) recently saw their first slump in comparable store sales since 2020, while Texas Roadhouse is seeing the opposite. After a strong start to the year, Texas Roadhouse’s growth continues to accelerate. In the second quarter, revenue increased 14.5% year-over-year to $1.34 billion. Net earnings swelled 46% year-over-year to $120 million, with comparable restaurant sales up sequentially to 9.3%. The company’s expansion plan, including 15 company restaurants and six franchises open in 2024, is a strong sign of future growth.
Comfort Systems USA (FIX)
Comfort Systems USA (NYSE:FIX) is the final selection of the best growth stocks to buy for 100% gains or more. As global infrastructure spending continues to ramp up this year and in the future, Comfort Systems will be one of the major beneficiaries.
Comfort Systems is known for its heating, ventilation, and air conditioning (HVAC) services expertise. Over the last several years, the company has experienced an unprecedented demand for installation and maintenance services. Many of its commercial and industrial clients have become repeat customers, contributing to its robust earnings and cash flow growth. Additionally, its growing cash flows and increasing profitability have rewarded its shareholders. In April, Comfort Systems raised its quarterly dividend by 20% to 30 cents per share. This increase was followed by management’s strong guidance for the 2024 fiscal year. In the second quarter, revenue increased 40% year-over-year. Net earnings swelled 93% year-over-year to $134 million, and its backlog is near a record $5.77 billion. Its continued strong revenue and earnings growth signals strength in the business moving forward.
On the date of publication, Terel Miles 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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