3 Fantastic Growth Stocks That Could Easily Make You a Fortune

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Let's face it: Not every stock will be a winner. Some will deliver only so-so returns. Others will be absolute disasters. However, including the right stocks in your portfolio can more than make up for the not-so-right ones over the long run.

Which stocks are most likely to be kinds of winners that be game-changers for your financial future? Here are three fantastic growth stocks that could easily make you a fortune.

Smiling young woman holding a smartphone with images of dollar signs around it

IMAGE SOURCE: GETTY IMAGES.

1. DermTech

What if there was a better way to determine if a person has skin cancer than having a dermatologist cut out a chunk of the individual's flesh? What if that way was even more accurate than the current method of analyzing tissue biopsies? And what if it was also cheaper than the current approach? One company has addressed all of these “what ifs” — DermTech (NASDAQ:DMTK).

DermTech specializes in skin genomics. Its current product on the market, Pigmented Lesion Assay (PLA), uses an adhesive patch that is placed over a suspicious area on the skin. The patch is removed then sent to DermTech where a genomic analysis is performed. Results are available within 72 hours that determine if a person has melanoma.

This approach is 17 times less likely to miss a diagnosis of melanoma than the current tissue biopsy approach is. It's also roughly 24% less expensive. Unsurprisingly, DermTech continues to secure reimbursement from major payers, including Medicare and several Blue Cross Blue Shield plans.

The company is also developing skin genomics products targeting other types of skin cancer. DermTech estimates that its total addressable market is around $10 billion. With the company's market cap below $2 billion, I think DermTech is exactly the kind of stock where you'll want to have skin in the game.

[Editor's Note: Viral Video Is Freaking Out Billionaires]

2. Etsy

Remember the wildly popular Bernie Sanders mitten memes that circulated after Inauguration Day? Etsy (NASDAQ:ETSY) sold $1.9 million of similar mittens and Bernie-related products within the next few days. This underscores just how much the company's platform has become the go-to site for unique homemade items.

In 2020, e-commerce sales skyrocketed because of the COVID-19 pandemic. But Etsy grew nearly 2.5 times faster than the e-commerce industry as a whole. It's now the fourth-largest retail e-commerce site based on monthly visits.

Etsy CFO Rachel Glaser acknowledged in the company's Q4 conference call that growth rates in 2021 won't be as mindblowing as what Etsy delivered in 2020. As the economy reopens more fully, consumers will likely spend more of their discretionary income on other things such as travel and entertainment. However, the long-term prospects for Etsy look very good.

In the past, the company thought that its total addressable market stood at close to $250 billion. The pandemic, though, has shown Etsy that it can go after a much larger market that's in the ballpark of $1.7 trillion. No, Etsy won't come close to capturing all of this market. But it doesn't have to for the stock to be a massive winner over the next decade and beyond.

3. Skillz

The average mobile gamer spends 17 minutes per day playing online. But the average user on the Skillz (NYSE:SKLZ) mobile gaming platform spends a whopping 62 minutes online each day. That's more, by the way, than TikTok, Facebook, and YouTube users spend on those sites. 

There's a reason why Skillz is so popular. Its platform attracts game developers — roughly 10 million of them. And it attracts mobile gamers through its focus on head-to-head competition, tournaments, and prizes.

Look for Skillz to pick up even more momentum in the near future. The company recently inked a deal with the National Football League to host a global game developer challenge in the second quarter of this year to create an NFL-themed mobile game. This game will run on the Skillz platform and will be promoted by the NFL and Skillz.

Skillz stock skyrocketed after the NFL deal was announced in early February. However, its market cap remains at only $11 billion despite the surge. Skillz targets a mobile gaming market of around $68 billion annually. The company appears to be in a great position to claim increasingly more of this market. Like DermTech and Etsy, Skillz should make a fortune for investors who buy now and hold on for the long term. 

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