3 Lesser-Known Stocks That Could Skyrocket in 2024


  • Lesser-known stocks do not have all the attention they deserve, but some do have immense potential to make huge gains this year.
  • Workday (WDAY): Human resources application utilizing generative AI and analytics to appeal to a massive market. 
  • DraftKings (DKNG): A frontrunner in the rapidly expanding online sports betting and gambling industry, poised for further growth.
  • CrowdStrike (CRWD): Leader in cybersecurity, whose platform has a unique edge with AI applications full of growth potential.
lesser-known stocks - 3 Lesser-Known Stocks That Could Skyrocket in 2024

Source: MMD Creative / Shutterstock.com

Investors are always looking for lesser-known stocks to buy. The public’s attention is sometimes only driven to the largest and most well-known stocks. However, there are equally promising growth stocks with excellent potential that are lesser known. 

These stocks offer investors an excellent opportunity to get their hands on a promising prospect before massive public attention and heavy investing inflate their valuations. While they are gaining momentum in their respective industries, these three stocks have not yet risen to sky high prices and still come with a tremendous platform to take off this year.

We’ll detail what makes these low flyers so appealing, including their dedication to up-and-coming technology, enticing growth statistics and estimates for this year.

Workday (WDAY)

Workday Layoffs. A close-up view of a Workday (WDAY Stock) sign in Pleasanton, California.
Source: Sundry Photography / Shutterstock.com

Workday (NASDAQ:WDAY) is a human resources platform integrated with AI machine learning, cloud services and user data/analytics. It has 10,000 customers, including most of the Fortune 500’s biggest names. It has an extensive reach across markets and industries, and businesses of all shapes and sizes use its platform.

The broad accessibility and excellent functions offered by Workday have driven excellent financial standing and results over the years. In fiscal 2024, Workday had a revenue and EPS beat, including a 17% Year-Over-Year revenue increase and a 30% operating cash flow increase.

Diluted net income per share increased to $5.21 from diluted net loss per share of $1.44 in fiscal 2023. Subscription revenue makes up almost all of the company’s income, and to give you perspective on the path ahead for Workday, the company also reported a subscription backlog of $20.9 billion. 

Aside from Workday’s impressive earnings, the company continues to invest in generative AI and AI marketplace software to keep itself in front of the momentum surrounding this modern tech. In addition, Workday is furthering its reach to small and medium-sized businesses through a deal with HR solutions provider Insperity, completed in February. 

The company is solid in all aspects, but the spotlight other major companies have does not overly inflate it. It is an excellent investment for growth this year. 

DraftKings (DKNG)

Person holding smartphone with logo of US sports betting company DraftKings Inc. (DKNG) on screen in front of website. Focus on phone display. Unmodified photo.
Source: T. Schneider / Shutterstock.com

The online sports gambling and betting world has never been more popular, and DraftKings (NASDAQ:DKNG) is capitalizing on the industry’s growing momentum. As of 2024, 29 states permit sports betting online. However, despite that limited percentage, DraftKings is already showing excellent growth.

In the most recent earnings report, DraftKings reported a fourth-quarter revenue of $1.231 billion, a 44% increase from the previous year. Customers went up, and engagement and DraftKings continued to expand their available selection of sports and improve their product.

DraftKings expects a revenue midpoint of around $4.775 billion this year, along with its expanding business. Considering how this success only comes from a portion of legalized betting in states, DraftKings certainly has a lot of room to grow and continue its success in the years to come. 

Recent acquisitions, such as Jackpocket, have further expanded DraftKings’ customer base and increased its growing potential. While the stock is not the cheapest, many investors are unaware of the growth potential in sports betting, so there is no better time to buy DraftKings and watch it take off.

CrowdStrike (CRWD)

Person holding smartphone with logo of US software company CrowdStrike Holdings Inc. (CRWD) on screen in front of website. Focus on phone display. Unmodified photo.
Source: T. Schneider / Shutterstock.com

CrowdStrike (NASDAQ:CRWD) is a leading cybersecurity company and is probably the most-known stock on this list due to its dazzling performance and excellent growth prospects. The company reported a record free cash flow of $938.2 million and a 36% jump in revenue for fiscal 2024.

While it has garnered attention, CrowdStrike’s full potential still needs to be discovered and recognized. The company is demonstrating incredible growth. It is continuing its upward momentum through innovations and offerings such as its generative AI cybersecurity platform, CharlotteAI. 

CrowdStrike is seeing considerable jumps in module adoption rates at 64%, 43%, and 27% for five or more, six or more and seven or more modules, respectively. Its loyal customers are spending more and more to integrate CrowdStrike’s impressive platform into their networks.

Expect more cybersecurity demand and increased usage of AI tools and applications that are easy to use. Certified platforms like CrowdStrike will continue to stand out above the rest and show investors excellent returns.

On the date of publication, Joel Lim 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.

Joel Lim is a contributor at InvestorPlace.com and a finance content contractor who creates content for several companies like LTSE and Realtor, along with financial publications, including Business Insider, Yahoo Finance, Mises Institution and Foundation for Economic Education.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/3-lesser-known-stocks-that-could-skyrocket-in-2024/.

©2024 InvestorPlace Media, LLC