Year 2022 was a year that saw the whole stock market crash. Not only the “Small Cap” stocks, but all the “Big Cap” stocks fell to an amazingly low price. But for the investors who believe that this market still has the potential to grow, we can easily sort out a few companies that will show huge profit growth in years to come.
Here is a list of 5 Stocks that can double in 2023:
1. Meta Platforms Inc (META)
The name META can be new for some people today, but this company has been doing business since 2004, named as Facebook, Inc. Meta is the parent company of Facebook, Instagram and Whatsapp. The amount of userbase of these 3 companies is huge and we can’t see the company losing its position from the market any time soon. Right now, the stock seems to be going down due to lower revenue compared to previous years. But we must consider that the company is going through a big transition into Metaverse. One of the main reasons for not having a good revenue for the company is due to this transition. A huge sum of money has been spent month after month for Metaverse. That can be the main reason why the revenue has seen a big drop since the expenses has climbed up by huge margin.
The stock price was at around $300 a year back. But since then, the price has dropped a lot. Currently, its sitting at around $136 at the time of writing this article. But the new year has seen the market gone up a bit from the recent lows and same has happened to this stock as well. The stock hit its recent low on November 2022 when the price dropped all the way to $88.09. But since then, the company has shown some great growth potential and has already climbed almost 55% since then. If the bull market is back, then this stock can easily be double from here and may even triple its value.
2. Amazon (AMZN)
Amazon is another big company that has seen a steep decline in recent times. The stock has fallen almost 54% from its peak of $188 to recent bottom of $81.43. With the beginning of the New Year, the stock has been climbing slowly and now is trading at around $96. That is a movement of around 20% within 15 days. Nothing has really changed fundamentally for the stock when it was going down and now. So, if the whole market picks up, the chance of growth in this stock is massive.
AMZN’s revenue is 2022 has been consistent. And there seems to be no bad news for the company in coming years. If you are planning to hold onto a stock for a long term, Amazon has to be the one. The growth of Amazon Web Services (AWS) has been increasing year by year and this has played a big role in company’s growth too. AWS is a highly profitable business model for Amazon and will bring a lot of revenue for decades.
3. Palantir Technologies Inc (PLTR)
Palantir is another company that has seen more lows than highs in recent years. The company was founded in 2003 but became public in October 2020. Palantir specializes in Big Data Analytics. This company works with the US Government in many vital projects and now recently has acquired a number of Private companies’ projects too. This has helped the company to come out of complete dependency on the Government projects and helped in increasing revenue.
But 2022 has been too harsh on this stock as it has been for all other companies. This stock dropped from the peak of $45 to $5.92. As the market seems to be going up in 2023, the stock has now reached to $6.92 in quick time which is a movement of around 16%. PLTR is a stock that is loved by the retail community, and it is a straight buy at this price point.
PLTR is growth potential company, and it has been able to grow steadily year by year. Yearly growth of nearly 40% is always seen since 2019. Since the company is trying to expand its customer base, the working expenses has been quite high which has shown a low profit in recent times. But if there is a healthy market in coming years, this stock can attract a lot of investors and the growth in the company and stock price can be seen easily. If anyone is planning for a long-term investment, they must consider this company as one of the potential stocks that can double or even triple its value in two to three year period.
4. Tesla Inc (TSLA)
Tesla is one of the most famous stocks in the entire stock market. The growth and valuation of the company has been insane in the recent years. But lately, Tesla has lost around 65% of its market share within a 12 month period. TSLA has lost around 75% of its value from the peak. TSLA stock price reached to $414 in November 2021 and dropped to its multi-year low of $101 on January 2023. Now it is on the way to gain the upward momentum as it seems the bottom has been found.
After Elon Musk sold some shares of Tesla to acquire Twitter, the TSLA stock received a painful drop and the stock price kept falling to new lows. TSLA investors are worried that Musk has not been giving enough time to Tesla and his mind is being occupied by Twitter currently. Once Musk gets his way out and comes back to manage Tesla in full potential, the company can make a ramp up in very quick time.
Since its bottom, TSLA has moved up around 20% already to $120. Tesla also cut some of its vehicle’s prices in US and Europe recently. This can help in the sale of more vehicles in coming years as the production has been ramped up by the construction of new factories in different parts of the world. If we are looking for a long-term investment opportunity, we should be considering TSLA stock and there is huge growth potential for the company in coming years.
5. Apple Inc (AAPL)
Apple is one of the biggest companies in stock market. The movement in AAPL stock affects the movement in entire stock market. The selling momentum in stock market has hit this stock too. From a high of $181.88, the stock has dropped to a recent low of $124. This is a drop of around 35%. Even though this seems like a big drop, the stock has held its value nicely. Compared to other stocks, AAPL has performed very well in this difficult investing condition.
As of today, AAPL has moved up around 9% from its bottom to $133. Though this company may not be able to grow exactly double in 2023, it can hold up its price and grow in a consistent manner in upcoming years. The demand for iPhones and Macs will always be high tomorrow than today. AAPL stock can be taken as on of the safest investment opportunity at the current price. This stock can be held for years and this will generate tremendous profit in future. At the current price point, this stock is a clear BUY.
Note: This article is based on our own research. Please don’t make your investing decision entirely on this article.
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