Hot Picks: 7 Stocks Wall Street Expects to Double in 2024
2024 is shaping up to be a strong year for Wall Street. The economy continues to improve and it may very well be that we entirely avoid a recession. The Federal Reserve is projecting multiple rate cuts which is the most prominent factor serving as evidence for bullishness. Thus, the search for stocks that could double is a worthwhile endeavor.
There is never a shortage of stocks available to investors that are predicted to double in price. Investors can easily find any number of penny stocks and multiple predictions of prices that are anticipated to double. However, the stocks listed in this article are not penny stocks. Instead, this list includes many well-established stocks that Wall Street predicts can double in 2024.
Fiverr International (FVRR)
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Fiverr International (NYSE:FVRR) operates one of the leading platforms serving a rapidly growing gig economy. Employers and employees continue to move away from traditional workplace norms which has opened an opportunity for Freelancers and other gig economy workers. The result is that Fiverr International is experiencing reasonable growth and is expected to double this year.
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Fiverr International’s platform covers 10 verticals and more than 600 categories connecting freelancers to projects on every corner of the globe. Fiverr International is a fundamentally strong firm which is a prime reason to consider investing in its stock.
The company’s top-line growth eclipsed 12% during the third quarter. That clearly doesn’t place the company in the realm of hypergrowth stocks but what the company has going in its favor is profitability. During the third quarter the company reported positive net income. The company also reported positive net income two quarters prior. It’s clear that FIverr International is on the precipice of sustained profitability which bodes well for the company and is a positive reflection on the continued growth of the gig economy overall.
Match Group (MTCH)
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Match Group (NASDAQ:MTCH) is the leading online dating apps stock and one that is widely expected to double in 2024. Consensus forecasts anticipate that the company will increase in value by more than 35% over the course of the next 12 to 18 months. However, more bullish forecasts anticipate that MTCH shares will more than double over that time period.
The company oversees a portfolio of dating apps and companies including Match, Tinder, OkCupid and Hinge among others. The company is undergoing a period of transition that could Propel its shares higher. Match Group has installed a new CEO in Faye Iosotaluno. Iosotaluno intends to leverage AI and other technologies in an effort to turn around the company which has been without a full-time CEO since 2022.
The company is also linked to recent investment from Elliott Management to the tune of $1 billion. It’s likely that increased fees could result from the investment which in turn promises to improve the company’s flagging results.
Celsius Holdings (CELH)
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Celsius Holdings (NASDAQ:CELH) has rapidly evolved into one of the most interesting beverage stocks. While there is a slim likelihood that its shares double in 2024 that does remain a distinct possibility. However, investors should simply consider Celsius Holdings due to the fundamental strength of the brand and its recent growth.
The company sells so-called functional drinks which are generally very low calorie and include substantial vitamin and mineral content. Those beverages have garnered a large audience which is evidenced by the fact that the company reported $385 million of product sales in the third quarter. That was an all-time high for the company and represented a 104% increase overall.
Of the company’s $385 million in Q3 revenues, $371 million were attributable to the North American market. That fact alone should provide some insight into its future potential. There is a large untapped international market for its beverages.
Furthermore, Celsius Holdings has reached profitability in 2023 after reporting substantial losses throughout 2022.
Albemarle (ALB)
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Albemarle (NYSE:ALB) stock has all the potential in the world to double in 2024. In fact, ALB shares are forecast to more than triple based on the high analyst target price given on Wall Street.
Demand for lithium however has been weak for months. As a result, the share prices of major lithium producers including Albemarle continue to be very low. It’s here that a contrarian mindset could pay huge dividends. Speaking of dividends, Albemarle is a reasonable choice in that regard. The company is a well-known dividend aristocrat and provides a dividend currently yielding 1.3%.
Some pundits expect that lithium prices could rebound this year. Meanwhile, Albemarle is restructuring and intends to reduce capital expenditures in the near term. The news slightly negatively affected the price but the greater truth is that Albemarle is the largest lithium producer globally. It is a near certainty that it will rebound in price beginning sometime this year and into 2025. The only reason to realistically bet against that is under the premise that the electric vehicle industry fails entirely.
Li Auto (LI)
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Li Auto (NASDAQ:LI) Is one of the strongest challengers to Tesla’s (NASDAQ:TSLA) dominance within the EV sector. Simply put, Li Auto is something of an outlier in that it is operating very well amidst a greater downturn. Electric vehicle manufacturers are currently facing delays and value dilution. While the sector is at a seminal juncture, Li Auto continues to thrive.
Revenues increased by 271% during the most recent quarter and the company is profitable. That truth differentiates it from domestic rivals and also makes it an interesting competitor to tesla.
In fact, the company has outsold Tesla in its home market of China during recent periods. That’s particularly positive given the strong reception of electric vehicles in China. The country is home to the largest EV market globally and one that is also marked by strong growth rates overall. China also continues to offer a favorable subsidy environment for electric vehicles that benefits the company and its continued growth.
Nvidia (NVDA)
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While it may seem strange to assert that Nvidia (NASDAQ:NVDA) stock has the potential to double in 2024 following its historic year in 2023, that is indeed the case. Analysts on Wall Street believe that the AI leader’s shares could rise to $1,100 in 2024.
One reason to believe that that may be the case lies in recent announcements from Taiwan Semiconductor Manufacturing (NYSE:TSM). The company, which operates the largest foundry globally, announced that it expects revenues to increase by 20% in 2024. The company produces more than half of chips globally and is a major partner of Nvidia. The news suggests that demand for Nvidia’s chips could be very strong this year.
Meanwhile, Nvidia will release its updated h200 chip in 2024. That chip will improve upon its h100 chip which is extremely popular. It all points to the notion that Nvidia’s historic run in 2023 may have only been in the beginning.
Bloom Energy (BE)
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Bloom Energy (NYSE:BE) is an attractive choice in the growing hydrogen economy. The stock represents a company that manufactures and sells onsite power generation platforms that can run on hydrogen.
It’s also a stock that has the potential to more than double based on Wall Street’s expectations. The company and its stock are certainly worth looking at on the basis of pure fundamentals. Revenues increased by more than 37% during the most recent period, rising above $400 million.
Meanwhile, Bloom Energy cut its operating losses in half, falling from $103.7 million to $51.1 million during the same period.
The hydrogen economy will come into sharper focus in the coming years. When burned, hydrogen produces no carbon dioxide. Further, the production of hydrogen produces relatively less greenhouse gas.
Importantly, Bloom Energy is becoming relatively established in relation to its stock price. Its ability to produce massive revenues have propelled its shares out of penny stock territory and into a much more stable position.
On the date of publication, Alex Sirois 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.
Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.
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