3 Stocks That Could Double in 2021

If you’re looking for stocks that could double in 2021, these three stocks are the perfect place for Canadian investors to start ahead of a full rebound.

| More on:
work from home

Image source: Getty Images

Investors remain hungry for growth stocks, and such stocks are certainly out there. Even on the TSX today you can find top Canadian stocks ready to outperform. The key is to find strong companies at low share prices in a momentum-based industry. So if you’re looking for stocks that will double in 2021, you should consider these three today.

Cracking crypto

The cryptocurrency sector has been surging in the last few months. Ever since billionaire Elon Musk backed the currency, shares have exploded. However, it’s still a risky place to put your cash. That’s why I like HIVE Blockchain Technologies (TSXV:HIVE).

HIVE stock is the best option for those wanting to take advantage of cryptocurrency with less risk. The company mines and sells cryptocurrency in temperature-controlled data centres. It continues to grow by acquiring and investing in businesses that support this growth. So as cryptocurrency does better, so too will HIVE stock.

But shares in the company are still very cheap at about $3.50 per share. That’s a drop from all-time highs of $7.25, which is obviously double the share price and then some. So if the company manages to just return to those levels, which it should, this stock could easily double in 2021.

Phone it in

Rather than visit the doctor, Canadians and the world became used to calling telehealth centres. That included places like CloudMD Software & Services (TSXV:DOC). The telehealth company has soared in share price as it continues to acquire new businesses. This is a less risky option compared to cryptocurrency.

Why? Well, it’s very unlikely that the post-pandemic the world will simply return to the way things were. Having telehealth companies like CloudMD means we can save time and, more importantly, money. Canadians can have their ailments treated quickly and efficiently, and so too can doctors. More patients will be helped across every type of medical field.

Yet again, shares are cheap in this relatively new stock. While CloudMD shares are up 158% this year alone, they trade at only $2 per share! So even a small stake could easily make this one of the stocks that will double in 2021.

Energize the market

The energy sector is finally heating up, which could explode this summer. Prime Minister Justin Trudeau is aiming for a “one-shot summer,” where at least 75% of Canadians have the first dose of the COVID-19 vaccine. That means less restrictions and more travel.

More travel means more gas, which is excellent news for Cenovus Energy (TSX:CVE)(NYSE:CVE). The company merged with Husky Energy ahead of the pandemic, announcing there would be nearly $1 billion saved in synergies in the first year alone. As the company demonstrates this, its share price should soar along with the increase in oil and gas prices.

Shares of Cenovus stock have already climbed 85% in the past year! Yet it remains quite the bargain at just $9.50 per share. That’s especially considering it traded at triple that about a decade ago. So again, this is one of the stocks that will double in 2021 if it manages to check all its boxes.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned.

More on Investing

Simple life style relaxation with Asian working business woman healthy lifestyle take it easy resting in comfort hotel or home living room having free time with peace of mind and self health balance

2 No-Brainer Stocks to Buy With $5,000

These two stocks could be excellent buys amid this uncertain outlook.

Read more »

Stocks for Beginners

5 Canadian Stocks to Hold in Your TFSA For Decades

The TFSA is the perfect place to compound wealth over decades. Don't pay any tax on these top five growth…

Read more »

edit Woman calculating figures next to a laptop
Dividend Stocks

Should You Invest in BCE Stock for its Dividend?

BCE stock is not yet out of the woods. But this article could change your perspective about the stock and…

Read more »

sale discount best price
Dividend Stocks

Bargain Hunting for Dividends: 3 High-Yield Stocks Haven’t Been This Cheap in Years

Enbridge (TSX:ENB) stock's key enterprise value multiple reached a new multi-year low recently. BCE remains a high-yield dividend play while…

Read more »

An airplane on a runway
Stocks for Beginners

Where Will Air Canada Stock Be in 3 Years?

Here’s why I wouldn’t be surprised if Air Canada (TSX:AC) stock more than doubles in value in the next few…

Read more »

Lady holding mobile phone and shopping bags
Tech Stocks

The Ultimate Growth Stock to Buy With $1,000 Right Now 

Here's why Shopify (TSX:SHOP) could be the ultimate growth stock long-term investors want to consider at this current point in…

Read more »

Various Canadian dollars in gray pants pocket
Dividend Stocks

Cash in Your Pocket: 3 TSX Dividend Stocks That Pay Out Monthly

Bolster your monthly income with these three dividends stocks that act like regular paycheques.

Read more »

clock time
Stocks for Beginners

Is It Too Late to Buy Dollarama Stock?

Dollarama stock (TSX:DOL) is up a whopping 48% in the last year, but growth is slowing for this great low-cost…

Read more »