The price-action in some speculative stocks in the recent past is signaling the possible return of the meme stock euphoria. Stocks like Novavax (NASDAQ:NVAX) doubled overnight, and the rally has even increased. It’s, therefore, a good time to make quick money by holding positions in some cheap speculative stocks.

Since we are talking about speculative ideas, the risk (beta factor) is high. Even if there is a euphoria in meme stocks, I would limit portfolio exposure to 5% to 10% to these speculative bets. At the same time, it’s important to scan through names among speculative stocks that represent companies with reasonable fundamentals.

Another factor that’s likely to support a rally for cheap speculative stocks is potential rate cuts. I expect the first rate cut to happen before Presidential elections. Easy money policies encourage speculation across asset classes and equities will benefit. Therefore, let’s talk about three ideas poised to double in the blink of an eye.

Riot Platforms (RIOT)

Despite Bitcoin (BTC-USD) trending higher, Riot Platforms (NASDAQ:RIOT) stock has been sideways in the last 12 months. The fundamentally strong Bitcoin miner trades at a forward price-earnings ratio of 18.3. This is a good accumulation opportunity, and 100% returns are likely in the blink of an eye.

Regarding the fundamentals, Riot has a cash buffer of $1.3 billion (including the value of Bitcoin holdings). Further, the company has a zero-debt balance sheet. This positions Riot to pursue aggressive expansion plans translating into stellar revenue and cash flow growth.

To put things into perspective, Riot ended Q1 2024 with a hash rate capacity of 12.4EH/s. By the end of the year, the company expects capacity to swell to 31.5EH/s and further to 40.8EH/s by the second half of 2025.

With Riot being a low-cost Bitcoin miner, there is visibility for robust cash flows, given the expansion plans. The cash buffer is, therefore, likely to remain strong and support the company’s target to achieve a capacity of 100EH/s by 2027.

Joby Aviation (JOBY)

Joby Aviation (NYSE:JOBY) stock has been subdued in the last 12 months. This is a golden accumulation opportunity with the commercialization of the company’s flying car due in 2025. JOBY stock price action is a calm before the storm.

An important point to note is that the eVTOL industry is nascent. The early-movers are likely to have a big advantage and Joby is well positioned to benefit. I would not be surprised if the stock delivers 3x to 5x returns within the next 18 months.

Regarding certifications, Joby claims to be the first “electric air taxi company to have their final airworthiness criteria published by the FAA.” Joby has also completed 1,500 full-scale eVTOL flights.

With $924 million in cash and short-term investments, Joby is targeting production ramp-up. The target is to develop scaled manufacturing facilities capable of producing up to 500 aircraft per year. This will support revenue upside in 2025 and beyond. Further, aggressive international expansion will be supported as annual production is scaled-up. Joby already has agreements for expansion in the UAE.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) stock has witnessed a deep correction of 60% in the last 12 months. While the outlook remains positive for the hydrogen economy, PLUG stock has crashed on financing and project execution concerns. However, there finally seems to be a catalyst for a strong reversal rally.

Recently, Plug Power received a conditional commitment loan guarantee from the U.S. Department of Energy worth $1.66 billion. The funds will be utilized to develop, construct and own up to six green hydrogen production facilities. This backing by the U.S. DoE will provide confidence to investors.

It’s also worth noting that Plug Power is pursuing projects beyond the U.S. In May, the company signed a contract with Allied Green Ammonia for a 3GW electrolyzer plant in Australia. The company has also received its first international safety and performance certification in Korea for electrolyzer manufacturing. With these positive developments, I am bullish on a sharp rally from deeply oversold levels.

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.