This will be an excellent year for stocks. And with the economy improving Fed rate cuts will follow and take several stocks to new highs. Over the past years, we have seen it all — a pandemic, inflation, war and high interest rates. However, better days are ahead, and investors have a lot to look forward to. If you are looking for stocks that can generate strong returns this year, consider growth stocks with the potential to double in 2024. With that in mind, let’s take a look at the three stocks to double your money this year.

Stocks to Double Your Money: SoFi Technologies (SOFI)

One of the top fintech stocks of 2024, SoFi Technologies (NASDAQ:SOFI) just reported impressive quarterly results. The company’s best days have just started, and this is one stock that won’t disappoint you this year. It reported the first GAAP profit of $48 million and a 35% year-over-year (YoY) rise in net revenue. It beat expectations and reported a revenue of $615 million while adding 585,000 new members in the quarter.

Its total members are over 7.5 million, and management expects to add at least 2.3 million new members this year. That could mean nearly 10 million members at the end of this year, not a small number. Its lending products saw a 24% YoY jump, while financial products were up by 45% YoY.

SOFI stock is trading at $7.58 today and can certainly double this year. The company is in a strong position, and several customers have started to choose fintech companies over traditional banks after the banking collapse last year. It managed to achieve a 30% gross margin, and the adjusted EBITDA is up 159% YoY, reaching $181 million.

In the ongoing quarter, SoFi is expecting to report revenue in the range of $550 to $560 million. The resumption of student loan payments has led to a significant rise in the demand for personal loans, and SoFi is set to gain. While the stock is down 20% in the past six months, this discount is a chance to buy.

Its member additions are proof the company’s products are a big hit amongst customers. I believe the best is yet to come for SoFi. The sooner you buy the stock, the bigger your gains.

Shopify (SHOP)

Shopify (NYSE:SHOP) has had a roller coaster ride in the past few months. The stock already doubled in 2023 and is ready for an excellent 2024. It reported stellar financials in the third quarter and beat analyst expectations for the fifth straight quarter.

For Q3 2023, the company reported an impressive growth rate of 25%, which amounted to $1.71 billion, while net income reached $718 million. The most interesting number in the results was the free cash flow. In the quarter, it reported a free cash flow of $276 million, a huge improvement compared to the negative free cash flow of $148 million last year.

The company will report earnings on February 13, and I believe it will beat expectations yet again. The quarterly revenue could be driven by the holiday season and that might take SHOP stock higher. For 2024, the company is aiming for a 20% top-line growth. The future looks bright for Shopify, with a high potential for the stock to double this year as well.

It is trading for $81.40 and is up 6% year to date. If the company can maintain the same momentum, investors can expect huge gains. Despite inflation, Shopify has been standing strong and will only improve from here.

Wells Fargo (NYSE:WFC) analysts increased the price target of the stock to $90 with an Overweight rating. Fundamentally, the company is strong and has been reporting impressive numbers. Once macroeconomic conditions improve, it will show robust strength and beat expectations, again.

Palantir Technologies (PLTR)

Artificial intelligence (AI) giant Palantir Technologies (NYSE:PLTR) has been in the news throughout 2023. Trading at $16 today, this is one stock that can double your money this year. While working with some of the biggest government clients, Palantir has grown its commercial client base.

Its AI platform has made a significant contribution towards growth and has a massive market. It managed to report a blowout quarter yesterday. The company saw a 20% YoY rise in revenue, amounting to $608 million with a $93 million net income.

There is a significant rise in the demand for Palantir’s products, showing the company is here to stay. Palantir has been around for more than two decades, and this shows its strength in the market.

Besides being awarded a new contract from the Army, the company recently formed a partnership with Coles Group (OTCMKTS:CLEGF), one of Australia’s largest retailers. It has an edge in the AI space and could be a long-term winner. It also partnered with Option Care Health (NASDAQ:OPCH), where the company will deploy its AI platform for multiple services.

Because AI is going to be hot throughout 2024, Palantir is set to gain and could hit new highs this year. If you are looking for stocks to double your money, consider PLTR. The impressive results have already given the stock a 19% boost.

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.