7 Stocks That Could Triple Your Money by 2024
Stocks to triple your money isn’t an ideal approach for everyone, if I may be blunt. Before you engage in wild speculation, you want to have your financial bases covered. Once you’re on solid footing and you happen to have some pocket change burning a hole in your wallet, then (and only then) should you even consider stocks that could triple your money.
With that caveat out of the way, occasionally swinging for the fences could be an appropriate strategy. For example, high-growth stocks to buy offer significant leverage. Even if you only put down a small amount at risk, the upside potential on these market gambles could lead to substantial rewards.
Plus, going for the best long-term growth stocks may allow you to make up for lost time. Perhaps you suffered some losses on particular trades and wish you can “get one back.” If the stars align right for these compelling enterprises, you almost have a time capsule opportunity.
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And with that, below are the top stocks for 2024 for the gambling type to consider.
Block (SQ)
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A relevant multinational technology conglomerate, Block (NYSE:SQ) soared during the early years of the Covid-19 pandemic. However, since then, SQ has struggled for traction. Since the beginning of this year, shares tumbled almost 4%. In the trailing one-year period, they gave up 23%. Fundamentally, the idea here is that Block could once again regain its mojo.
Still, does this framework mean that SQ represents one of the stocks to triple your money? Fundamentally, many analysts see much of the doom-and-gloom clouds separating. Plus, if the consumer economy gets positive traction at some point, Block could suddenly find itself in the running again.
Currently, Wall Street analysts peg SQ as a consensus moderate buy. This assessment breaks down as 18 buys, four holds, and one sell. On average, the experts’ price target lands at $86.19, which implies 38% upside over the next 12 months. Still, the high side price target is $100, implying over 60% upside. Thus, it may be one of the high-growth stocks to buy.
SolarEdge Technologies (SEDG)
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A specialist in direct current-optimized investor systems, SolarEdge Technologies (NASDAQ:SEDG) benefited handsomely from the Covid-19-sparked housing boom. Basically, over a number of years, acquiring solar energy solutions will pay for itself. Plus, the broader political and ideological winds point to renewable energy initiatives. Unfortunately, SEDG isn’t quite the feel-good play that its narrative implies.
Since the start of the year, SolarEdge stock fell a worrying 37%. In the trailing 365 days, it’s down nearly 43%. Fundamentally, the issue centers on fading demand. Certain state residents enjoy cheaper electricity rates so pivoting to solar doesn’t quite make as much sense. And it’s not just SolarEdge; many other solar-related enterprises are hurting. Still, contrarians could make SEDG one of the stocks to triple your money.
Right now, analysts peg SEDG as a consensus strong buy. This assessment breaks down as 14 buys, two holds and zero sells. On average, the experts’ price target lands at $318.75, implying nearly 79% upside potential. Therefore, it could be one of the top stocks for 2024.
SPI Energy (SPI)
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You’ll notice that the prior two ideas to triple your money featured analysts’ price targets that, while impressive, were nowhere close to three-digit percentage returns. With SPI Energy (NASDAQ:SPI) and the other companies below, you’re going to get your fireworks. Here, SPI is a global renewable energy firm and a provider of solar storage and electric vehicle solutions.
Interestingly, since the start of the year, SPI gained 40%. To be clear, though, SPI is an aspirational idea for stocks with triple potential. At the moment, the company suffers a negative three-year revenue growth rate (per-share basis). And its profit margins also sit deep in red ink. Pouring salt on its wounds, its balance sheet suggests a distressed enterprise.
However, analysts appreciate the underlying narrative. Specifically, Maxim Group’s Tate Sullivan pegs SPI a buy with a $5 price target. This forecast implies a gargantuan return of nearly 297% over the next 12 months. That will definitely get you into tripling territory and then some.
Fluent (FLNT)
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Priced at 66 cents per share, Fluent (NASDAQ:FLNT) immediately requires a warning. You shouldn’t trade FLNT unless you’re ready for extreme volatility. Conspicuously, shares have already lost more than 43% of equity value since the Jan. opener. Also, with a market capitalization of $53 million, the company barely runs above the threshold of a nano-cap entity. Still, if you’re looking for stocks to triple your money by 2024, you must take risks.
And risks will be exactly what you’ll be absorbing. Aside from a distressed balance sheet that could face imminent bankruptcy, Fluent also suffers from deeply negative profit margins (aside from its 26% trailing-year gross margin). However, the company does print a three-year revenue growth rate of 7.7%. Yet it trades at a lowly 0.15x trailing sales.
Despite the enterprise’s obvious flaws, Fluent carries a very narrow moderate buy consensus view. This assessment breaks down as one buy, one hold. However, with an average price target of $3, FLNT holders would be looking at almost 356% upside potential. For extreme (read reckless) speculators, it could be one of the best long-term growth stocks.
Terran Orbital (LLAP)
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Among the most speculative ideas for stocks to triple your money, I could see myself throwing a few pennies at Terran Orbital (NYSE:LLAP). Trading hands at $1.28 at the time of writing, LLAP risks attracting the ire of the New York Stock Exchange. Since the beginning of this year, LLAP slipped over 15%. However, in the past 365 days, the security gave up an alarming 71% of its equity value.
Still, gamblers might regard LLAP as one of the high-growth stocks to buy. Of course, this enthusiasm centers on the company’s satellite-based solutions business. As a report by McKinsey & Company points out, the space economy may grow from its recent valuation of approximately $447 billion to $1 trillion by 2030. Given Terran’s market cap of less than $186 million, that’s a gargantuan total addressable market.
To little surprise, analysts have jumped on LLAP, pegging it consensus moderate buy. This assessment breaks down into four buys, zero holds, and one sell. Overall, the experts’ average price target stands at $5.96, implying almost 366% upside potential. Under this framework, it’s one of the stocks with triple potential.
Meta Materials (MMAT)
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Just an outrageously risky enterprise, Meta Materials (NASDAQ:MMAT) will force you to think twice. Since the beginning of this year, MMAT hemorrhaged nearly 76% of its equity value. Also, shares trade hands for around 27 cents, meaning volatility is all but guaranteed. Plus, its market cap of a bit over $126 million translates to an unpredictable ride. However, if you want stocks to triple your money by 2024, you must take these potshots.
According to its website, Meta is a platform technology company, with strong implications toward relevant sectors like aerospace, 5G communications, and EVs. However, a compelling narrative doesn’t always lead to a fiscally sound opportunity. Currently, Meta only sees middling strengths in the balance sheet. Also, its operating and net margins sit woefully deep in negative territory.
However, it cannot be denied that MMAT would be one of the top stocks for 2024 if analysts have their way. Specifically, Alliance Global Partners’ Jake Sekelsky has a buy rating with a $1.20 price target. This implies 352% upside potential if you’re the gambling type.
Immutep (IMMP)
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A biotechnology firm, Immutep (NASDAQ:IMMP) works primarily in the field of cancer immunotherapy. Fundamentally, Immutep benefits from a large addressable market. According to Grand View Research, the global cancer immunotherapy market reached a valuation of $115.01 billion last year. Further, experts project that the segment will expand at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030.
At the culmination of the above forecast period, the sector should ring up revenue of $224.3 billion. Given that malignancies continue to rise, Immutep may “enjoy” a cynical upside. Sure enough, despite its speculative profile, shares gained over 11% of equity value since the Jan. opener. In the trailing year, shares are down about 9%, which isn’t too bad all things considered.
That said, you don’t want to bet the farm on an enterprise with a troubled profitability profile. Still, IMMP enjoys a consensus moderate buy view. As well, the analysts’ average price target clocks in at $8.50, implying nearly 317% upside potential. Therefore, it could be one of the stocks to triple your money (or quadruple it in this case).
On the date of publication, Josh Enomoto 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.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.
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