Most of the time, professional financial advisors steer you toward reliable blue chips, not necessarily stocks with millionaire potential. Well, let’s back up for a moment. Effectively, all forwarded ideas from professional money managers command millionaire potential. The real question is, how long will it take to get there?
Sure, I suppose that every baseball team has a chance to win the World Series. Just ask Chicago Cubs fans who waited more than a century to celebrate. But that’s an awfully long time to wait – and some of us may expire before then. So, for those that want to have their cake and eat it too, we have stocks with millionaire potential that can possibly get you there quickly.
However, there’s no such thing as a free lunch. If you want your millions and you want them as soon as possible, you must absorb a higher risk profile. It’s the name of the game. If you can handle that, below are enticing ideas to consider for stocks with millionaire potential.
Riot Platforms (RIOT)
With the volatile but always-exciting cryptocurrency providing robust upside potential, it’s no wonder that blockchain-derived assets have attracted mainstream attention. However, because the sector still carries “Wild West” dynamics, some investors prefer traditional investments. In that sense, Riot Platforms (NASDAQ:RIOT) presents the best of both worlds, carrying exposure to cryptos via its blockchain-mining business while benefiting from the custodial securities associated with equities market trading.
Fundamentally, Riot distinguishes itself from other blockchain miners by likely being the largest crypto-mining facility in North America by developed capacity. However, it’s not resting on its laurels, continuing to expand its capacity in the belief that digital assets will only continue rising in value and prominence. Here, the underlying stability of the U.S. economy should help boost discretionary spending, which could subsequently lift cryptos.
Of course, the risk factor is that Riot is highly dependent on the health of virtual currencies, something it acknowledges in its Form 10-K filing. Still, stocks with millionaire potential won’t cater to a timid approach. Perhaps best of all, analysts rate RIOT a consensus strong buy with an $18.30 price target, implying 77% upside potential.
Emcore (EMKR)
While one of the most relevant ideas for stocks with millionaire potential, Emcore (NASDAQ:EMKR) is also in some ways cynical. Specifically, the company’s Form 10-K disclosure reveals that it provides sensors and navigation systems for the aerospace and defense market. Obviously, the latter space has attracted attention because of the various geopolitical flashpoints that have erupted in recent years.
In particular, Emcore offers precision system solutions and establishes high standards for guidance, navigation, control, pointing, and stabilization applications in commercial and military aircraft. This specialty covers unmanned autonomous vehicles, per its filings. If you follow developments in Russia’s invasion of Ukraine, you’ll know that drone warfare has played a critical role in the conflict. Moving forward, unmanned weapons systems will likely dominate future military excursions.
Sadly, conflict appears inevitable. With tensions rising over territory, oil and water access, the defense industry will likely soar. It’s an ugly situation but a predictable one. Therefore, analysts peg EMKR a unanimous strong buy with a $1.50 price tag, implying over 130% upside potential.
Velo3D (VLD)
Easily the riskiest idea on this list of stocks with millionaire potential, Velo3D (NYSE:VLD) could either see you looking like a genius or not a genius – we’ll just keep the discussion polite. As a metal additive manufacturing company, it’s more than just a 3D printing specialist. According to its Form 10-K disclosure, the company features novel technologies to deliver high-value metal parts that have complex internal channels, structures and geometries.
Further, the additive manufacturing market reached a valuation of $20.37 billion last year, according to Grand View Research. Further, analysts anticipate that the segment could expand at a compound annual growth rate (CAGR) of 23.3% by 2030. At the forecast’s culmination point, the industry may print revenue of $88.28 billion. Considering that Velo3D has a market capitalization of under $62 million, it enjoys a massive total addressable market.
Unfortunately, the issue is that VLD just hasn’t gained any traction. Since the beginning of this year, shares have fallen nearly 34%, a staggering loss. Still, Lake Street analyst Jacob Stephan rates VLD a buy with a $2 target, implying over 716% upside potential.
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.