3 Stocks That Could Double in 2022


  • There are a number of stocks that could double from some great companies that have tumbled.
  • Bionano (BNGO) New evidence showing the great utility of ‘s DNA analysis tool continues to surface.
  • Many reviewers continue to be almost ecstatic about Rivian’s R1T  pickup truck, and Mizuho expects the automaker’s production to surge.
  • Plug Power will continue to benefit from the widespread proliferation of hydrogen.
stocks that could double - 3 Stocks That Could Double in 2022

Source: Freedom365day / Shutterstock.com

EVen though growth plays appear to be on the outs, there are several stocks that could double before the year is out. Many growth stocks have tumbled since November. As a result of the “tech wreck” that took place between November and April, investors decided to ignore these companies’ bright futures and sell.

That’s why there are a number of stocks that could double. The macro picture is improving and momentum favors several growth stocks.

The “sell first, ask questions later” attitude was driven largely by fears about the future of the American economy. These fears are largely unfounded, and many investors are starting to realize it.

A recession is not imminent. Inflation is peaking, making it easier for the Fed to avoid triggering a recession. The Fed is not interested in crippling the economy in order to reach its 2% inflation target.

The very low valuation of many growth stocks overly discounts macro disasters that are unlikely to occur and greatly underestimates the very positive outlooks and makes these among the most likely stocks that could double this year.

BNGO Bionano $1.70
RIVN Rivian $29.72
PLUG Plug Power $18.85

Bionano (BNGO)

Bionano Genomics (BNGO) company logo on a website with blurry stock market developments in the background
Source: Dennis Diatel / Shutterstock.com

New evidence showing the promise of the company’s Saphyr DNA analysis system continues to surface.

The company last month announced the results of a study of Saphyr’s ability to detect structural variants (SVs) in patients with AML, a common blood cancer among children.

According to the peer-reviewed study, which was conducted in Germany, Saphyr was able to identify significantly more SVs than conventional methods in 70% of the cases.

“These SVs are believed to be highly relevant to the understanding of {the development} of AML,” Bionano stated. The company added that Saphyr can be especially useful in the 30% of German children with AML who have no known indications of the disease.

Bionano also announced the results of a study of Saphyr’s ability to detect chromosome abnormalities that can cause  fertility, recurrent pregnancy loss or genetic defects.

The researchers were reportedly impressed by Saphyr’s speed and accuracy. The study took place in China, suggesting that Bionano could be on the verge of starting to penetrate that huge market.

Given the tremendous value of Saphyr, Bionano could soon announce partnership deals with high-profile companies. Such alliances are a primary reason this is one of the stocks that could double this year.

Rivian (RIVN)

Rivian (RIVN) is new electric vehicle shown at the New York International Auto Show 2019, at the Jacob Javits Center. This was Press Preview Day One of NYIAS
Source: Miro Vrlik Photography / Shutterstock.com

Many reviewers continue to be almost ecstatic about the company’s R1T  pickup truck.

Consumer Reports recently called the electric vehicle “ultra-quick, ultra-capable, and brimming with innovative features.”

Meanwhile, Mizuho Americas expects the company to increase production and reduce its costs in the second half of the year. Predicting that Rivian’s EBIT will reach the break-even point by 2024, Mizuho kept an $80 price target and a “buy” rating on the shares.

As I’ve noted in the past, the company’s huge number of orders from Amazon (NASDAQ:AMZN) and the large investment that George Soros made in it bode very well for the outlook of RIVN stock.

Plug Power (PLUG)

Plug Power logo on computer screen. PLUG stock.
Source: Postmodern Studio / Shutterstock

Major governments and large companies are continuing to take new steps that will encourage green hydrogen use.

Plug Power, which is becoming a leading producer of the fuel and produces the electrolyzers used to manufacture it, is extremely well-positioned to benefit from that trend.

For example, earlier this month, the EU reported that it plans to produce ten million tons of green hydrogen 2030, and import ten million more by the same date. As I noted in a past column,  Washington’s bipartisan infrastructure law appropriated $10 billion to support the rollout of hydrogen.

Meanwhile, TGS Green Hydrogen is spending $840 million to launch a “green hydrogen plant” in Vietnam, and multiple firms will invest as much as $10 billion on green hydrogen in Egypt.

For its part, Plug Power earlier this month said it would construct the world’s largest green hydrogen plant and develop a one-gigawatt electrolyzer for hydrogen company H2 Energy Europe.

What’s more, Plug intends to sell Walmart (NYSE:WMT) up to 20 tons of liquid green hydrogen per day to power forklifts.

On the date of publication, Larry Ramer was long PLUG stock, BNGO stock, and RIVN stock.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2022/06/3-stocks-that-could-double-in-2022/.

©2023 InvestorPlace Media, LLC