3 Stocks That Could Double Your Money in June 2021

With the summer season in full swing, which stocks could double your money in June?

| More on:
Money growing in soil , Business success concept.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

Although the Motley Fool believes in investing for the long run and avoiding speculative plays, there are seasonal buys that make more sense than others. By choosing the right industries to target at the right time of the year, there’s a decent chance of earning a higher return. In this article, I will discuss three stocks that could double your money in June.

Professional sports are back in full swing

Last summer, I wrote that Score Media and Gaming (TSXV:SCR)(NASDAQ:SCR) would be one of the big winners as professional sports leagues resumed operations after the COVID-19 pandemic caused them to shut down. Since then, Score Media stock gained as much as 600% before falling with the broader market this year. A big reason I figured Score Media would do so well is because of its newly released sportsbook feature, which hadn’t been widely used before sports leagues shut down that year.

Currently, major sports leagues are in exciting points of the season. The NHL and NBA are midway through the playoffs and the MLB and NFL are getting ready to take off. June could be the month to get into this company, as fans of these many sports flood onto Score Media’s mobile sportsbook. The stock is currently valued at $1.09 billion. A double would bring it to a valuation just north of $2 billion, which is still significantly less than its most expensive valuation over the past year.

A reliable Canadian giant

If you live in Canada, there’s a very good chance you’ve bought outdoor equipment at Canadian Tire (TSX:CTC-A) before. The company is well known for providing everything you need for playing outdoor sports, fishing, camping, barbequing, and so forth. As lockdown restrictions ease this month and the weather continues to get nicer, more and more families will start heading to Canadian Tire for all their outdoor needs.

Year to date, Canadian Tire stock has already performed very well, gaining more than 22%. In mid-May, the company saw its stock jump more than 10% in a single day, suggesting a lot of buying pressure for this stock. Canadian Tire stock is also an attractive dividend company, offering a yield of 2.3%. This dividend and the company’s recent strong performance should entice some investors to even keep holding the stock long after the summer is out.

Another company to take advantage of the outdoor leisure market

BRP (TSX:DOO)(NASDAQ:DOOO) is another stock that Canadians should consider as a top buy in June. The company manufactures jet skis, off-road vehicles, fishing boats, and much more. These are all industries that should see a large uptick in sales this quarter. In 2020, many families may have bought BRP products with their stimulus checks. While that claim is very speculative, it does align with the exceptional growth across BRP’s retail sales.

Year to date, BRP stock has gained as much as 43%. However, since the end of April, the stock has lost nearly 15% of its value. While some may see this as a negative, it provides investors an opportunity to enter at an attractive valuation. It also sets the company up for a very exciting summer.

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 Jed Lloren has no position in any of the stocks mentioned.

More on Investing

Arrow descending on a graph
Tech Stocks

2 Industries That Saw the Worst Decline Last Month

The TSX has been declining at a sharp angle since the beginning of June. And two industries (crypto and cannabis)…

Read more »

Businessperson's Hand Putting Coin In Piggybank
Dividend Stocks

RRSP Dividend Investors: 2 Top Oversold TSX Stocks to Buy for Total Returns

RRSP investors can pick up top TSX dividend stocks at cheap prices today and get a shot at some attractive…

Read more »

potted green plant grows up in arrow shape
Stocks for Beginners

1 Canadian Growth Stock That Could Double Your Money in an Economic Recovery

The market downturn is an opportunity to lock growth during the economic recovery. This stock is a blend of value,…

Read more »

Bank sign on traditional europe building facade

RRSP Investors: Here’s the Best Canadian Bank Stock for Your Buck

Bank of Montreal (TSX:BMO)(NYSE:BMO) stock is getting far too cheap to ignore after the latest spill in the big Canadian…

Read more »

analyze data
Dividend Stocks

2 Safe Dividend Stocks That Could Help You Fight Inflation

A dependable stream of passive income is one way to help offset rising inflation rates. Here are two top dividend…

Read more »

edit Person using calculator next to charts and graphs
Dividend Stocks

Stay Invested in a Recession: Increase Positions in 2 Value Stocks

The suggestion of market analysts is to increase positions in two value stocks if you want to stay invested amid…

Read more »

Diagonal chain made of zeros and ones. Cryptocurrency and mining.

Is This the End for Crypto?

Bitcoin (CRYPTO:ETH) is in the midst of its worst crash in years. Is this the end?

Read more »

Business success with growing, rising charts and businessman in background

4 Growth Stocks That Could Make You RICH by 2030

Canadians should take advantage of discounted growth stocks like goeasy Ltd. (TSX:GSY) and others in this summer bear market.

Read more »