7 Speculative Stocks to Double Your Money THIS Year

Stocks to buy

While investors should probably direct the majority of their market-earmarked funds toward slow-and-steady ideas – à la Warren Buffett – sometimes, we end up with gambling money. And in that case, speculative stocks to double your money might make sense.

To be 100% clear, anytime investors venture into high-risk, high-reward stocks, there’s a reason for the warning. Mainly, when market participants buy established blue chips, they’re paying a premium for the predictability. It’s like paying for a business class airline ticket. It’s expensive in part because you’re practically guaranteed a seat.

However, buying speculative stocks is like buying economy class tickets but hoping for an upgrade. In most cases, no rhyme nor reason exists for getting the upgrade (or not). It’s the luck of the draw. In this case, you’re not paying a premium because the upgrading protocol is unpredictable.

But if you don’t mind living dangerously, then rolling the dice could be appropriate. If so, below are enticing stocks to double your money.

Rocket Pharmaceuticals (RCKT)

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An enticing prospect among high-risk, high-reward stocks, Rocket Pharmaceuticals (NASDAQ:RCKT) specializes in gene therapy solutions to address the root cause of complex and rare life-threatening disorders. While such advanced biotechnology firms tend to be a binary proposition, analysts overwhelmingly support RCKT. It enjoys a unanimous strong buy rating with a $54 price target.

Based on last Friday’s closing price, the consensus forecast implies an upside of over 103%. Further, the high-side target comes from Cantor Fitzgerald, who sees shares hitting $65 or almost 145% upside potential. Frankly, it’s not difficult to be excited about the underlying arena. By the end of this year, the global gene therapy market could see a valuation of $10.12 billion.

Although RCKT ranks among the speculative stocks to double your money, prospective investors should be aware of the risks. Mainly, the underlying company is a pre-revenue enterprise. Therefore, you must trust the narrative. The good news is that quite a lot of experts do.

Ceragon Networks (CRNT)

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A networking equipment vendor, Ceragon Networks (NASDAQ:CRNT) focuses on wireless point-to-point connectivity. Its solutions are mostly used for wireless backhaul by mobile operators and wireless service providers in addition to private businesses. To be fair, only one expert covers CRNT – Needham’s Alex Henderson. Still, it’s a strong target, a “buy” rating that sees shares reaching $5.25 in 12 months.

If Ceragon shares get there, we’re talking about upside potential of almost 108%. That would make CRNT one of the speculative stocks to double your money and then some. It’s also a credible projection given the many addressable markets. For example, just the global cellular networks space could expand at a compound annual growth rate (CAGR) of 30% from 2022 levels.

As you might imagine, CRNT is one of the high-risk, high-reward stocks so it could incur downside. Mainly, it suffers from failing to generate consistent profitability. That said, it printed net income in the past three quarters so patience could be rewarded.

Dyne Therapeutics (DYN)

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Based in Waltham, Massachusetts, Dyne Therapeutics (NASDAQ:DYN) focuses on the development of muscle-targeted therapies to stop or even reverse disease progression. Through its clinical research and innovations, Dyne hopes to provide solutions for patients living with genetically driven diseases. Analysts see much potential with DYN, rating shares a unanimous strong buy. Also, the 12-month average price target lands at $34.40, implying over 120% upside.

Even better, some market experts are incredibly bullish on DYN. In particular, Raymond James’ Steven Seedhouse believes shares could soar to $56, projecting almost 259% growth. While Dyne represents one of the more ambitious ideas among stocks to double your money, it’s not an unreasonable target. According to Precedence Research, the U.S. targeted therapeutics market could reach a valuation of $29.65 billion by 2032.

With Dyne carrying a market capitalization of $1.23 billion, that’s a lot of room to grow if things go right. Granted, that’s a bold assumption. Investors should watch the rich book multiple among other financial vulnerabilities. Still, it’s an enticing idea for speculative stocks to consider.

RealReal (REAL)

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Billed as the world’s largest online marketplace for authenticated, resale luxury goods, RealReal (NASDAQ:REAL) offers possibilities regarding stocks to double your money. Yes, it’s super-risky, no doubt about it. In the trailing month, REAL stock slipped 16%. However, analysts peg shares a moderate buy with a $4.08 average price target. If it lands accordingly, we’re talking about 122% upside potential 12 months from now.

Where it gets a bit tricky is the timing of the individual ratings. Robert W. Baird downgraded shares to “neutral” earlier in January. However, November saw a pair of “buy” ratings from BTIG and Needham. Fundamentally, whether REAL stock makes good as one of the speculative stocks centers on the Federal Reserve. If interest rates decline, the subsequently devalued dollar could fuel more spending.

After all, when interest rates were rising, the personal saving rate tended to rise as well, for good reason: when money is worth more, you save it. However, with seven warning signs attached to RealReal’s financials, this is the ultimate idea for high-risk, high-reward stocks.

Canaan (CAN)

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For those seeking stocks to double your money, you must be prepared for a stomach-churning ride. Case in point is blockchain-mining equipment manufacturer Canaan (NASDAQ:CAN). If you believe in the transformative paradigm shift of cryptocurrencies, Canaan deserves a closer look. While it’s not the most heavily covered enterprise, the two analysts that do rate shares a buy with a $4.25 price target.

Over the next 12 months, the forecast implies an upside of just over 136%. Further, the high-side target of $5.50 – courtesy of Benchmark’s Michael Legg – suggests shares could fly almost 206%. That’s bonkers but it’s not out of the realm of possibility. With proof-of-work (PoW) blockchains still representing a proven and meritocratic consensus mechanism, Canaan may be surprisingly relevant.

Now, it’s true that the underlying crypto market is incredibly wild. You just don’t know what you’re going to get. As a result, CAN is likewise vulnerable to volatility. Nevertheless, major institutions have been scooping up digital assets on the dip.

Xperi (XPER)

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Headquartered in San Jose, California, Xperi (NYSE:XPER) is a multinational technology firm that develops software solutions for consumer electronics and connected cars. In addition, it provides software integrated into media platform solutions for video service over broadband. A comprehensively relevant player, analysts peg shares a unanimous strong buy with a $24 average price target. That implies an upside of nearly 132% over the next 12 months.

Easily one of the possible stocks to double your money, BWS Financial provides the high-side target of $30. This forecast projects growth of nearly 190%. It’s also the most recent assessment, providing an added measure of confidence. Fundamentally, Xperi benefits from a wide range of addressable markets. For example, Mordor Intelligence points out that the connected vehicle sector could hit a valuation of $165.53 billion by 2029.

If it does, that would translate to a CAGR of 17.35% from 2024. Still, one of the main concerns revolves around demonstrating a pathway to profitability. Also, slowing revenue growth isn’t providing much confidence. However, an improved economic backdrop could reinvigorate sentiment.

Compugen (CGEN)

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A clinical-stage predictive drug discovery and development company, Compugen (NASDAQ:CGEN) already gained 123% in the trailing 52 weeks. Therefore, it’s effectively a momentum play, betting that strength will beget even more strength. The good news? Analysts rate shares a unanimous strong buy with a $5 average price target. That implies growth of almost 158% over the next 12 months.

Most of 2023’s strong return came late. In December, Compugen agreed to sell exclusive rights to Gilead Sciences (NASDAQ:GILD) for later-stage development and commercialization of certain antibodies that may offer the potential to treat cancerous tumors. Per Morningstar, the deal is valued at up to $848 million, including a $60 million upfront payment. Fundamentally, the deal added much-needed credibility to the enterprise.

Let’s not forget that in the trailing five years, CGEN lost almost 47% of equity value. So, from that angle, it could still be a relative contrarian opportunity. However, Compugen is incredibly risky, with only a spotty revenue track to show for its efforts. But if you believe in the underlying business, CGEN could be one of the stocks to double your money.

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.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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