7 Stocks That Could Double Your Money by 2024

Stocks to buy

In the investing world, we’re all on the perennial quest for the golden goose – or stocks to double your money. As investors strategically sail through the fluctuating financial landscape, they are increasingly anchoring their hopes on growth stocks. These stocks, which once soared on the wings of strong top-line growth and bullish market sentiment, have recently experienced turbulence thanks to dwindling sales growth rates and unexpected tech industry layoffs. However, it would be imprudent to dismiss them.

While the performance in the first half of this year was nothing short of stellar, seasoned analysts are optimistic about further gains leading into 2024. Fueling this optimism is the formidable force of artificial intelligence (AI). The prevalent belief being that AI will likely keep propelling these money-doubling stocks skyward, offering investors a chance to maximize returns.

Meta Platforms (META)

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Meta Platforms (NASDAQ:META) have certainly kept analysts on their toes. While it’s showcased impressive revenue growth in recent quarters, a dip in net income in the past six months is somewhat concerning. Yet, the company’s earnings per share surged last quarter, hinting at a possible resurgence for the social media behemoth.

As 2023 emerges as Meta’s “year of efficiency,” the second quarter earnings report offered a glimmer of validation. It posted a staggering $32 billion quarterly revenue and earnings per share at $2.98, eclipsing Wall Street’s predictions. Moreover, its third-quarter revenue guidance, set between $32 billion and $34.5 billion, has blown past consensus estimates.

Moreover, Instagram’s, Threads feature could potentially become a major growth catalyst for Meta down the road. This microblogging sensation amassed 100 million users in record time, surpassing even ChatGPT’s climb. As Twitter’s star dims, Threads shines. There is tremendous upside ahead.

Tesla (TSLA)

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While the recent dip in Tesla (NASDAQ:TSLA) stock following second-quarter earnings may have unnerved some investors, it’s crucial to examine the broader picture. The company exceeded earnings expectations and reported sales that eclipsed predictions. Clocking in at $24.93 billion, Tesla’s revenue blew past expectations with $24.47 billion. Additionally, with an earnings-per-share of $0.91, it outperformed estimates by 82 cents. The only wrinkle appeared to be in its operating margin, which, at 9.6%, fell short of investor expectations.

I think the concerns surrounding Tesla’s margin are a bit overblown. The company’s recent aggressive price reductions were strategic, aimed at stoking demand and bolstering its market presence. And the strategy seems to have hit the mark. Tesla reported a remarkable sales surge of over 47% in the second quarter, with a 24.4% rise in the first. Tesla is playing the long game remarkably well at this point.

Lithium Americas (LAC)

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Lithium Americas (NYSE:LAC) is arguably one of the hottest lithium stocks out there due to the glittering Thacker Pass Project in its repertoire. The firm emerged victorious earlier this year from an extended court battle, receiving a favorable Record of Decision for the project. With the green light, the firm is poised to tap into an astounding 13.7 million tons of lithium carbonate, potentially extracting a massive 80,000 tons annually. Projected numbers are incredibly promising, estimating the project’s after-tax net present value (NPV) to be a staggering $5 billion.

While operations at Thacker Pass are slated for 2026, Lithium Americas is set on Argentina, planning to commence mining activities later this year. Adding another feather to its cap, the acquisition of Arena and a significant stake in the Sal de la Puna project further cement LAC’s position for long-term growth in its niche. Despite being in the pre-revenue phase, LAC’s trio of resourceful assets hints at a prosperous horizon ahead.

Solid Power (SLDP)

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Solid Power (NASDAQ:SLDP) stands out as a beacon of long-term innovation in the dynamic world of electric vehicles (EV). It effectively harnesses the potential of solid-state EV batteries with a mission to outpace the ubiquity of lithium-ion counterparts. It offers the promise of robust charging, enhanced safety and a substantial leap in range.

Perhaps one of the most attractive aspects of investing in SLDP is its business model. Instead of pushing automakers into an arduous transition, the firm offers seamless integration. Rather than diving headfirst into battery production, SLDP smartly deals in solid electrolytes and licenses its pioneering tech.

Moreover, its partnership with Bayerische Motoren Werke ADR (OTCMKTS:BMWYY), or BMW, positions it for major long-term gains. The esteemed German automaker is partnering with Solid Power to craft a “prototype line” for battery development. With its vision of rolling its offerings by 2025, its alliance is more than a feather in SLDP’s cap.

Alibaba (BABA)

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Navigating the vast Chinese market is akin to sailing in uncharted waters, filled with tremendous promise peppered with daunting risks. Nevertheless, e-commerce titan Alibaba (NYSE:BABA) has become a seasoned mariner, steering through China’s turbulent AI industry with finesse. The unveiling of Tongyi Qianwen, a cutting-edge large language model, showcases Alibaba’s unwavering commitment to innovation.

However, Alibaba has managed to chalk up a 2% year-over-year sales growth reported in mid-May. Thus, despite the immediate uncertainties, the allure of BABA stock remains unscathed in the long run. Additionally, the company declared its plan to fragment into six fresh business groups, each a candidate for potential IPOs. Described as the most significant shuffle in its storied history, Alibaba is adapting and isn’t afraid to pivot.

Completing this whirlwind of transformation, Alibaba’s captain’s chair now welcomes Eddie Wu, succeeding Daniel Zhang as CEO. Indeed, Alibaba’s ship sails on, a testament to its enduring spirit and appeal to the discerning investor.

Fiverr International (FVRR)

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In an era defined by the rise of the gig economy, Fiverr International (NYSE:FVRR) has emerged effectively as a leading frontrunner. This digital freelancer marketplace has exploded over the past decade and Fiverr’s five-year 48.9% sales growth is a testament to that notion. Moreover, according to projections, the global freelancer marketplace is set to grow to a whopping $18.3 billion by 2031. Against this backdrop, the company’s $343 million revenue seems like the opening act.

However, Fiverr is facing hiccups with its recent pandemic results, stemming from cost-trimming maneuvers in professional services. Yet, the gig economy’s reinvigoration, fueled by shifts in pandemic paradigms, casts a favorable light on Fiverr’s long-term prospects. Bolstered by a stellar retention rate and an unyielding marketing drive, all signs point to Fiverr further cementing its stronghold in the gig landscape.

Fiverr’s second-quarter financial performance sheds light on the success of its recent initiatives in driving profits higher while building a platform to enjoy steady revenue growth in the foreseeable future. The notable improvement in gross margin is a testament to how the company is scaling profitably.

Taiwan Semiconductor (TSM)

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In a resilient rebound, Taiwan Semiconductor (NYSE:TSM) has effectively mirrored the sector’s spirited resurgence this year, with shares surging by double-digits in 2023. However, a shadow looms as the stock remains 20% off its 2022 zenith. Challenges abound, from cooling end markets to hiccups in foundry construction, including growing capital expenditures not quite hitting the mark. Yet, the stock presents an attractive value proposition over the long term.

As we peek into the future, the horizon is incredibly bright for TSM. A surge in AI chip demand is on the cards, poised to catalyze revenue growth in upcoming quarters. This spark could set alight a firm already established as a juggernaut in the semiconductor realm, hinting at a compelling narrative for the discerning investor.

On the date of publication, Muslim Farooque did not have (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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