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2 stocks to turn $100 into $1,000 for end of 2024

2 stocks to turn $100 into $1,000 for end of 2024
Elmaz Sabovic

Examining stocks that could turn $100 into $1,000 reveals the exciting potential of the penny stock market.

However, this month, the Fear and Greed Index has shifted from ‘greed’ to ‘neutral.’ Despite this, the market could see a significant upturn with expected interest rate cuts later in the year. These anticipated interest rate cuts in the latter half of the year may inject additional vitality into the market, offering considerable upside potential for penny stock investments.

It’s crucial to be proactive before a significant breakout in the penny stocks, and investors can easily acquire a substantial number of shares from these two stocks that have the potential to turn $100 into $1,000.

Grab Holdings (NASDAQ: GRAB)

Grab (NASDAQ: GRAB) is a powerhouse in the rapidly growing Southeast Asian ride-hailing and delivery market. Its gig economy platform has effectively tapped into the expanding middle class in one of the world’s most dynamic regions. 

Additionally, its recent strategic investments in artificial intelligence (AI) highlight its commitment to organic growth and innovation, paving the way for sustained profitability, as CFO Peter Oey fully embraces AI to streamline operations and expand product offerings.

On the charts, GRAB stock has recorded a positive 8.03% growth since 2024 started, while the previous 365 days brought 2.90% gains.

GRAB stock YTD price chart. Source: Finbold
GRAB stock YTD price chart. Source: Finbold

Furthermore, Grab’s leap into profitability, marked by its impressive first-quarter (Q1) earnings report, represents a major milestone. 

The $653 revenue demonstrates strong financial health and attests to the effectiveness of Grab’s AI-driven improvements in marketing, menu translation, and customer service. This strategic focus on AI sets a promising stage for rapid market growth and long-term gains.

Bitfarms (NASDAQ: BITF)

The recent volatility in Bitcoin (BTC) looks like a temporary setback, hiding its significant long-term potential. This environment makes Bitcoin miners like Bitfarms (NASDAQ: BITF) especially attractive despite being down 5% year-to-date due to concerns about equity dilution.

BITF stock YTD price chart. Source: Google Finance
BITF stock YTD price chart. Source: Google Finance

Bitfarms recently raised $375 million, which will significantly enhance its operations. By the end of this year, the company plans to increase its mining power from 6.5 EH/s to 21 EH/s, a 223% increase in computing power, paving the way for substantial revenue growth.

These two penny stocks offer an innovative approach that could significantly increase the initial investment due to their expanding, closely-knit industries with much larger sectors.

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