3 Stocks to Buy for Under $1,000 That Could Skyrocket by 2024

The world of stock investing is akin to a pendulum, consistently swinging between highs and lows. Though the current market indicators may seem a far cry from their peak two years ago, history is on the side of perseverance. It’s a simple yet profound truth that every downturn in the stock market brings with it a silver lining, a chance for savvy investors to cash in on the trend. Hence, it’s an opportune moment to load up on the stocks to buy for under $1,000. For those with an eye on the long game, now might be the perfect time to capitalize on these undervalued opportunities, offering robust upside potential ahead.

Amazon (AMZN)

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Amazon (NASDAQ:AMZN) recently released its impeccable third-quarter numbers, with the e-commerce behemoth, blowing past analyst’s forecasts while reporting a stellar 13% surge in sales, touching an impressive $143.1 billion. What’s even more noteworthy is the company’s net income, which tripled, reaching a whopping $9.9 billion. Moreover, even with its recent slowdown, Amazon Web Services (AWS) still managed to hit the mark, clocking growth north of 12% and raking in $23.1 billion. Moreover, Amazon’s thriving ad sales business also made its mark, witnessing a 26% spike in revenue and pulling in $12.1 billion. CEO Andy Jassy lauded the team’s relentless innovation, particularly in the realm of generative AI. To top it all off, the recent Prime Day event set new benchmarks, reportedly netting close to $13 billion in U.S. sales.

As the year-end holiday frenzy approaches, Amazon is already gearing up, unveiling plans to onboard a mammoth 250,000 additional workers worldwide. This proactive hiring spree, significantly higher than last year, includes a mix of full-time, part-time and seasonal positions. Reflecting on its consistent performance, AMZN stock witnessed a commendable 61% uptick year-to-date. Also, with a predicted 22% upside, growth prospects look promising.

Meta Platforms (META)

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The digital landscape is witnessing a seismic shift, with social media giants, including Meta Platforms (NASDAQ:META), leading the charge. Riding high on its “year of efficiency,” the company has skillfully managed its costs, resulting in a monumental surge in its share price. Meta’s recent third-quarter figures stand as a testament to its prowess, with a GAAP EPS of $4.39, outshining expectations by 76 cents. Furthermore, with revenues touching a remarkable $34.15 billion, marking a 23.2% year-over-year growth, the company outpaced street estimates by a remarkable $590 million.

Diving deeper into the third quarter, Meta’s ad impressions across its extensive app family witnessed a 31% year-over-year increase. Interestingly, while the reach expanded, the average ad price saw a 6% dip. Financially, the company’s health remains robust, finishing the quarter with a treasure trove of more than $60 billion in cash and marketable securities. This, against a debt of roughly $18 billion, is indicative of a robust balance sheet.

After weathering a turbulent 2022, Meta’s stock has made a jaw-dropping comeback, escalating 149% year-to-date. Bolstered by multiple revenue streams, the company’s growth trajectory seems unstoppable. Innovations such as the introduction of generative AI tools to supercharge advertiser experiences and improved monetization strategies on platforms — including Reels — further fortify Meta’s position in the market.

Alphabet (GOOG,GOOGL)

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In the constantly evolving realm of technology, Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Google’s parent company, has effectively given financial pundits and investors a mixed bag to ponder upon. Boasting an impressive triumph over Wall Street projections, Alphabet’s third-quarter results shimmered in various domains. The company achieved an overall sales growth of 11%, gracing the double-digit mark after a year. Surpassing expectations, the company reported an EPS of $1.55 and a revenue tally of $76.69 billion, edging past the anticipated $75.81 billion. This financial upsurge can be credited to a resurgence in online advertising, propelling ad revenue to an impressive $59.65 billion, a commendable 9% bump from the previous year.

Yet, the winds weren’t entirely favorable for the company. A shortfall in cloud-computing sales, missing Wall Street’s forecast by $200 million, resulted in a post-earnings dip. The cloud unit’s revenue catapulted by 22% year-over-year, outpacing the company’s overall growth. More heartening is the cloud-computing segment’s turnaround story, swinging from a $440 million loss in 2022’s third quarter to a profit of $266 million this year. All signs indicate that Alphabet remains a formidable player in the tech arena for years to come.

On the date of publication, Muslim Farooque did not hold (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.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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