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3 Tech Stocks That Could Double Again in 2021

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Last year was a huge one for tech stocks. Multiple companies doubled within a few months; some even tripled or more in size. Yet in 2021, there has been a significant pullback.

However, this provides investors with an opportunity. You can now get in at this pullback and could still see some of these tech stocks double within the next year. Three that have this kind of potential are Well Health Technologies (TSX:WELL)BlackBerry (TSX:BB)(NYSE:BB), and Photon Control (TSX:PHO).

Forget crypto: Go virtual

Rather than go for the “scheme” of cryptocurrency, investors should dig into companies that are definitely going to be around post-pandemic and beyond. One is the virtual healthcare industry. Companies like Well Health stock boomed last year with the rise in virtual healthcare use but have seen a pullback with the pandemic coming to a close.

Tech stocks across the board fell, but in the case of Well Health stock, it was totally undeserved. While a correction was necessary, shares are still up 195% in the last year. Yet it’s still a crazy cheap stock trading at $8.25 as of writing. The company is setting up for massive growth, sinking its teeth into an acquisition strategy that’s working for it so well.

During the latest earnings report, the company reached a record 150% increase in revenue year over year and a 345% increase in software as a service revenue! This didn’t include its recent acquisitions in the United States, and the company is now the largest outpatient medical clinic in the country. The company continues to spend heavily to take over the virtual healthcare space in Canada and beyond. But tech stocks like Well Health stock will be profitable eventually. Thus, it is not unthinkable that the stock could double this year yet again.

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Buy early in this industry

Photon Control (TSX:PHO) is another one of the stocks that has doubled this year, gaining 103% in the last 52 weeks alone. The optical sensor provider has seen an incredible boost in just the last few months. That comes from the announcement that Photon stock will be acquired by MKS Instruments for $387 million. That’s buying shares at a share price of $3.60. When the news hit, shares traded at just $2.87 and have since jumped to just shy of that mark at $3.55.

This news comes on the back up yet another strong quarter for the business. Adjusted EBITDA rose 28% year over year, and its gross margin by 58%. Management believes the deal will help shareholders in tech stocks involved with semiconductors see even more returns in the years to come. Yet this is a bit of a waiting game. While you’re likely to see this stock double yet again when the deal goes through, I’d say that waiting for the next few decades will see your shares rise even higher.

Ignore the pump and dump

It’s really hard to figure out what to do with BlackBerry stock right now. Tech stocks in the cybersecurity and electric vehicle industries have been valued far too highly and have had a pullback because of it. But long-term investors could do well investing in BlackBerry stock. The question is when.

Right now might not be the best time. Shares of the company are being pumped to then be dumped after Reddit basically told people to buy. Shares of the company are up 158% right now, which is still below the first short squeeze back in January. In the last month, shares rose a whopping 85%! And that’s too volatile for my tastes.

The stock will see a pullback, and when that happens, it could be a good time to buy BlackBerry. It has solid financials and making strong partnerships to see revenue come pouring in during the next few decades. Its cloud-based software for vehicles is what the electric vehicle revolution and smart driving needs. So, all I’d advise is to be careful. Create a buying point and stick with it. Don’t let meme trading be why you buy.

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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 owns shares of Well Health Technologies Corp. The Motley Fool recommends BlackBerry.

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