3 Amazing Cheap Stocks That Can Double Your Money

If you want to double your money in the stock market, don’t just focus on future growth but also on stock price.

| More on:
analyze data

Image source: Getty Images

Are you looking for some high-growth stocks that can double your money in a few years? Then you have to invest in the next big growth spurt. Unless you have decoded time travel, it is impossible to say with accuracy which future technology will gain ground and become the next Facebook or Google. But you can make an educated guess by looking at the current market problems and their viable solutions. That is how Elon Musk became the richest man. He found a global problem and used his Tony Stark brain to solve it. 

Think big, invest cheap, and grow rich 

In his book titled Think and Grow Rich, Napoleon Hill said, “Opportunity often comes disguised in the form of misfortune, or temporary defeat.” Any new idea faces a lot of criticism, defeat, and loss. But a great idea remains great. Only those who understand its worth and implement it well grow rich. Here are three opportunistic stocks that are beaten down at the moment but have the potential to more than double your money. 

Ballard Power Systems

Ballard Power Systems is a popular name in the hydrogen fuel cell market, which is still in its infancy. It is a battery that heavy and passenger vehicles use as decarbonized fuel. 

The U.S., Europe, and China are accelerating their shifts to decarbonized energy. And now energy supplies are in jeopardy thanks to the Russia-Ukraine war. The supply chain of the most widely used fuel (oil and natural gas) is disrupted. Adoption of EVs needs the building of an entire infrastructure. Plus, the war has worsened the semiconductor supply shortage, further delaying EV adoption. The growing fear of energy security can open up the opportunity for fuel cell adoption once again. 

Ballard Power stock surged 151% between October 2021 and February 2022 as Joe Biden took the U.S. presidency. He signed a green energy bill that sent all EV and green energy stocks to new highs. But the green investing boom faded, and Ballard stock lost more than 70% of its value. But this did not stop the company from expanding. There is immense growth, but it is difficult to say when it will pick up. So buy and hold the stock patiently, and book profit when it is in the growth spurt. 

BitFarms stock

Another disruptive technology is cryptocurrency. The crypto world is in a constant tussle with regulators for it decentralizes the ledger. In 2020, crypto caught the attention of many billionaires like Elon Musk. Then the famous Ripple Labs lawsuit is creating the groundwork for crypto. All this attention shows that crypto is no longer a bubble. It is the next disruptive technology that will co-exist with paper currency. 

Bitfarms mines bitcoin and hosts mining capacity for individual miners. It derives most of its revenue from selling or trading Bitcoin. Hence, the stock derives its value from the BTC price. Bitfarm stock has halved after rising 1,370% during the 2020-21 crypto rally. The stock would be a likely beneficiary in the next crypto rally, but you need to be patient, for three to four years. This patience could be rewarded with an 800%-1,000% rally. 

Nuvei stock 

The third not so disruptive but high-growth stock is payment technology company Nuvei. The company provides several alternative payment methods, including cryptocurrencies and digital wallets. The stock lost 47% value between December 2021 and February 2022 after short-seller Spruce Point Capital released a negative report on Nuvei. The report highlighted that Nuvei executives have a history of unethical practices and fraud. 

However, Nuvei is past the sell-off and is now walking on the growth path. The stock surged 58% in March as it reported strong fourth-quarter revenue (82.8%) and profit (42.4%) growth. This is a good time to grab this growth stock at a heavy discount before it returns to its high. 

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 Puja Tayal has no position in any of the stocks mentioned. The Motley Fool owns and recommends Nuvei Corporation.

More on Tech Stocks

tech and analysis
Tech Stocks

3 Undervalued Tech Stocks to Buy Now

Canadian investors still have time to snag undervalued tech stocks like Nuvei Corporation (TSX:NVEI)(NASDAQ:NVEI) and others in the spring.

Read more »

consider the options
Tech Stocks

3 Beaten-Down Growth Stocks Trading at Massive Discounts to Wall Street Estimates

Growth stocks such as Roku and Cresco are trading at massive discounts compared to Wall Street price target estimates.

Read more »

Profit dial turned up to maximum
Tech Stocks

Constellation Software (TSX:CSU): Spending Spree Continues!

Constellation Software (TSX:CSU) spent over $200 million on investments in the first quarter.

Read more »

Financial technology concept.
Tech Stocks

Tech Meltdown: 2 Tech Stocks to Buy the Dip

Tech stocks are in a meltdown. But two tech stocks outperformed the Nasdaq and the tech ETF. It's time to…

Read more »

what to do when stock market falls
Tech Stocks

TFSA Investors: This 1 Tech Stock Could Help You Become a Millionaire

TFSA investors may consider buying this Canadian tech stock now, which could multiply their savings and help them become millionaires…

Read more »

Hand holding smart phone with online shop concept on screen
Tech Stocks

E-Commerce and Recession: Has Shopify Stock Hit the Bottom? 

Shopify (TSX:SHOP)(NYSE:SHOP) stock has dipped almost 80% over recession fears. Is this the bottom, or there is more downside? 

Read more »

data analytics, chart and graph icons with female hands typing on laptop in background
Tech Stocks

Docebo’s Earnings Were Surprisingly Decent

Docebo Inc (TSX:DCBO)(NASDAQ:DCBO) was a pandemic-era winner. Its recent earnings release was just so-so.

Read more »

Male IT Specialist Holds Laptop and Discusses Work with Female Server Technician. They're Standing in Data Center, Rack Server Cabinet with Cloud Server Icon and Visualization
Tech Stocks

These Tech Stocks Are Finally Trading at a Discount

Tech stocks like Constellation Software (TSX:CSU) are finally trading at a discount.

Read more »