Money makes money grow. As investors, we are always on the lookout for different ways to grow our money at minimal risk. The stock market is a good place to start and the trick is to pick stocks that have a solid growth potential. With thousands of stocks to choose from, it is difficult to pick a few. However, if you have the patience and are willing to hold the stocks for a few years, I’ve identified three stocks that can double your money by the end of this decade.
These stocks are trading below $100 and look very promising. As industry leaders, these companies have products that set them apart from their competitors and despite inflation concerns, they have been able to report stellar second-quarter results. Let’s take a look at the three stocks to double your money.
Palantir Technologies (PLTR)
I can’t remember the number of times I have written about Palantir Technologies (NYSE:PLTR) in 2024. The company is one of the best in the artificial intelligence (AI) segment and has seen tremendous growth over the past two years. Palantir has been using AI for many years and has an artificial intelligence platform (AIP) that attracts commercial clients to the business.
It now sees higher commercial client growth and has ended the second quarter with 295 customers. Furthermore, Palantir saw an 83% year-over-year jump in commercial clients and a 55% YOY jump in commercial revenue.
Its quarterly revenue came in at $678 million, up 27% YOY wherein the government revenue was $371 million and commercial revenue was $307 million. For the third quarter, the management is aiming for revenue between $697 million to $701 million.
Palantir has partnered with Microsoft (NASDAQ:MSFT) to sell AI products to the intelligence and defense agencies in the U.S. When I last wrote about Palantir doubling your money, it was trading for $25. Up 83% year-to-date and 93% in the past 12 months, Palantir is exchanging hands for $30.
Palantir is a steady mover and will slowly move higher in the coming months. It has already proved its strength and built a solid position in the market. With the growing demand for AI services, a massive market to cater to, and a product that stands out, Palantir has everything going right.
SoFi Technologies (SOFI)
Despite reporting impressive results for the first and the second quarter, SoFi Technologies (NASDAQ:SOFI) remains a beaten-down stock. This is an opportunity for investors to buy the dip.
The management has taken a conservative route towards growth and is moving from unsecured loans to secured loans which may show slow growth in the near term but could be beneficial in the long-term.
These days, SoFi Technologies offers a one-stop solution for everything finance and continues to see high member growth. It ended the second quarter with 8.8 million members, a 41% YOY jump. SoFi’s revenue came in at a record $599 million, up 22% YOY and the net income was $17 million, an impressive shift from the loss in the prior period.
Its financial services segment revenue soared 80% and generated $176.1 million. This was also the company’s third consecutive quarter of profitability and I think this momentum is set to continue.
When SoFi reported its first quarterly profit, the market was unsure whether it would be able to sustain it, however, it will soon report one full year of profitability. As such, I think the company has managed to reach a place where investors can stop worrying about the profitability or the member growth. It is aiming for a revenue of $625 to $645 million for the third quarter.
Trading at $6, SOFI stock is an ideal bet for the long-term investor to double their money.
Uber Technologies (UBER)
Up 21% YTD and 58% in the past 12 months, Uber Technologies (NYSE:UBER) stock is trading for $71 and is inching closer to the 52-week high of $82. It has gone from $65 to $71 in a week. The company saw the stock jump after reporting stellar second-quarter results. It beat expectations and managed to report a 16% YOY jump in revenue to $10.7 billion while the earnings per share stood at 47 cents.
Its gross bookings saw a 23% YOY jump and the ride-sharing segment soared 25%. Uber’s mobility segment generated the highest revenue which also led to an improvement in the monthly active platform users to 156 million at the end of the quarter.
Uber has entered into a partnership with BYD (OTCMKTS:BYDDF) to introduce 100,000 electric cars into the market across Europe and Latin America.
Moreover, the company has managed to see higher revenue growth driven by the ad segment and it is looking into new ad formats to make them appealing to users. With all the data it collects from its users, Uber has the potential to become a successful ad platform. The CFO mentioned that its advertising platform will exceed a run rate of $1 billion.
The stock can double your money by 2030.
On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.