2023-11-20 07:30:00 ET
The kind of stock whose value can double overnight is often also the kind that can become almost worthless about as quickly. So, investors shouldn't chase out such gains in a short period. However, solid, well-established corporations can safely see their share prices double in six years, a feat that requires a compound annual growth rate (CAGR) of 12.2%.
To be clear, that's not an easy thing to do. Still, here are two companies that could pull it off: Exact Sciences (NASDAQ: EXAS) and Airbnb (NASDAQ: ABNB) . Let's consider why these two innovative businesses could turn $1,000 into $2,000 by the end of 2030.
Exact Sciences develops cancer diagnostic tests, and it's been on fire this year. Shares are up 24% since the beginning of 2023 on the back of solid financial results and meaningful clinical progress. Let's begin with Exact Sciences' third-quarter earnings. The company's revenue of $628.3 million increased by 20% year over year.
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2 Revolutionary Stocks That Could Turn $1,000 Into $2,000 by 2030