3 Tech Stocks to Turn $10,000 Into $1 Million: April 2024

Stocks to buy

While any market endeavor carries a level of risk, if you want the highest return possible, you’re likely going to have to turn to speculative tech stocks. It’s not just about the narrative but the numbers behind them.

According to data compiled by Statista, revenue tied to just the technology hardware market may reach $807.29 billion in 2028. Combine that with other innovations in software, telecommunications, cloud services and many other categories, the potential appears limitless.

Of course, not every idea will be a hit. However, these high-growth tech stocks just might turn $10,000 into a cool million over the long run.

GDS (GDS)

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Falling under the information technology (IT) services, GDS (NASDAQ:GDS) develops and operates data centers in China. Per its public profile, GDS provides colocation services comprising critical facilities space, customer-available power, racks and cooling. It also offers other services such as network management, data storage and system security. While relevant, GDS stock is a volatile asset, losing almost 23% since the start of the year.

To be sure, the company’s financial performance last fiscal year was all over the map. In the first and third quarters, the average quarterly surprise was 22.35% below consensus expectations. However, in Q2 and Q4, the average quarterly surprise shot up to 49.1%.

For the current fiscal year, analysts believe revenue could hit $1.58 billion. That’s up 15% from last year’s tally of $1.38 billion. Even more enticingly, they’re projecting sales to land at $1.82 billion, up another 15% from projected 2024 sales.

Lastly, covering experts rate GDS a consensus strong buy with a $15.35 price target, implying almost 128% upside potential. It’s one of the tech stocks to consider for speculators.

Sono-Tek (SOTK)

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Operating under the scientific and technical instruments category, Sono-Tek (NASDAQ:SOTK) designs and manufactures ultrasonic coating systems for applying on parts and components for the microelectronics/electronics, alternative energy, medical, industrial and research and development worldwide. Since the start of the year, SOTK lost almost 19% of equity value, reflecting the volatility of the name.

Still, there could be an opportunity here for speculators based on underlying relevancies, particularly for the burgeoning alternative energy and medical markets. Also, the microelectronics segment should soar amid advancing semiconductor technologies. While its earnings performance left much to be desired last year, in its fiscal Q4, the company posted EPS of 4 cents. That was twice the expected print of 2 cents.

For the current fiscal year, analysts are targeting EPS of 9 cents, 125% above last year’s print of 4 cents. Also, revenue could rise to $19.64 million, up 30.4%. Overall, Northland Securities pegs SOTK a “buy” with a $10 price target, implying over 127% growth potential over the next 12 months. It’s another solid idea for tech stocks if you’re the gambling type.

Duos Technologies (DUOT)

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Working under the application software segment, Duos Technologies (NASDAQ:DUOT) presents a wild case for tech stocks. Per its corporate profile, Duos designs, develops, deploys and operates intelligent technology solutions in North America. Notably, the company offers myriad services, including an integrated platform to develop and deploy artificial-intelligence-based algorithms, which include machine learning and computer vision.

That’s the positive side to the narrative. However, despite gaining 19% on a year-to-date basis, DUOT is down almost 20% in the trailing 52 weeks. So, you’ve got to be careful with this opportunity. To cement this cautionary take, the average quarterly surprise last fiscal year was 47.53% below parity.

Still, analysts anticipate that in fiscal 2024, the loss per share will improve to 77 cents, better than last year’s loss of $1.56. More importantly, revenue could land at $17.7 million, nearly 137% above last year’s tally of $7.47 million. And fiscal 2025 sales could hit $30 million.

Finally, Northland Securities rates DUOT a “buy” with a $7 price target, projecting 118% growth 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.

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. Tweet him at @EnomotoMedia.

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