12 Stocks That Will Double In 2023

Published on September 18, 2023 at 5:27 am by Fatima Farooq in Hedge Funds, News

In this article, we will be talking about 12 stocks that will double in 2023. To skip our detailed analysis of current market news in the US, you can go directly to see the 5 Stocks That Will Double In 2023.

The stock market has had an unpredictable yet exciting year so far in 2023. Numerous factors have been at play in manipulating the way stocks have been performing, which has led to an overall volatile market experience and corresponding anxieties among the investing community over what to expect next. This also means that while some stocks continued to perform as predicted, others actually fell short of expectations. Considering this, the hopes of some investors were dashed, while others have managed to make it through the first eight months of the year without many complaints.

Low Double-Digit Gains For The US Markets

According to a Bloomberg article published in December, many big investors actually predicted that stocks in the US markets will see low double-digit gains in 2023. A Bloomberg News survey’s results at the time had noted that 71% of respondents expected equities to rise, while a mere 19% forecasted declines in the market. For the 71% who foresaw gains in the market for 2023, the average response was a 10% return. The respondents for this survey comprised about 134 fund managers, including Goldman Sachs Asset Management and Amundi SA. Hence, the views expressed in the results seemed to be largely representative of many financial professionals and experts in the US market. The survey also highlighted that 56% of the respondents were looking to buy US tech stocks, while 60% of the respondents were going to pick up Chinese stocks.

After witnessing the growth of the market during the first half of the year, particularly in the US tech sector, it seems that those investors looking to buy into the tech market back in December did make the right call. However, with the massive gains seen by sectors like tech this year, we also saw other sectors, such as energy, really struggle to hold on. All in all, one can only conclude that in such volatile market and economic conditions, it’s not all that easy to make the right call on where to put your money, especially if you’re a new investor wading into the depths of the US stock market.

When Will We See A Market Rally?

Considering recent developments, a lot of investors are also beginning to wonder when the market will rally again. On September 15, Tom Lee, the Managing Partner and head of research at Fundstrat Global Advisors, joined CNBC’s ‘Squawk on the Street‘ to discuss just this. Here’s what he had to say on the matter:

“Once the central bank feels that they’ve reached a point where the data is sufficient for them, they’ve sort of reached there last hike, it’s going to take a lot of uncertainty out of the bond market. I think there’s a lot of folks here who think once the Fed says they’re done, they think the stock market actually continues to go down. But I think it’s the opposite reaction that’s going to take place.”

So according to Lee, the market can be expected to rally when the Fed finally announces an end to its rate hikes. While it’s uncertain when that day can be expected to come, this conjecture can offer investors some clarity on when to expect another market rally. Despite this, there is still a lot of uncertainty about the market today, and many investors are at a loss about which stocks can prove profitable for them in the long run. Considering this, we have compiled a list of stocks that were expected to double in 2023 by taking a look at other financial websites and their articles published last year or this January. Some of the names mentioned in those articles included NIO Inc. (NYSE:NIO), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META). Through our article, we aim to show how these stocks have actually been performing in 2023 so far and how accurate earlier predictions about them were. While some of these stocks didn’t actually perform as well as expected, others did manage to rise significantly and can thus be considered some of the best growth stocks for the next five years. All in all, many of the stocks mentioned below can also be considered some of the best stocks to invest in in 2023 for the short term.

Source: pexels

Our Methodology

We looked at a few articles published in December 2022 and early January 2023 to see which stocks other financial journalists thought would double in 2023. We shortlisted 12 stocks out of the names we found by using Insider Monkey’s hedge fund data for the second quarter and ranked them based on the number of hedge funds holding stakes in them, from the lowest to the highest number. We have attempted to show the performance of these stocks between the publication date of the article that named them as potential stocks that could double in 2023 and September 16. Our analysis shows that stocks with higher number of bullish hedge fund positions performed better than stocks with relatively lower number of bullish positions. So, it may make sense to check hedge fund sentiment of a stock after you read an article about it that claims that the stock might double over the coming year or so.

Stocks That Will Double In 2023

12. Walker & Dunlop, Inc. (NYSE:WD)

Number of Hedge Fund Holders: 10

Walker & Dunlop, Inc. (NYSE:WD) is a commercial and residential mortgage finance company based in Bethesda, Maryland. The company originates, sells, and services multifamily and other commercial real estate financing products and services.

On December 20, a Motley Fool article stated that Walker & Dunlop, Inc. (NYSE:WD) can be expected to double in 2023 because of its strong balance sheet and several other factors. Between December 20 and September 16, the stock has actually risen by 7.82%.

There were 10 hedge funds long Walker & Dunlop, Inc. (NYSE:WD) at the end of the second quarter. Their total stake value in the company was $98.5 million.

Like NIO Inc. (NYSE:NIO), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META), Walker & Dunlop, Inc. (NYSE:WD) is a stock that might double in 2023.

11. Polestar Automotive Holding (NASDAQ:PSNY)

Number of Hedge Fund Holders: 10

We saw 10 hedge funds holding stakes in Polestar Automotive Holding (NASDAQ:PSNY) at the end of the second quarter, with a total stake value of $12.4 million.

Polestar Automotive Holding (NASDAQ:PSNY) is an automobile manufacturing company that is based in Gothenburg, Sweden. The company manufactures and sells premium electric vehicles. It was founded in 2017.

On September 1, Andres Sheppard, an analyst at Cantor Fitzgerald, reiterated an Overweight rating on shares of Polestar Automotive Holding (NASDAQ:PSNY). The analyst also maintained a $6 price target on the stock.

While an Investor Place article named Polestar Automotive Holding (NASDAQ:PSNY) as a stock that will double in 2023, it has actually fallen by 49.55% between January 11 and September 15.

10. Riot Blockchain, Inc (NASDAQ:RIOT)

Number of Hedge Fund Holders: 18

On September 7, Cantor Fitzgerald analyst Josh Siegler reiterated an Overweight rating on shares of Riot Blockchain, Inc (NASDAQ:RIOT). The analyst also maintained a price target of $23 on the stock.

Riot Blockchain, Inc (NASDAQ:RIOT) is an information technology company that operates as a Bitcoin miner. It operates through its Bitcoin Mining, Data Center Hosting, and Engineering segments.

On January 11, an Investor Place article named Riot Blockchain, Inc (NASDAQ:RIOT) as one of the stocks that will double in 2023. The stock has risen by 90.96% between the date of the article’s publishing and September 16.

Riot Blockchain, Inc (NASDAQ:RIOT) was spotted in the 13F holdings of 18 hedge funds in the second quarter. Their total stake value in the company was $67.04 million.

Citadel Investment Group was the most prominent shareholder in Riot Blockchain, Inc (NASDAQ:RIOT) at the end of the second quarter, holding 3.2 million shares in the company.

9. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 19

NIO Inc. (NYSE:NIO) is another automobile manufacturing company on our list. It develops and manufactures smart electric vehicles for sale in China.

Our hedge fund data for the second quarter shows 19 hedge funds long NIO Inc. (NYSE:NIO), with a total stake value of $120.5 million.

A Buy rating was maintained on shares of NIO Inc. (NYSE:NIO) by Edison Yu, an analyst at Deutsche Bank. The analyst also placed a $16 price target on the stock.

NIO Inc. (NYSE:NIO) was also named by Investor Place as a potential stock that could double in 2023 on January 11. Between then and September 16, the stock has actually fallen by 7.21%.

8. Hims & Hers Health, Inc. (NYSE:HIMS)

Number of Hedge Fund Holders: 20

Jonathan Yong, an analyst at Credit Suisse, reiterated an Outperform rating on shares of Hims & Hers Health, Inc. (NYSE:HIMS) on August 8. The analyst also maintained a price target of $14 on the stock.

Hims & Hers Health, Inc. (NYSE:HIMS) was seen in the portfolios of 20 hedge funds at the end of the second quarter. Their total stake value in the company was $235.2 million.

Based in San Francisco, California, Hims & Hers Health, Inc. (NYSE:HIMS) is a healthcare services company. It operates a telehealth platform that connects consumers to licensed healthcare professionals.

On December 2, a Motley Fool article named Hims & Hers Health, Inc. (NYSE:HIMS) as one of the stocks that might double in 2023. The stock has actually only risen by 1.92% till September 16.

7. Coinbase Global, Inc. (NASDAQ:COIN)

Number of Hedge Fund Holders: 27

ARK Investment Management was the largest shareholder in Coinbase Global, Inc. (NASDAQ:COIN) at the end of the second quarter, holding 12.1 million shares in the company.

Coinbase Global, Inc. (NASDAQ:COIN) is a financial exchange and data company. It provides financial infrastructure and tech for the crypto-economy in the US and internationally.

In the second quarter, 27 hedge funds were long Coinbase Global, Inc. (NASDAQ:COIN), with a total stake value of $1.3 billion.

Motley Fool named Coinbase Global, Inc. (NASDAQ:COIN) as a stock that might double in 2023 on December 2. The stock has risen by 81.47% in the period ranging from December to September 16.

6. Roku, Inc. (NASDAQ:ROKU)

Number of Hedge Fund Holders: 29

Roku, Inc. (NASDAQ:ROKU) is a communication services company based in San Jose, California. It operates a TV streaming platform.

A total of 29 hedge funds held stakes in Roku, Inc. (NASDAQ:ROKU) in the second quarter. Their total stake value in the company was $1.5 billion.

Cory Carpenter at JPMorgan maintains an Overweight rating on shares of Roku, Inc. (NASDAQ:ROKU) as of September 7. The analyst also raised the firm’s price target on the stock from $95 to $100.

Roku, Inc. (NASDAQ:ROKU) was also one of Motley Fool’s predictions on December 2, holding that the stock would double in 2023. Between then and September 16, the stock has risen by 27.57%.

Holding 11.9 million shares in the company, ARK Investment Management was the largest shareholder in Roku, Inc. (NASDAQ:ROKU) at the end of the second quarter.

Like NIO Inc. (NYSE:NIO), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META), Roku, Inc. (NASDAQ:ROKU) is a highly popular stock among elite hedge funds today.

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