7 high-growth tech stocks to buy to become a millionaire

In stark contrast to the play-it-safe approach, bold investors might be interested in millionaire tech stocks. With digital innovation accelerating rapidly, the tech ecosystem arguably offers the best chance for market upside. In sectors such as artificial intelligence, advanced energy solutions and blockchain, technology has underpinned myriad success stories.

Granted, these high-growth tech stocks come with incredible risk. Of course, there are many more predictable market ideas. However, predictability also often results in low returns. In order to see massive, life-changing returns, you need to dial in the risk factor. And that means these titles feature a substantial amount of unpredictability. However, you’d be surprised how many pundits support the command of speculative tech companies. If you’re ready to roll the dice, these are the millionaire tech stocks to buy.

Grid Dynamics (GDYN)

Based in San Ramon, California, Grid dynamics (NASDAQ:GDYN) is a global digital engineering company. According to its website, Grid co-innovates with the world’s most respected brands to solve complex problems, optimize business operations and better serve customers. Leveraging advanced mechanisms like AI, Grid delivers powerful results to its customers at the enterprise level.

Unfortunately, the market doesn’t quite see it that way, sending GDYN down 27% since the start of this year. However, this could be a tantalizing opportunity to buy millionaire tech stocks. On the one hand, Grid might be undervalued. Currently, the market values ​​GDYN at 2.09 times the tangible book value. In contrast, the industry median statistic is 3.61 times. Operationally, Grid knocks it out of the park. According to Gurufocus, its three-year revenue growth rate was 24.4%, higher than 80.6% of listed companies in the software industry.

Finally, Wall Street analysts consider GDYN a strong unanimous buy. Their average price target sits at $15, implying an 83% upside potential.

ACM Research (ACMR)

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A lesser known but powerfully relevant company, MCA Research (NASDAQ:CCMR) provides wet process technology, systems and key fabrication products for a range of semiconductor integrated circuit fabrication and wafer-level packaging applications. Despite its essential services to the broader tech space, ACMR has only gained less than 2% since opening in January.

However, that could change as ACMR could very well be one of the millionaire tech stocks to buy. Notably, bold naysayers can buy stocks at a discount. According to Gurufocus, the market values ​​ACMR at a forward multiple of 9.89. As a discount on projected profits, ACM ranks better than 70.69% of listed companies in the field of semiconductors. Additionally, its three-year revenue growth rate is a solid 47%. Moreover, its EBITDA growth rate over the same period is 47.2%, higher than 79.45% of its peers.

Finally, analysts view ACMR as a strong consensus buy. Their average price target is $19.28, implying almost 98% upside potential.

Vacasa (VCSA)

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Based in Portland, Oregon, Vacasa (NASDAQ:VCSA) easily ranks among the riskiest high-growth tech stocks available. Trading at just 75 cents per share, potential investors should be aware of the risks. Nevertheless, it is also intriguing. As its website indicates, it serves the vacation rental industry but leverages various technologies for its operations.

To be fair, finances are a mixed bag. For example, Vacasa has a cash-to-debt ratio of 7.4. In contrast, the industry median for the software industry is 2.82 times. In addition, the company has a debt ratio of 0.08. This is favorably below the industry median of 0.22 times. Additionally, its three-year revenue growth rate stands at 56.3%, although sustainability is a question.

In the less than desirable segment, Vacasa has negative operating and net margins. Additionally, its undervalued ratios (such as relative to sales and to the book) look suspect.

To close, analysts rate VCSA as a consensus Moderate Buy. Their average price target stands at $1.48, implying almost 99% upside potential. Hence, it is one of the millionaire tech stocks for those willing to take huge risks.

CI&T Inc (CINT)

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Originally from Brazil, CI&T (NYSE:CINT) is an information technology and software development company. Beyond its headquarters in Brazil, CI&T operates in the United States, Canada, United Kingdom, Portugal, China, Colombia, Japan and Australia. According to its public profile, the company has expertise in automotive, high tech, finance, insurance, manufacturing, media, retail, life sciences and health.

Unfortunately (or fortunately if you’re a millionaire tech stock speculator), the market remains unimpressed. Since opening in January, CINT has lost more than 52% of its market value. Over the one-year period, CINT caused more than 76% hemorrhage. Now it is trading at a trailing multiple of 15.42, below the software sector median of 26.67. But maybe it’s for a reason. Operationally, CI&T posted a three-year revenue growth rate of 35.4%, higher than 88.57% of its competitors. Therefore, it has some of the ingredients of high-growth tech stocks.

As for Wall Street, analysts view CINT as a strong consensus buy. Their average price target sits at $7.63, implying 118% upside potential.

Stem Inc. (STEM)

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Based in San Francisco, California, stem inc. (NYSE:STEM) presents itself as a global leader in AI-based clean energy solutions and services. It offers integrated solutions to improve yields and maximize the economic, environmental and resilience value of energy assets, including storage, solar power and electric vehicle charging. Despite its relevance, STEM finds itself down more than 51% since the January open.

Overall, STEM hasn’t generated much credibility, at least in the eyes of early investors. Over the past year, stocks have fallen almost 47%. Over the past five years, they have fallen by 58%. Frankly, a lot of that comes down to his fragile finances. For example, his Altman Z-Score is 0.07 below zero, indicating distress.

On the positive side, Stem’s three-year revenue growth rate is 86.3%, higher than nearly 97% of its peers. Again, however, durability is a concern. Still, if you want to try your luck with millionaire tech stocks, this might be it. On the street, analysts see STEM as a consensus Moderate Buy. Their average price target sits at $10.98, implying an upside potential of over 167%.

Porch Group (PRCH)

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Based in Seattle, Washington, porch group (NASDAQ:PRCH) aims to simplify the moving process through technology. Using a digital concierge system, app users can quickly compare and set up movers, TV and internet providers, and home insurance companies all in one place. However, the market didn’t quite catch on with PRCH. Since opening in January, shares have fallen more than 33%.

Over the one-year period, PRCH lost 72% of market value, which naturally worried risk-averse investors. Of course, a big part of the problem centers on the state of the housing market, with high prices and high interest rates and all. Additionally, PRCH represents one of the riskiest tech stocks for millionaires due to its weak balance sheet.

That said, Porch boasts a three-year revenue growth rate of 43.9%, ranked above 91.48% of companies in the software industry. Therefore, it holds the key ingredient for high-growth tech stocks. Finally, analysts view PCH as a consensus Moderate Buy. Their average price target reaches $3.63, implying more than 190% upside potential.

GigaCloud Technology (GCT)

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Based in Hong Kong, GigaCloud technology (NASDAQ:GCT) bills itself as the global hub for furniture and wholesale homewares trading. Basically, the company could help improve the efficiency of last-mile deliveries for large packages. However, with a market cap of just $184.43 million, GCT ranks among the riskiest millionaire tech stocks to buy.

Since opening in January, GCT has lost 3% of its net worth. That doesn’t sound too bad until you look at the past 365 days, where GCT has plunged over 66%. Still, for the bold contrarians of high-growth tech stocks, GigaCloud might be worth a shot with spending money. For example, the company has a net margin of 4.89% for the previous year, which is above 63.3% of listed entities in the software industry.

Additionally, it boasts a monstrous three-year revenue growth rate of 87.6%, beating 97% of its peers. It may not be sustainable, but it’s also possible that GigaCloud could maintain a strong growth profile. On a final note, eight months ago Rommel Dionisio of Aegis Capital identified GCT as a buy with a price target of $26. This would imply a growth potential of more than 391%.

As of the date of publication, Josh Enomoto had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.