3 Stocks With Good Odds of Doubling Your Money in 2023

These growth stocks were once heavy hitters but have now slumped. Yet with a growth market on the way, each could easily double.

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When it comes to stocks that could double your money this year, I’m not going to lie. First and foremost, you’re going to have to find cheap stocks, and I mean cheap in every sense of the word.

That means finding companies with fundamentals that predict a strong future of growth. However, if you want to double your money this year, it’s also going to mean investing in a very low share price.

With less room needed to double in share price and strong fundamentals, these are the three stocks that could certainly double in 2023.

WELL Health stock

It would be incredibly easy for WELL Health Technologies (TSX:WELL) stock to double in 2023. In fact, I’m not so sure why it hasn’t already. WELL Health stock climbed to all-time highs during the pandemic as a virtual healthcare provider. It expanded and exploded during that time.

Yet when tech stocks and pandemic stocks dropped, WELL Health stock got caught up in the fray. That’s despite continuing to post record-setting results. It’s now trading down 20% in the last three months. That being said, it’s still up by 38% in the last year.

As WELL Health stock continues to acquire company after company, producing a strategy that’s proven well worth the investment, it could easily double in 2023. It now trades at a valuable 1.74 times sales, and 15.87 enterprise value over earnings before interest and taxes (EV/EBIT). With all this in mind, it’s certainly one to consider adding to your watchlist in 2023.

Canopy Growth

The cannabis sector is one that we’ve avoided like the plague after it went up in smoke. Yet of all the cannabis stocks out there, it might be worth your consideration to look again at Canopy Growth (TSX:WEED).

Canopy Growth stock certainly doesn’t have the best track record, as it is still working on creating a profit. It was one of the companies that grew too fast, too soon and is now paying for it. Literally. This includes paying for acquisitions over the years that have put it in debt, though it’s managed to cut it back in recent years.

Shares are now an absurdly low $0.53 per share, making it a stock that again could easily double. This doesn’t come without risk, so be warned. However, if you’re looking for a company that’s currently working towards growth, then it should be added — especially as it continues to trade at a valuable 0.63 times sales and 0.51 times book value.

BlackBerry

Finally, an oldie but a goodie, BlackBerry (TSX:BB) could be another stock to double in share price this year. The company surged after being victim to meme traders; however, it’s since fallen to an incredibly low share price in the single digits. As of writing, it trades at just $6.15! Compare that to the $30 range it enjoyed in 2021.

However, BlackBerry stock still has a lot going for it. The company has become profitable once more over the last few years, with its QNX software being used in the ever-growing opportunity of autonomous vehicles. Moreover, its focus on cybersecurity and not smartphones has created a lucrative revenue stream.

BlackBerry stock now trades at just 3.51 times sales and 3.28 times book value. Shares are down 17% in the last year for investors to hop on now, and they can look forward to the potential for another doubling of the share price — especially if investors get excited by a growth market once more.

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.

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