While your friendly financial advisor will probably never recommend these terribly risky enterprises, sometimes, you’re just in the mood for stocks with 100% upside potential. And with these ideas, you’re going to get that and more, assuming the stars align correctly. Of course, that’s a major assumption. All of the best stocks to double your money here may do so within a 12-month period. It’s just that you should also prepare for the real possibility of significant losses. Basically, in exchange for tremendous upside, you give up business predictability. Again, I must emphasize it’s a dangerous way to generate returns. However, if you’re looking for promising stocks for 2023 that can make you rich, just read on.
Headquartered in San Jose, California, Synaptics (NASDAQ:SYNA) develops human interface hardware and software, including touchpads for computer laptops. Also, it provides fingerprint biometrics technology for smartphones and touch, video, and far-field voice technology for smart home devices and automobiles. Though seemingly relevant, SYNA dropped nearly 20% since the beginning of this year. Still, it could be one of the stocks with 100% upside potential.
On paper, Synaptics appears significantly undervalued. Currently, the market prices SYNA at a forward multiple of 6.27. As a discount to projected earnings, Synaptics ranks better than 91.73% of companies in the semiconductors industry. Also, SYNA trades at 7.1 times free cash flow. In contrast, the sector median stat is much loftier 22.87 times. Synaptics is also profitable. Its trailing-year net margin is 13.41%, ranked better than 63.6% of sector players.
Finally, Wall Street analysts peg SYNA as a consensus strong buy. Their average price target stands at $113.89, implying 53% upside potential. However, the most optimistic target is $195, implying over 162% upside.
Denison Mines (DNN)
A Canadian uranium exploration, development, and production company, Denison Mines (NYSEAMERICAN:DNN) may be one of the best stocks to double your money. It comes down to scientific realities. While partisan politics point toward renewable energy infrastructure as the be-all, end-all, they’re not reliable. On the other hand, nuclear facilities are churning out power pretty much all the time.
Since the start of the year, DNN slipped more than 7%. And in the trailing one-year period, shares fell almost 16%. However, this could be a discounted entry point for intrepid contrarians. Again, nuclear power will almost surely be included in the broader infrastructure discussion, particularly because of the present geopolitical framework. To be fair, DNN presents significant risks due to its negative revenue growth and an operating margin sitting well below zero.
However, Denison does benefit from strong stability in the balance sheet. About five months ago, Canaccord Genuity’s Katie Lachapelle pegged DNN as a buy. Also, the expert forecasted a price target of $2.21, implying upside potential of 115%.
A quantum computing hardware and software company, IonQ (NYSE:IONQ) naturally arouses interest as one of the promising stocks for 2023. According to technology research and advisory group Omdia, the quantum computing sector will see revenue jumps from $942 million in 2022 to $22 billion in 2032. This represents a compound annual growth rate (CAGR) of 57.7% over the ten-year period.
That does not guarantee that IONQ will rank among the stocks with 100% upside potential. However, the underlying enterprise is at least giving itself a chance. Financially, the company’s best strength is its balance sheet. With a blisteringly high cash-to-debt ratio of 87.85 (above 90.9% of the competition), it can take some knocks. Still, investors should note that IonQ’s profit margins sit deeply in negative territory. Also, it’s overvalued when stacked against trailing-year sales.
Nevertheless, Wall Street analysts peg IONQ as a buy with a $9 price target implying almost 62% growth. However, the most optimistic target calls for $12, which implies growth of over 115%. Thus, it qualifies for stocks with 100% upside potential.
Aeva Technologies (AEVA)
At the time of writing, shares of Aeva Technologies (NYSE:AEVA) trade at a few cents over a buck. So, stating that this tech firm is speculative is an understatement. Still, it could be one of the stocks with 100% upside potential. Focused on developing lidar technology, Aeva just might crack the code that will facilitate fully autonomous driving. If so, AEVA won’t be priced at a buck, that’s for certain.
However, the lidar market has so far only provided sector hopefuls a quick trip to the graveyard. Financially, Aeva carries an aspirational profile. In particular, its profit margins sit well below zero, thus presenting credibility challenges.
At the same time, if you’re looking for high-return potential stocks, Aeva also features a three-year revenue growth rate of 39.5%. Also, priced at 0.68 times tangible book value, shares could be undervalued. Notably, analysts peg AEVA as a consensus moderate buy. Their average price target lands at $2, implying slightly over 96% upside potential.
Innoviz Technologies (INVZ)
Hailing from Israel, Innoviz Technologies (NASDAQ:INVZ) also specializes in lidar technology, potentially sparking breakthroughs in autonomous driving. Just from the compelling nature of the business, INVZ could be one of the stocks with 100% upside potential. On the other hand, Innoviz presents a wildly speculative profile. Since the January opener, INVZ gave up more than 43% of its equity value.
Simply put, you don’t want to take this “opportunity” lightly. Nevertheless, if you’re seeking top stocks to buy now that offer get-rich-quick possibilities, INVZ could be an interesting ticket. Right off the bat, you should be aware that it may take many years for Innoviz to achieve profitability. It’s just not there yet.
On the positive side of the equation, Innoviz carries a strong cash-to-debt ratio of 5.25. Also, its equity-to-asset ratio pings at 0.75, above the sector median of 0.47. Also, its three-year revenue growth rate impresses at 55.4%. To close out, analysts peg INVZ as a consensus moderate buy. Their average price target comes in at $5.50, implying over 152% upside potential.
Based in San Francisco, California, Nkarta (NASDAQ:NKTX) dedicates itself to realizing the potential of natural killer (NK) cells for the treatment of cancer. Its proprietary tech harnesses the power of these pathogen-fighting immune cells to search for and destroy tumor cells. One of the most compelling stocks with 100% upside potential, NKTX nevertheless requires significant patience.
Since the beginning of this year, shares plunged almost 22%. In the past 365 days, they fell more than 71%, a staggering loss. During the last 60 months, Nkarta nuked over 90% of its market value. Without question, you must be prepared for extreme volatility.
Financially, circumstances don’t much improve. The only positive is that Nkarta enjoys an equity-to-asset ratio of 0.79%, which ranks better than 62.41% of its peers. Otherwise, you’re looking at an enterprise that suffers massive red ink in three-year sales growth. Not surprisingly, it also consistently posts net losses year after year. Still, if you’re looking for the best stocks to double your money (or in this case, sextuple your money), NKTX is your ticket. Analysts anticipate shares hitting $30, which implies 534.25% upside or 6.34 times higher.
Kinnate Biopharma (KNTE)
Calling sunny California home, Kinnate Biopharma (NASDAQ:KNTE) aims to inspire hope for those battling cancer, per its website. Featuring a pipeline of targeted therapeutics, the oncology specialist strives for breakthroughs with its molecular designs. Though operating on the cutting edge of science, Kinnate has so far not impressed investors. Therefore, KNTE qualifies as one of the stocks with 100% upside potential but only for speculators.
Since the start of the year, KNTE gave up 56% of its equity value. In the past 365 days, the security plunged almost 70%. As with Nkarta above, we’re talking about severe losses that shouldn’t be glossed over. Unfortunately, circumstances continue to look poor on the financials. For instance, its three-year FCF growth rate sits at 66.4% below zero. Also, its EBITDA growth rate during the same period is 73.1% below breakeven.
That said, a distinct positive stems from the balance sheet. Specifically, Kinnate’s cash-to-debt ratio stands at 48.18%, above 70.4% of sector players. A clear candidate for promising stocks for 2023 for gamblers, analysts anticipate shares hitting $21.33. That’s a monstrous upside target of 711%.
On the date of publication, Josh Enomoto did not have (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.