2 Stocks That Can Double Your Money in 2023
Following one of the worst-performing years for the US stock market in history, investors are licking their wounds. If you happen to have any cash sitting on the sidelines, now is a chance to get some stocks that are deeply discounted. Growth stocks are popular because they have the chance for outsized growth in a shorter amount of time. While you might not yet be convinced that the bear market is over (it’s not officially),many analysts are optimistic that the markets can have a modest rebound this year.
With that being said, it’s time to start sniffing out some hidden gems that could provide us with some nice gains when the market does inevitably rebound. I’ll be outlining a couple of picks each week that I think have a great business and have a chance to bounce back this year. These don’t have to be big investments, but even a small one has the potential to double your money.
Fiverr International Ltd (NYSE: FVRR)
Many people started to do freelance work during the pandemic as a way to make a few extra bucks on the side. As offices reopened and people started heading back to work, the hype and popularity around Fiverr died down. The stock fell by about 75% in 2022 despite the number of buyers increasing on a year-over-year basis. The platform remains so popular that Fiverr was even able to raise its take rate on orders from 28.4% to 30% recently. This means higher revenues and margins for the company. One thing to note is that as the company takes a higher rate from orders, it might see some decline in the number of sellers. It is a fine line that the company must toe, and it should also be noted that Fiverr has been quiet about its number of sellers over time. Just one thing to be cautious about before you do invest in this stock! That fine line means that as of now, the profitability could have a lower ceiling than we would like. Still, fears of a recession continue to hang over the US and I believe people will continue to look to sites like Fiverr for extra cash flow.
Nio Inc ADR (NYSE: NIO)
With all of the negative headlines that Tesla (NASDAQ: TSLA) has been making, it’s easy to start looking at other companies within the industry. Electric vehicles are not going anywhere, but it might be time to look at the market with more optimism for some of Tesla’s competitors. This is particularly true in China which is the world’s largest automotive market. By 2035, it is expected that more than half of all vehicles sold in China will be electric. Nio has recently expanded into Europe and is eyeing 25 new markets by 2025. Its recent release of the ET5 sedan has many people calling it the Model 3 killer. With a range of more than double the current Model 3 range and a similar price, it might not be long until Chinese consumers head over to the popular domestic brand. At Nio’s current prices, there’s little risk to the downside as the company continues to expand its production, delivery, and market share.
Rate this article