There is no doubt that long term investing is the secret to making millions from the markets. Spotting a good opportunity and holding with patience has delivered massive returns for legendary investors like Warren Buffett. Having said that, an active investor should not miss potential trading opportunities that can deliver quick returns. The focus of this column is on speculative stocks to buy for 100% returns in Q2 2024.

Besides looking at charts, there are two ways to identify stocks for a quick rally. First, markets are irrational and stocks tend to overreact on the downside on negative news. Any such correction is an opportunity to buy for a “V-Shaped” rally.

Further, there are businesses that have impending company or industry specific catalysts. Before these catalysts translate into numbers, it’s a good time to buy. This column focuses on speculative stocks to buy with impending catalysts.

Let’s talk about three ideas that are poised to skyrocket.

IAMGOLD (IAG)

IAMGOLD (NYSE:IAG) stock has surged by almost 80% in the last six months. Given the multiple tailwinds, I would not be surprised if IAG stock doubles from current levels in Q2 2024.

The first big catalyst is the fact that gold trades near $2,300 an ounce. With higher realized price, IAMGOLD is positioned for healthy revenue and cash flow growth. Further, considering the factors of geopolitical tensions and impending rate cuts, I would not be surprised if gold surges above $2,500 an ounce. This is likely to make IAG stock go ballistic.

There is a catalyst even from a company specific perspective. Recently, the Company announced that it has completed the first gold pour at the Côté Gold Mine. The asset will add an incremental production of 220,000 to 290,000 ounces of gold this year. The production bump-up coupled with higher realized gold price implies stellar upcoming financials. I therefore expect the rally from undervalued levels to sustain.

Bitfarms (BITF)

Bitcoin (BTC-USD) halving is due in April and it’s expected that the digital asset is likely to surge to $115,000 after the halving event. Expansionary monetary policies in the second half of the year is another catalyst for Bitcoin trending higher.

I would therefore consider exposure to Bitcoin miners for quick returns. Bitfarms (NASDAQ:BITF) stock has declined by 25% for year-to-date even as Bitcoin trends higher. The correction has been on the back of equity dilution with the Company raising $375 million from an at-the-market equity offering.

However, the funds will be utilized for significant expansion and with stellar growth, I expect a big reversal rally. To put things into perspective, Bitfarms reported hash rate capacity of 6.5EH/s as of 2023. The Company is targeting to increase capacity to 21EH/s by the end of this year.

As a low-cost Bitcoin miner, Bitfarms is well positioned to report healthy revenue and significant EBITDA margin expansion. As free cash flows swell, BITF stock is likely to skyrocket.

Tilray Brands (TLRY)

Tilray Brands (NASDAQ:TLRY) is another name among speculative stocks to buy for a big rally in Q2 2024. With Presidential elections due later this year, cannabis stocks are likely to witness price action. TLRY stock seems well positioned for a big rally from undervalued levels considering positive business momentum.

In January, the U.S. Food and Drug Administration recommended to the Drug Enforcement Administration that cannabis should be reclassified as a Schedule III substance. If this happens in the next few months, I expect TLRY stock to go ballistic.

Specific to the Company, Q2 2024 results were positive on multiple fronts. Tilray reported record revenue of $194 million, which was higher by 34% on a year-on-year basis. Further, international cannabis revenue growth was 55%. This was backed by the Company making inroads in the medicinal cannabis segment. If strong quarterly numbers sustain, TLRY stock is likely to get re-rated. It also makes it one of those speculative stocks to buy for 100% returns.

On the date of publication, Faisal Humayun 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.