5 Stocks That Will Double In 2023

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

5. SentinelOne, Inc. (NYSE:S)

Number of Hedge Fund Holders: 34

Taz Koujalgi at Wedbush reiterated an Outperform rating and a $22 price target on SentinelOne, Inc. (NYSE:S) on September 1.

SentinelOne, Inc. (NYSE:S) is a cybersecurity company. It is based in Mountain View, California.

In total, 34 hedge funds were long SentinelOne, Inc. (NYSE:S) in the second quarter, with a total stake value of $762.2 million.

4. Transocean Ltd (NYSE:RIG)

Number of Hedge Fund Holders: 38

Transocean Ltd (NYSE:RIG) is an oil and gas drilling company based in Steinhausen, Switzerland. The company provides offshore contract drilling services for oil and gas wells.

On January 11, Investor Place named Transocean Ltd (NYSE:RIG) as a stock that could double in 2023, and the stock did manage to rise by 54.17% between then and September 16.

Transocean Ltd (NYSE:RIG) had 38 hedge funds long its stock in the second quarter, with a total stake value of $962.3 million.

A Buy rating and a $12 price target were maintained on Transocean Ltd (NYSE:RIG) on September 15 by Kurt Hallead at Benchmark.

3. Coupang, Inc. (NYSE:CPNG)

Number of Hedge Fund Holders: 47

We saw 47 hedge funds long Coupang, Inc. (NYSE:CPNG) in the second quarter, with a total stake value of $3.8 billion.

Coupang, Inc. (NYSE:CPNG) is a broad-line retail company that owns and operates an e-commerce business in South Korea. It is based in Seattle, Washington.

Barclays’ Jiong Shao maintains an Overweight rating and a $24 price target on Coupang, Inc. (NYSE:CPNG) shares as of August 10.

On January 11, Investor Place mentioned Coupang, Inc. (NYSE:CPNG) as one of the stocks that might double in 2023. However, by September 16, the stock only rose by 6.38%.

2. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 225

Meta Platforms, Inc. (NASDAQ:META) is a big tech company that is primarily known for its social media applications, Facebook and Instagram.

In the second quarter, 225 hedge funds were long Meta Platforms, Inc. (NASDAQ:META). Their total stake value was $30.9 billion.

Motley Fool named Meta Platforms, Inc. (NASDAQ:META) as a stock that can double in 2023 on December 2, and the stock has risen by 149.34% between then and September 16.

An Outperform rating and a $350 price target were announced on Meta Platforms, Inc. (NASDAQ:META) on August 22 by Ygal Arounian at Wedbush.

Here’s what RiverPark Advisors said about Meta Platforms, Inc. (NASDAQ:META) in its second-quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META): META shares, continuing their rebound, were the top contributor for the second quarter. The company reported 1Q23 results, beating revenue expectations and lowering guidance for operating expenses and capital expenditures, while increasing revenue expectations.

META owns multiple social media platforms, each with more than one billion users, has an 80% gross margin, and generated $20 billion of FCF in 2022. Both its Facebook and its Instagram franchises have more than 2 billion Daily Active Users and generate the bulk of the company’s revenue. Recently, the company’s short form video offering, Reels, has gained mass user engagement and growing advertiser adoption, which we believe will return the company to strong revenue and free cash flow growth. After its advance, META shares trade at 19x Wall Street’s consensus estimates for 2024 EPS, estimates that we think could prove to be too low.”

1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 278

There were 278 hedge funds long Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter, with a total stake value of $34.9 billion.

Amazon.com, Inc. (NASDAQ:AMZN) is another big tech giant on our list. It operates an e-commerce and physical retail business under the Amazon name, among more.

Michael Pachter at Wedbush reiterated an Outperform rating and a $180 price target on Amazon.com, Inc. (NASDAQ:AMZN) on September 15.

Motley Fool named Amazon.com, Inc. (NASDAQ:AMZN) as a stock that will double in 2023 on December 20. Between then and September 16, the stock has risen by 65.32%.

Diamond Hill Capital said the following about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”

See also Stocks On the Rise: 12 Best Stocks To Buy and 10 Stocks That Will Skyrocket.