7 Tech Stocks to Buy to Turn $5,000 Into $1 Million

Stocks to buy

While converting $5,000 into a cool million would require a 200-bagger – a phenomenal return that’s extremely difficult to actualize – if you’re going to do it, the top tech stocks offer the most natural ecosystem. True, if the human lifespan expanded into centuries, going after agriculture plays might work. Instead, with limited time, market participants are better off investing in tech sector ideas.

Fundamentally, the narrative for high potential tech stocks centers on the future of technology industry applications. For example, the rise of artificial intelligence helped dramatically drive the case of Nvidia (NASDAQ:NVDA), even though the enterprise is a mature one, having been founded in the early 1990s. Still, the potential of AI-related endeavors bolstered interest in the processors that make such protocols possible.

Now, with such an ambitious goal like a 200-bagger, investors will need both patience and multiple servings of luck. If you can handle the risks associated with growth-oriented enterprises, these are the top tech stocks to consider.

GigaCloud Technology (GCT)

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Billed as a leading global trade service provider, GigaCloud Technology (NASDAQ:GCT) specializes in heavy and large merchandise, specifically being optimized for the furniture sector. So far, investors love what they see so far this year, sending GCT up nearly 51% since the Jan. opener. Keep in mind, though, that GigaCloud ranks among the riskiest of top tech stocks geared for speculation. In the trailing year, it’s down more than 47%.

Financially, though, GigaCloud brings an attractive profile to the table. According to investment data aggregator Gurufocus, the company posts a three-year revenue growth rate on a per-share basis of 87.6%, above 97% of its peers. In the first quarter of 2023, the company posted sales of $490.1 million, blowing past the year-ago quarter’s result of only $122.3 million.

To further justify inclusion as one of the high potential tech stocks, Roth MKM’s Matt Koranda pegged GCT a buy with a $13 price target, implying almost 58% upside potential. What’s more, 10 months ago, Aegis Capital’s Rommel Dionisio forecasted shares hitting $26. If so, we’re talking over 215% returns.

Ondas (ONDS)

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Only appropriate for those investing in tech sector “opportunities” that are geared specifically for extreme speculators, Ondas (NASDAQ:ONDS) might seem like a bargain because of its chart performance (or underperformance). Down 22% for the year but also gaining over 22% in the trailing month, traders might be on the cusp of a turnaround effort. Surely, we’ve seen stranger events materialize.

For those not familiar with the narrative, Ondas is a developer of private licensed wireless data networks for mission-critical industrial markets. With its acumen in Internet of Things (IoT)-related applications, Ondas serves industries such as hydrocarbon energy, transportation and government agencies.

Financially, Ondas right now wades in troubled waters, particularly with its distressed balance sheet. At the same time, Ondas prints a three-year revenue growth rate of 40.6%, outpacing almost 96% of the competition.

Presently, Wall Street analysts peg ONDS a consensus moderate buy. Their average price target lands at $2, implying nearly 67% upside potential. Thus, it’s worth consideration for top tech stocks for gamblers.

AudioEye (AEYE)

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Another terrifyingly risky but compelling name among high potential tech stocks, AudioEye (NASDAQ:AEYE) is an industry-leading digital accessibility platform delivering trusted Americans with Disabilities Act and web content accessibility guidelines (WCAG) accessibility compliance at scale. Through patented technology, per its corporate profile, subject matter expertise and proprietary processes, AudioEye is eradicating all barriers to digital access, helping creators get accessible and supporting them with ongoing advisory and automated upkeep.

Financially, traditional investors will likely be turned off by its trailing-year operating and net margins, which presently sit in negative territory. As well, metrics such as return on equity (ROE) and return on asset (ROA) sit in red-splattered ink too. Still, we’re talking about the future of technology industry applications and with that, AudioEye delivers a three-year revenue growth rate of 25.2%, above 80.93% of its peers.

Finally, analysts peg AEYE as a consensus moderate buy. Their average price target comes in at $10, implying over 81% upside potential.

Akoustis Technologies (AKTS)

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An overlooked idea among top tech stocks for speculators, Akoustis Technologies (NASDAQ:AKTS) is a high-tech bulk acoustic wave (BAW) radio frequency  filter solutions company that is pioneering next-generation materials science-related applications. Specifically, the company utilizes its proprietary manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets. Since the January opener, AKTS slipped more than 7%.

To be fair, investing in tech sector ideas geared for extreme gamblers will yield interesting financial results. For Akoustis, conservative investors will not necessarily appreciate the desperately negative profit margins. As well, stability in the balance sheet appears questionable, to be polite about it.

Nevertheless, Akoustis is a growth machine, posting a three-year revenue expansion rate of 76.1%. This stat beats out over 98% of sector rivals.

Lastly, analysts peg AKTS a unanimous strong buy. Their average price target clocks in at $5.50, implying over 112% upside potential. Therefore, it’s a worthy wager if you’re interested in the future of technology industry opportunities.

KULR Technology (KULR)

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Another overlooked enterprise among top tech stocks, KULR Technology (NYSEAMERICAN:KULR) develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. Per its public profile, KULR developed its acumen through breakthrough cooling solutions for NASA space missions. It presently focuses on relevant sectors like energy storage and 5G infrastructure. Despite the pertinence, however, KULR slipped nearly 24% since the beginning of this year.

In the past 365 days, the security gave up more than 36% of equity value. As with other high potential tech stocks, investors must exercise considerable faith in the business. For example, at the moment, KULR trades at a tangible book multiple of 15.33 times, well above the sector median stat of 2.11X.

At the same time, market participants of enterprises like KULR focus on growth and that’s where it shines. Currently, the company posts three-year revenue growth rate of 56%, above 97.53% of its competitors. To close out, Alliance Global Partners analyst Jake Sekelsky pegs KULR a buy with a $2.50 price target. That implies nearly 172% upside potential.

ZeroFox (ZFOX)

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Trading at just a bit over a buck a pop, ZeroFox (NASDAQ:ZFOX) easily ranks among the riskiest of tech stocks for speculation. Still, it’s also incredibly relevant. Per its public profile, ZeroFox is an external cybersecurity firm providing cloud-based Software as a Service (SaaS) for organizations to expose and disrupt phishing and fraud campaigns. As well, it targets botnet exposures, credential theft, impersonations, data breaches and physical threats that target brands, domains, people and assets.

As you might imagine, ZeroFox doesn’t exactly offer the stoutest of financial profiles. For example, both its operating and net margins have fallen into the abyss of negative territory. As well, its ROE and ROA are stuck there with the previously mentioned stats. And I’m not a big fan of the Altman Z-Score of 4.15 below zero, indicating higher-than-average bankruptcy risk.

Still, it’s a growth machine. Over the past three years, ZeroFox posted a sales expansion rate of 92.3%, beating out 97.68% of its peers. Lastly, analysts peg ZFOX as a consensus moderate buy. Their average price target comes in at $3.50, implying almost 237% upside potential.

Tingo Group (TIO)

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On the July 18 session, shares of Tingo Group (NASDAQ:TIO) fell nearly 11%. I just mention that so you understand what kind of enterprise you’re dealing with. Still, Tingo will likely attract some speculators because of its versatile proprietary trading technology platform. Given the dramatic interest in the capital markets following the disruption of Covid-19, Tingo might still be relevant.

To be sure, those who acquire TIO shares mostly do so because of short-term gambling prospects. Since the Jan. opener, TIO gained 84%. However, it was a multi-bagger in May when retail trader interest skyrocketed. Still, despite the daily rumblings, Tingo offers surprisingly stout stats. For example, the company’s cash-to-debt ratio clocks in at 3.75x better than 68.12% of its peers. Also, it features double-digit operating and net margins. Of course, it’s geared for growth, with Tingo boasting a three-year revenue growth rate of nearly 193%.

There’s zero doubt in the world that for those investing in tech sector ideas, TIO ranks among the most treacherous. However, Taglich Brothers’ Howard Halpern believes TIO will hit $11.75 per share. If so, we’re talking growth of almost 689%. Watch this space.

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.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.

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