4 Supercharged Growth Stocks Expected to Increase Sales 306% to 658% by 2024

If there’s been one standout group of stocks since the end of the Great Recession in 2009, it’s growth stocks. The combination of historically low lending rates and the Federal Reserve’s ongoing quantitative-easing measures have made cheap capital abundant for…

borrowing purposes.

But for some supercharged companies, their growth is just beginning. According to Wall Street’s consensus estimate, the following four growth stocks are expected to see their sales climb by 306% to as much as 658% by 2024.

Redfin: Implied sales growth of 306% by 2024

One of the most profound growth stories over the next four years should be technology-driven real estate company Redfin (NASDAQ:RDFN). Last year, the company managed $886 million in revenue. But according to Wall Street, it’ll be knocking on the door of $3.6 billion by the time 2024 rolls around.

There’s no denying that Redfin has benefited from historically low mortgage rates. But eventually, mortgage rates will rise, and a seemingly spoiled group of prospective buyers will have to cope with rates of 4% or even 5% for 30-year mortgages. Yet even with higher mortgage rates, Redfin looks poised to succeed.

One of the bigger differentiating factors for the company are the cost savings it brings to the table. Traditional real estate companies charge 2.5% to 3% to represent a buyer or seller. Meanwhile, Redfin charges either 1% or 1.5% to act as an agent for its clients.

This up to 2 percentage-point difference might sound nominally small, but it can easily top $7,000 in cost savings for a seller when we’re talking about median-priced existing home sales. As long as economic or pandemic worries persist, the savings Redfin provides should remain in focus.

Furthermore, Redfin provides personalization that traditional real estate firms don’t offer. As an example, Redfin rolled out 3D and virtual tours during the pandemic to keep the hamster on the wheel, so to speak. It also offers its RedfinNow purchasing services in select cities around the country. This service buys homes from sellers in cash, which removes the hassles and haggling that typically accompanies the home-selling process.

With Redfin heavily reinvesting in its operations, it could be a couple of years before the company turns the corner to recurring profitability. However, sales growth won’t demonstrably slow anytime soon.

Trulieve Cannabis: Implied sales growth of 344% by 2024

U.S.-based marijuana stocks are another source of supercharged growth over the coming four years. Perhaps no cannabis stock will deliver more eye-popping nominal sales growth than multistate operator (MSO) Trulieve Cannabis (OTC:TCNNF). Between 2020 and 2024, full-year sales are expected to climb from $521.5 million to about $2.32 billion.

To quickly get a big concern out of the way, federal legalization isn’t necessary for pot stocks to thrive in the United States. We’ve witnessed 36 states legalize marijuana in some capacity, and the Justice Department is maintaining a hands-off approach. That’s a recipe for high-quality MSOs to succeed.

What’s made Trulieve such a unique company is its laser focus on the Florida market. Whereas most MSOs have been stretching themselves thin in an attempt to establish a presence in as many legalized states as possible, Trulieve has opened 100 dispensaries in the Sunshine State. Saturating the medical marijuana-legal Florida market has allowed the company to keep its…


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