15 Stocks That Will Double In 2023

In this article, we will discuss 15 stocks that will double in 2023.

We are almost through the nerve-racking year that 2022 was for equities. Inflation reached record highs, interest rates followed suit, and somewhere in the middle, equities got hammered hard. As of November 7, the S&P 500 has lost 20% year to date, the Dow has tumbled 10% since the beginning of 2022, and the Nasdaq is down 33% for the year. It is becoming difficult by the day for investors to make sense of the markets and find stocks that may help them sustain returns, let alone grow them.

Mid-Term Elections Are Good News for Stocks

What’s interesting is, we may be at a turning point. The mid-term elections are spiking interest in the equities markets since historically, mid-term elections have been followed by sustained rallies in stocks. Morgan Stanley’s chief U.S. equity strategist, Mike Wilson, appeared in an interview on Bloomberg where he discussed his market forecast for year-end and why he thinks that there may be “a window of hope” for equities. Mike Wilson noted that the Fed is giving mixed signals since it issued a dovish statement but “the press conference was a bit more hawkish”, and as we approach year-end, “the rate of change on the pace of hikes is coming down”. Mike Wilson sees the Fed issuing a 50 basis point hike in December, and a 25 basis point hike in January, and then he sees the Fed taking a pause. Here are some comments from Mike Wilson:

“The Fed is likely to achieve its goal, it already has in terms of slowing the economy, ultimately I think they will be successful in getting inflation down. Because it is not really about the Fed so much, than it is so much about the excessive fiscal spending, and of course what that did to demand, and that is already fading because of demand destruction from prices and of course as people ran out of money…

We think there could be this little window of hope, particularly at the year-end, when there is pressure to perform and people have to chase stocks at the year-end potentially. The midterms historically are a positive catalyst (for stocks) for at least the month of November…”

Morgan Stanley’s Mike Wilson noted that “we are getting close to the end of the bear market” and what investors should do is “try to figure out what outperforms in the last leg down” because that will determine “what is going to outperform in the next leg up”. We have compiled a list of potential stocks that may double in 2023. Some of the top stocks that will outperform and potentially double in 2023 include Marvell Technology Inc (NASDAQ:MRVL), Cloudflare, Inc. (NYSE:NET), and Atlassian Corporation Plc (NASDAQ:TEAM). These stocks, among others, are discussed in detail in the article below.

Source:unsplash

Our Methodology

To determine the stocks that will double in 2023, we looked at stock picks that have the potential to double, compiled by leading financial websites including The Motley Fool, Nasdaq, and Investor Place. After going through various articles posted on these websites, we prioritized stocks that had attractive growth catalysts and promising prospects. Please keep in mind that these are highly volatile and speculative stocks. Insider Monkey usually doesn’t recommend positions in speculative stocks and our official recommendations can be found in our monthly newsletter. The 15 stocks that will double in 2023 are ranked according to their popularity among elite hedge funds, from least to most:

15 Stocks That Will Double In 2023

15. Blink Charging Co. (NASDAQ:BLNK)

Number of Hedge Fund Holders: 7

Blink Charging Co. (NASDAQ:BLNK) is a leading global provider of electric vehicle (EV) charging equipment, technology, and services. Blink Charging Co. (NASDAQ:BLNK) has a strong market position with a large installed base of EV charging stations and a growing network of EV charging locations. The company is well-positioned to benefit from the continued growth of the EV market. The stock is one of the stocks that have the potential to double by 2023.

On November 7, B. Riley analyst Christopher Souther updated his price target on Blink Charging Co. (NASDAQ:BLNK) to $14 from $15 and reiterated a Neutral rating on the shares.

At the end of Q2 2022, 7 hedge funds were bullish on Blink Charging Co. (NASDAQ:BLNK) and disclosed stakes worth $4.77 million in the company. Of those, D E Shaw was the top shareholder in the company and disclosed a position of $2.05 million.

Like Marvell Technology Inc (NASDAQ:MRVL), Cloudflare, Inc. (NYSE:NET), and Atlassian Corporation Plc (NASDAQ:TEAM), Blink Charging Co. (NASDAQ:BLNK) has remarkable upside potential and can double by 2023.

14. Lithium Americas Corp. (NYSE:LAC)

Number of Hedge Fund Holders: 9

Lithium Americas Corp. (NYSE:LAC) is a Canadian mining company with a primary focus on the development and commercialization of lithium deposits. The company has two world-class lithium deposits, the Cauchari-Olaroz in Argentina and the Thacker Pass in Nevada. The global demand for lithium is expected to increase significantly over the next decade as the world transitions to a low-carbon economy. Lithium is a key ingredient in electric vehicle batteries and is also used in a variety of other applications such as energy storage, consumer electronics, and Industrial applications. Lithium Americas Corp. (NYSE:LAC) is ideally positioned to benefit from the expected growth in demand for lithium and is ranked among the stocks that will double by 2023. The stock has returned 30% to investors over the past six months, as of November 8.

On October 28, Canaccord analyst Katie Lachapelle revised her price target on Lithium Americas Corp. (NYSE:LAC) to C$50 from C$50.50 and maintained a Speculative Buy rating on the shares. This November, B. Riley analyst Matthew Key updated his price target on Lithium Americas Corp. (NYSE:LAC) to $39 from $41 and reiterated a Buy rating on the shares.

At the close of Q2 2022, 9 hedge funds were eager on Lithium Americas Corp. (NYSE:LAC) and held stakes worth $110.8 million in the company. Of those, Himension Capital was the top shareholder in the company and held a position worth $66.9 million.

13. The Lovesac Company (NASDAQ:LOVE)

Number of Hedge Fund Holders: 13

The Lovesac Company (NASDAQ:LOVE) is a unique furniture company that offers a variety of stylish and comfortable furniture products. The company’s furniture is made from high-quality durable materials. The Lovesac Company (NASDAQ:LOVE) has a strong brand image and is well-positioned to continue growing its business. The stock is currently trading cheaply relative to earnings, at a PE multiple of 8x as of November 8, and is presenting an attractive buying opportunity for investors.

On September 9, Canaccord analyst Maria Ripps revised his price target on The Lovesac Company (NASDAQ:LOVE) to $60 from $70 and maintained a Buy rating on the shares. As of November 8, The Lovesac Company (NASDAQ:LOVE) has risen by 27.6% over the past six months. The stock is ranked among the stocks that will double by 2023.

At the end of Q2 2022, 13 hedge funds were long The Lovesac Company (NASDAQ:LOVE) and disclosed stakes of $45.4 million in the company. Of those, Marshall Wace LLP was the top investor in the company and disclosed a position worth $14 million.

12. Riot Blockchain, Inc (NASDAQ:RIOT)

Number of Hedge Fund Holders: 13

Riot Blockchain, Inc (NASDAQ:RIOT) is a leading Bitcoin mining and blockchain technology company. Riot Blockchain, Inc (NASDAQ:RIOT) has a significant investment in Bitcoin mining hardware and has a strategic partnership with Bitmain, one of the largest Bitcoin mining hardware manufacturers in the world. Riot Blockchain, Inc (NASDAQ:RIOT) is well-positioned to benefit from the growth of the Bitcoin and blockchain industries and is ranked among the stocks that will double by 2023. As of November 9, the company has a market capitalization of $872.3 million.

On November 8, B. Riley analyst Lucas Pipes updated his price target on Riot Blockchain, Inc (NASDAQ:RIOT) to $11 from $13 and maintained a Buy rating on the shares.

At the close of Q2 2022, Riot Blockchain, Inc (NASDAQ:RIOT) was a part of 13 investors’ portfolios that held collective stakes of $13.6 million in the company. As of June 30, Schonfeld Strategic Advisors is the top shareholder in Riot Blockchain, Inc (NASDAQ:RIOT) and has a position worth $2.77 million in the company.

11. AppHarvest, Inc. (NASDAQ:APPH)

Number of Hedge Fund Holders: 16

AppHarvest, Inc. (NASDAQ:APPH) is a vertically integrated indoor farming company that enables year-round production of fresh, flavorful, and healthy food. The company’s technology and infrastructure can be used to grow a variety of crops, including tomatoes, cucumbers, peppers, and leafy greens. The stock is ranked among the stocks that will double by 2023.

AppHarvest, Inc. (NASDAQ:APPH) is a next-generation agriculture technology and services company that is redefining how fresh food is grown and distributed. The company is addressing the global food crisis by using its innovative, large-scale controlled environment agriculture (CEA) systems to grow produce faster and more efficiently than traditional farming methods.

At the end of Q2 2022, AppHarvest, Inc. (NASDAQ:APPH) was spotted on 16 investors’ portfolios that held collective stakes of $36 million in the company. Of those, Inclusive Capital was the top shareholder in the company and held a position worth $20 million in the company.

10. Solid Power, Inc. (NASDAQ:SLDP)

Number of Hedge Fund Holders: 17

Solid Power, Inc. (NASDAQ:SLDP) is a leading manufacturer of all-solid-state battery cells and solid electrolyte materials that are used in battery-electric vehicles. With the global market for electric vehicles expected to grow rapidly in the coming years, Solid Power, Inc. (NASDAQ:SLDP) is well-positioned to capture a significant share of the market. The company’s products are competitively priced and offer superior performance to existing battery technologies. Solid Power, Inc. (NASDAQ:SLDP) is ranked among the stocks that will double in 2023, and as of November 8, the company is worth $920 million on the open market and the stock is trading at a PE multiple of 3x.

On October 31, Cowen analyst Gabe Daoud took coverage of Solid Power, Inc. (NASDAQ:SLDP) with a Market Perform rating and without a price target.

At the end of Q2 2022, 17 hedge funds were long Solid Power, Inc. (NASDAQ:SLDP) and disclosed collective stakes of $14 million in the company. Of those, Yaupon Capital was the top investor in the company and disclosed stakes of $3.72 million.

9. EXACT Sciences Corporation (NASDAQ:EXAS)

Number of Hedge Fund Holders: 28

Exact Sciences Corporation (NASDAQ:EXAS) is a leading global provider of cancer screening and diagnostic test products. On November 3, EXACT Sciences Corporation (NASDAQ:EXAS) announced earnings for the fiscal third quarter of 2022 in which it outperformed EPS estimates by $0.31. The company generated a revenue of $523 million, up 14.6% year over year, and beat expectations by $19.95 million. Exact Sciences Corporation (NASDAQ:EXAS) is ranked high among the stocks that will double by 2023.

This November, BTIG analyst Mark Massaro revised his price target on EXACT Sciences Corporation (NASDAQ:EXAS) to $65 from $70 and reiterated a Buy rating on the shares. On November 7, Raymond James analyst Andrew Cooper updated his price target on EXACT Sciences Corporation (NASDAQ:EXAS) to $60 from $70 and maintained an Outperform rating on the shares.

At the close of Q2 2022, 28 hedge funds held stakes in Exact Sciences Corporation (NASDAQ:EXAS) worth $1.09 billion. As of September 30, ARK Investment Management is the largest shareholder in the company and has a position worth $570.5 million.

8. Transocean Ltd (NYSE:RIG)

Number of Hedge Fund Holders: 28

Transocean Ltd (NYSE:RIG) is one of the world’s leading and largest offshore drilling contractors. The company has a strong market position and a well-diversified customer base that includes major oil and gas companies. Transocean Ltd (NYSE:RIG) is well-positioned to benefit from the continued growth in demand for offshore drilling services and is ranked among the top stocks that will double in 2023.

On November 2, Transocean Ltd (NYSE:RIG) posted earnings for the fiscal third quarter of 2023 in which it outperformed EPS expectations by $0.12. The company generated a revenue of $691 million in the quarter, up 10.38% year over year, and beat estimates by $25.91 million. As of November 8, the stock has returned 34.78% to investors year to date.

On October 17, Susquehanna analyst Charles Minervino updated his price target on Transocean Ltd (NYSE:RIG) to $3.30 from $4.20 and maintained a Neutral rating on the shares.

At the end of Q2 2022, Transocean Ltd (NYSE:RIG) was spotted on 28 investors’ portfolios that held positions worth $385.4 million in the company. As of June 30, D E Shaw is the largest investor in Transocean Ltd (NYSE:RIG) and has a position worth $81.7 million in the company.

7. Ginkgo Bioworks Holdings Inc (NYSE:DNA)

Number of Hedge Fund Holders: 29

Ginkgo Bioworks Holdings Inc (NYSE:DNA) is a leading player in the synthetic biology space with a strong focus on engineering microbes for various industrial applications. The company has a strong IP portfolio, a robust technology platform, and a strong team of scientists and engineers. Ginkgo Bioworks Holdings Inc (NYSE:DNA) is well-positioned to capitalize on the growing demand for synthetic biology solutions across a range of industries including food and beverage, pharmaceuticals, cosmetics, and agriculture and is ranked among the stocks that will double in 2023.

On October 4, Morgan Stanley analyst Tejas Savant took coverage of Ginkgo Bioworks Holdings Inc (NYSE:DNA) with an Equal Weight rating and a $5 price target.

At the end of Q2 2022, 29 hedge funds were bullish on Ginkgo Bioworks Holdings Inc (NYSE:DNA) and held stakes worth $575.7 million in the company.

6. Zscaler, Inc. (NASDAQ:ZS)

Number of Hedge Fund Holders: 40

Zscaler, Inc. (NASDAQ:ZS) is a cloud-based security company that offers a suite of security products, including a next-generation firewall, web security, and sandboxing. The company has a strong customer base, including many Fortune 500 companies, and is growing rapidly. Zscaler, Inc. (NASDAQ:ZS) is well-positioned to benefit from the growing trend of companies moving to the cloud. The company is also expanding its product offerings, which should drive further growth. Zscaler, Inc. (NASDAQ:ZS) is ranked high among the stocks that will double in 2023.

On October 19, Baird analyst Shrenik Kothari took coverage of Zscaler, Inc. (NASDAQ:ZS) with an Outperform rating and a $220 price target. This November, Macquarie analyst Frederick Havemeyer took coverage of Zscaler, Inc. (NASDAQ:ZS) with a Neutral rating and a $155 price target.

At the end of Q2 2022, 40 hedge funds held stakes in Zscaler, Inc. (NASDAQ:ZS) worth $1.02 billion. Of those, D E Shaw was the top investor in the company and held stakes worth $208.7 million.

Smart money investors are piling into Zscaler, Inc. (NASDAQ:ZS), Marvell Technology Inc (NASDAQ:MRVL), Cloudflare, Inc. (NYSE:NET), and Atlassian Corporation Plc (NASDAQ:TEAM).

5. Cloudflare, Inc. (NYSE:NET)

Number of Hedge Fund Holders: 41

Cloudflare, Inc. (NYSE:NET) is a leading provider of cloud services and applications for businesses worldwide. On November 3, the company posted earnings for the fiscal third quarter of 2022. The company reported an EPS of $0.06 and outperformed expectations by $0.06. The company generated a revenue of $253.86 million, up 47.29% year over year, and beat estimates by $4.06 million. Cloudflare, Inc. (NYSE:NET) has a diversified business model with exposure to various high-growth areas including content delivery network (CDN), edge computing, and security. The company has a strong competitive position in the CDN market with its robust global network and innovative technology and is well-positioned to benefit from the growing trend of edge computing as its platform is well-suited for this new paradigm. Cloudflare, Inc. (NYSE:NET) is ranked high among the stocks that will double by 2023.

This November, Baird analyst Shrenik Kothari updated his price target on Cloudflare, Inc. (NYSE:NET) to $67 from $80 and maintained an Outperform rating on the shares.

At the end of Q2 2022, 41 hedge funds held stakes in Cloudflare, Inc. (NYSE:NET). The total value of these stakes amounted to $541 million. As of June 30, Two Sigma Advisors is the largest shareholder in Cloudflare, Inc. (NYSE:NET) and has disclosed a position worth $103.7 million in the company.

Here is what Baron Funds had to say about Cloudflare, Inc. (NYSE:NET) in its third-quarter 2022 investor letter:

“We continued to build our position in Cloudflare, Inc. (NYSE:NET) during the quarter as the shares declined with the overall software space and the long-term risk/ reward balance became more compelling. The company reported a strong second quarter, with revenue growth accelerating to 54%, as well as better gross and operating margins. Third quarter guidance was also ahead of Wall Street expectations. Given Cloudflare’s proprietary network and massive global scale, its software products have a disruptive price-performance advantage over competitors. As the company introduces new products as well as disruptive packaging/pricing, its unit level economics should continue to improve over time, with the company already well ahead of its long-term gross margin target of 74%, reporting 78.9% for the second quarter. This drives strong cross/upselling activity with customers, reflected in strong net-dollar expansion rates in excess of 125%. Indeed, in the most recent quarters, customers purchasing five or more products reached 81% of the base, six or more products reached 70% of the base, and seven or more products reached 58% of the base. Enterprise penetration continues to be a key long-term driver, with 1,749 customers now spending over $100,000 annually with the company, growing 61% and now accounting for over 60% of total revenue. With approximately 152,000 paying customers at the end of last quarter, large enterprise customers still represent just 1% of total paid customers and thus a material growth opportunity in the coming years. We continue to have high confidence in the company’s ability to innovate at a rapid pace (announced 20 new products or enhancements in September alone), package and bundle with disruptive pricing, and take material share in its large and growing addressable markets.”

4. Bill.com Holdings, Inc. (NYSE:BILL)

Number of Hedge Fund Holders: 46

Bill.com Holdings, Inc. (NYSE:BILL) is a leading provider of digital payments and accounting software for small and medium-sized businesses. The company has a strong market position and is growing rapidly. The company is well-positioned to continue its growth in the small and medium-sized business market and is ranked among the stocks that will double by 2023.

On November 3, Bill.com Holdings, Inc. (NYSE:BILL) posted earnings for the fiscal third quarter of 2022. The company reported earnings per share of $0.14 and outperformed estimates by $0.08. The company’s revenue grew by 97.5% year over year and amounted to $229.9 million, ahead of consensus by $19 million. On November 7, Morgan Stanley analyst Keith Weiss revised his price target on Bill.com Holdings, Inc. (NYSE:BILL) to $200 from $220 and maintained an Overweight rating on the shares.

At the end of Q2 2022, 46 hedge funds were bullish on Bill.com Holdings, Inc. (NYSE:BILL) and disclosed stakes of $1.02 billion in the company. Of those, Abdiel Capital Advisors was the top investor in the company and held a position worth $218.5 million.

3. Marvell Technology Inc (NASDAQ:MRVL)

Number of Hedge Fund Holders: 63

Marvell Technology Inc. (NASDAQ:MRVL) is a leading provider of semiconductors for use in a variety of end markets including enterprise, cloud, automotive, industrial, and consumer. The company has a strong product portfolio and a history of innovation. Marvell Technology Inc. (NASDAQ:MRVL) has a strong position in the enterprise and cloud markets and is also seeing increasing adoption of its products in the automotive and industrial markets. The company’s products are well-positioned to benefit from the continued growth of data centers and cloud computing, the expansion of 5G networks, and the increasing demand for connected devices. Investors in Marvell can expect to benefit from the company’s strong market position, diversified product portfolio, and history of innovation. The stock is ranked high among the stocks that will double by 2023.

This October, Citi analyst Atif Malik updated his price target on Marvell Technology Inc. (NASDAQ:MRVL) to $71 from $74 and maintained a Buy rating on the shares. On October 11, Needham analyst N. Quinn Bolton revised his price target on Marvell Technology Inc. (NASDAQ:MRVL) to $64 from $66 and reiterated a Buy rating on the shares.

At the close of Q2 2022, 63 hedge funds were long Marvell Technology Inc. (NASDAQ:MRVL) and held stakes worth $1.59 billion in the company. As of September 30, Fisher Asset Management is the largest investor in Marvell Technology Inc (NASDAQ:MRVL) and has a position worth $495.9 million in the company.

Here is what Carillon Tower Advisers had to say about Marvell Technology, Inc. (NASDAQ:MRVL) in its second-quarter 2022 investor letter:

“Marvell Technology, Inc. (NASDAQ:MRVL) provides infrastructure semiconductor solutions. Investors have recently become concerned about the semiconductor cycle and how demand for Marvell’s products will fare in a slowing economic environment. We remain confident that the company’s portfolio of products is extremely important in parts of the datacenter server market, which remains healthy and possesses long-term secular trends. The company also has secured strong contract wins in upcoming global 5G wireless infrastructure build-outs, which are generally insulated from macroeconomic pressures. With supply chain issues easing, we believe Marvell remains in a strong position to post continued robust growth.”

2. Atlassian Corporation Plc (NASDAQ:TEAM)

Number of Hedge Fund Holders: 66

Atlassian Corporation Plc (NASDAQ:TEAM) is a leading global provider of collaboration software for teams, with a suite of products that help teams work together more effectively. The company has a strong product portfolio with a number of market-leading products, including JIRA, Confluence, and Bitbucket. The market for collaboration and development tools is growing strongly, driven by the continued growth of the software development industry and the shift to Agile and DevOps methodologies and Atlassian Corporation Plc (NASDAQ:TEAM) is well-positioned to capitalize on these secular trends. The stock is ranked among the stocks that will double in 2023.

On November 3, Atlassian Corporation Plc (NASDAQ:TEAM) announced earnings for the fiscal first quarter of 2023. The company reported an EPS of $0.36 and generated a revenue of $807.39 million, up 31.49% year over year, and ahead of estimates by $0.97 million. The company has free cash flows of $826.7 million.

At the close of Q2 2022, Atlassian Corporation Plc (NASDAQ:TEAM) was spotted on 66 investors’ portfolios that held stakes of $3.49 billion in the company. Of those, Durable Capital Partners was the most prominent shareholder in the company and disclosed a position worth $485.6 million.

Here is what Artisan Partners had to say about Atlassian Corporation Plc (NASDAQ:TEAM)  in its second-quarter 2022 investor letter:

“Atlassian Corporation Plc (NASDAQ:TEAM) is a leading provider of innovative, customizable team-collaboration software tools for over 200,000 customers. Despite positive fundamental momentum—the company recently reported 30% revenue growth and 28% trailing twelve months FCF margins—shares traded lower during Q2 as investors rotated out of high-growth stocks with elevated multiples. The company’s highly efficient sales and marketing capability, combined with substantial R&D investment, points to sustained long-term revenue and FCF growth. Meanwhile, we recognize a recession would likely have an impact on Atlassian via slowing growth metrics. However, we believe its low priced, mission critical cloud tools would prove relatively resilient in this scenario. For these reasons and shares trading at a very attractive valuation for a business with highly recurring revenues, strong revenue growth prospects and attractive margins, we added to our position.”

1. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 72

Block, Inc. (NYSE:SQ) is a global leader in providing financial technology solutions. The company’s products and services enable businesses and consumers to make and receive payments, store and spend money, and access credit. The company’s products and services are used by some of the world’s largest businesses. Block, Inc. (NYSE:SQ) has a strong competitive advantage in the payments industry. The company’s Square platform is among the most popular point-of-sale systems for small businesses in the United States. Block, Inc. (NYSE:SQ) also has a competitive advantage in the financial services industry as its Cash App is one of the most popular mobile payment apps in the United States. Block, Inc. (NYSE:SQ) is a well-capitalized company with a strong balance sheet. The company has free cash flows of $563 million to fund its growth initiatives and is ranked high among the stocks that will double in 2023.

On November 7, Macquarie analyst Paul Golding upgraded Block, Inc. (NYSE:SQ) to Outperform from Neutral and reiterated his $100 price target on the shares.

At the end of Q2 2022, Block, Inc. (NYSE:SQ) was spotted on 72 investors’ portfolios that disclosed stakes of $3.52 billion in the company. As of September 30, ARK Investment Management is the top investor in Block, Inc. (NYSE:SQ) and has a position worth $505.4 million in the company.

You can also take a look at 14 Largest Lithium Producers in the World and 10 Best Auto Stocks To Buy.

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Disclosure: None. 15 Stocks That Will Double In 2023 is originally published on Insider Monkey.