7 Stocks That Could Quadruple Your Money by 2024

Stocks to buy

As I talk about stocks to quadruple your money, it might seem that I have high expectations. Does the current market condition support stock price action of multi-bagger returns in 12 to 18 months? I believe that 4x to 5x returns are likely.

There are stocks that have quadrupled in the first half of 2023. As an example, Riot Platforms (NASDAQ:RIOT) was higher by over 400% for year-to-date when Bitcoin (BTC-USD) was trading above $30,000. A large-cap stock like Nvidia (NASDAQ:NVDA) has surged by 200% for the year.

Therefore, expecting stocks to quadruple in the next 18 months is not having unrealistic expectations. Further, with the fed rate hike large done, I believe that the overall outlook for the market is positive.

Let’s discuss seven stocks that are likely to quadruple your money by 2024.

Bitfarms (BITF)

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With Bitcoin trending higher, Bitfarms (NASDAQ:BITF) stock has surged by more than 250% year-to-date. The Bitcoin miner looks poised to trend surge higher, assuming a bull market for cryptocurrencies.

Standard Chartered believes that Bitcoin can quadruple from current levels by the end of 2024. If this holds true, BITF stock is likely to skyrocket.

Specific to Bitfarms, there are several positives to note. First, the company has reported continued growth in mining capacity. As of July, Bitfarms reported a capacity of 5.3EH/s.

Further, the company has high financial flexibility for aggressive mining capacity expansion. Bitfarms expects to be debt free by February 2024. The company reported a liquidity buffer of $48 million as of Q2 2023.

Another reason to like Bitfarms is the point that the company is a low-cost miner. For Q2 2023, the company reported direct cost of mining one Bitcoin at $14,000 (excluding VAT). Even if Bitcoin trades near previous higher, the company is positioned for massive EBITDA margin expansion.

Polestar Automotive (PSNY)

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Polestar Automotive (NASDAQ:PSNY) stock performance has been unimpressive in the last 12 months.

I, however, believe that a big rally is impending for the stock from deeply oversold levels. There are three reasons to be bullish.

First, Polestar is focused on cost cutting and driving operational efficiency. EBITDA losses are likely to narrow in the coming quarters and that’s a potential stock upside trigger.

Polestar 3 and Polestar 4 are due for commercial launch in Q1 2024. This is likely to trigger significant upside in deliveries growth.

I believe that Polestar is likely to raise funds in the coming quarters. Any fund-raising activity will be positive for the stock as it will provide Polestar with liquidity for 2024 and potentially into 2025.

It’s also worth noting that Polestar is building strong presence across key markets globally. Given these factors, PSNY stock is poised for a sharp reversal rally.

Tilray Brands (TLRY)

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Among cannabis stocks, Tilray Brands (NASDAQ:TLRY) looks deeply undervalued and is among the stocks to quadruple your money. I believe that in a scenario of federal level legalization of cannabis, TLRY stock is poised for 10x returns. However, even if this scenario does not pan out, TLRY stock can deliver 4x to 5x returns in the next 18 months.

The first reason to be bullish is diversification. Recently, Tilray entered into an agreement to acquire eight beer and beverage brands from Anheuser-Busch (NYSE:BUD). With acquisitions in the past, Tilray is now commands the fifth largest craft beer business position in the U.S. Even if cannabis sales remain subdued, the alcohol & beverage business will boost growth.

The second reason to be bullish is a positive outlook for financial year 2024. Tilray expects to generate positive adjusted free cash flow with cost cutting and operating leverage being the factors.

I also like the point that Tilray is focused on the medicinal cannabis market in Europe. The addressable market is significant and will deliver value for the company.

Solid Power (SLDP)

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Solid Power (NASDAQ:SLDP) stock is another name that’s likely to quadruple by the end of 2024.

I believe that the stock is deeply undervalued after a correction of 60% in the last 12 months.

Recently, Solid Power reported Q2 2023 results and there are several positives to note. First, the company’s electrolyte sampling has yielded positive feedback from industry.

Further, the company is on-track to deliver A-sample EV cells to automotive partners in 2023. Positive feedback on this front would be a major catalyst for SLDP stock upside.

In December 2022, Solid Power had licensed its cell design and manufacturing processes to the BMW (OTCMKTS:BMWYY). This will enable parallel research and development activity and potentially accelerate the commercialization of solid-state batteries.

Solid Power ended Q2 2023 with cash and equivalents of $443 million. Even with aggressive investment in R&D, the company is fully financed for the next 12 to 18 months.

Standard Lithium (SLI)

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Lithium prices have corrected in 2023 and that’s the key reason for lithium stocks remaining depressed.

However, given the long-term supply gap outlook, the correction is a good accumulation opportunity. Standard Lithium (NYSE:SLI) is an interesting name among high-growth stocks to buy. Considering the asset base, I believe that SLI stock is deeply undervalued and poised for a big rally.

Standard Lithium commands a valuation of $768 million. The company’s flagship projects include Lanxess and South West Arkansas. Both these projects have a combined after-tax net present value of $4 billion.

Further, the Bristol Lake project remains undeveloped. Asset valuation points to multi-bagger returns for SLI stock from current levels. It’s also worth noting that as lithium trends higher, the asset NPV is likely to change.

I would like to add that in 2022, the company had made a strategic investment in Aqualung Carbon Capture AS. The latter caters to carbon capture and separation technology in heavy industry and transport. This investment can unlock significant value in the long-term.

EVgo (EVGO)

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EVgo (NASDAQ:EVGO) stock has corrected by almost 50% in the last 12 months.

I believe that the stock is deeply undervalued considering the recent quarterly numbers and the growth outlook. It’s also worth noting that the stock still has a short interest that’s nearly 20% of the free-float. A big short squeeze rally is impending.

For Q2 2023, EVgo reported revenue growth of 457% on a year-on-year basis to $50.6 million. For the same period, the company’s network throughput increased by 147%.

It’s also worth noting that EVgo has 3,200 stalls in operation or under construction. With a deep pipeline of new stalls, I expect revenue growth to remain robust.

Another point to note is that EVgo reported adjusted EBITDA loss of $10 million as compared to $19 million in losses in the prior year comparable quarter.

With strong growth and operating leverage, I expect EBITDA level break-even in the next few quarters. This is likely to be a major catalyst for stock upside.

Curaleaf Holdings (CURLF)

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Curaleaf Holdings (OTCMKTS:CURLF) stock is another name from the cannabis industry that’s poised to quadruple your money in quick time.

The company’s growth has been robust and with focus on research and development, Curaleaf is a value creator.

Even with decent financial performance, CURLF stock has trended lower by 46% in the last 12 months.

A major reason is broad industry sentiments. However, the stock seems deeply oversold.

Specific to the company, presence in 19 states in the U.S. is a major reason to like Curaleaf.

The company has been expanding presence in Europe with operations in eight countries. With expanding market presence and a wide product portfolio, revenue growth is likely to remain healthy.

Coming to the focus on R&D, Curaleaf launched 171 new products in 2022. Last year, 18% of revenue was generated from new products launched in the last 12 months. In addition to this revenue catalysts, the company’s EBITDA margin has been robust. Furthermore, I expect EBITDA margin expansion in the coming quarters on the back of operating leverage.

On the date of publication, Faisal Humayun 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.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.

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