3 Stocks to Buy to Double Your Money: April 2024 Edition

Stocks to buy

The whole idea behind investing is to turn little money into more money. The process could take a few weeks, months or even years. But as investors, we have little patience and are always looking for ways to increase our returns. While it is possible, the trick is to look for investments that have the potential to grow in the coming months. Are you on the lookout for stocks to double your money? Since it cannot happen overnight, a few months could give you the results you seek.

There is economic uncertainty, and while the stock market has been on a rally, we do not know what the rest of the year holds for us. That is why it is important to tread carefully. If you are also looking for stocks to double your money, check out my three picks. These are solid companies with the potential to grow in the coming months, and they look undervalued to me. Load up on them before they become too hot to touch!

Stocks to Double Your Money: SoFi Technologies (SOFI)

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Fintech company SoFi Technologies (NASDAQ:SOFI) is set to have an excellent 2024. The company reported its first-ever GAAP profit in the fourth-quarter results and has seen a steady rise in user base. While the financial services sector is highly competitive, SoFi has spent years building a platform that offers a one-stop solution to users. It is slowly disrupting the banking sector and has an online business, which helps keep the operating costs at a minimum.

SoFi ended the year with 7.5 million members on the platform, up 44% year-over-year (YoY) and it aims to add at least 2.3 million more members this year. By offering a platform that allows you to invest, save, borrow and pay from one place, the company is targeting a younger demographic and has been successful in attracting and retaining them. It saw a 34% jump in revenue and is set to report its first-quarter earnings on April 29.

It aims to report an adjusted revenue of $550 to $560 million in the first quarter and a GAAP net income in the range of $10 to $20 million.

SOFI stock is trading at a dirt cheap price right now and has the potential to double your money. Trading at $7.56, the stock is down 22% year-to-date and has been trading sideways for over a month. I am confident of SoFi bouncing back and rallying higher in the coming months. The stock could be a long-term winner in the fintech space.

Palantir Technologies (PLTR)

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Palantir (NYSE:PLTR) enjoyed an impressive run in 2023. Up 168% in the year, the company is thriving, driven by its artificial intelligence prowess. Trading at $22 today, the stock has the potential to double your money in the coming months.

While investors should not expect an immediate upside from Palantir, it does have the potential to rally. The stock has slowly and steadily grown over the past few months and could hit a new 52-week high very soon.

The company has been investing in AI for a long time now, and the recent hype in the AI space has given a boost to its already-thriving business. The company’s revenue was up 17% YOY in 2023, and the EPS stood at $0.25.

Its earnings growth is impressive and is driven by the rise in the number of customers. Once known for heavily relying on government clients, Palantir now has a large number of commercial clients and closed 103 deals in the fourth quarter valued at over $1 million.

Its Artificial Intelligence Platform (AIP) is a huge hit in the market, and customers are signing bigger deals with the company. It also has a backlog for AIP boot camps, which helps convert the leads into clients. If the company manages to maintain the same growth rate, it will be able to report impressive numbers in the coming quarters. The company has successfully beaten earnings forecast in the previous quarters, and I believe it will do the same next month.

Because the AI market will keep expanding in the years to come, Palantir has a lot to look forward to. If you have the patience, PLTR stock can double your money.

Li Auto (LI)

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The electric vehicle (EV) industry has had a rough road. It ended the year with muted demand but has seen an improvement in the same over the past month. EV maker Li Auto (NASDAQ:LI) is one of the top EV makers to benefit from an improved demand. When demand was high, Li managed to impress investors with strong financials.

It reported a sales growth of 173% and earned $1.7 billion. It managed to sell 131,805 units in the fourth quarter but had a target of selling 100,000 to 103,000 EVs in the first quarter. However, due to a slowdown in demand, the management reduced the target to 76,000 to 78,000 EVs.

While it has managed to sell 80,400 cars in the quarter, it is still up 52.9% YOY but down on a quarterly basis. A revival in EV demand across China will enhance Li’s growth prospects. It launched Li Mega in March, and we will see its delivery numbers in the coming months. It is also launching the lower-priced Li L6 model this month. The SUV might help the company win the market again.

LI might be down today, but it is too soon to write it off. The company has already shown its potential in 2023, and I believe it will bounce back soon. Trading at $31 right now, the stock is down 12% year-to-date but up 30% in the year. Ultimately, if you are here for the long term and want to double your money, Li Auto looks like a solid bargain to me.

On the date of publication, Vandita Jadeja 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.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis.

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