Stocks That Could Double Your Money in 2024
With the stock market constantly evolving, it’s important to keep an eye on potential opportunities that could lead to significant gains.
The Trade Desk
One stock that has been on a tear in recent years is The Trade Desk (NASDAQ:TTD). This demand-side platform allows businesses to easily and efficiently buy digital ads across a variety of formats and channels. The company’s platform is known for its ability to target specific demographics, leading to a better return on investment and higher customer engagement.
The Trade Desk is also a big beneficiary of the shift to connected TV (CTV). With consumers cutting the cord on traditional cable packages, advertisers are turning to CTV to reach consumers. The Trade Desk has been investing heavily in CTV for years, and it’s paying off in a big way. In the third quarter, CTV spending on The Trade Desk’s platform more than doubled from the prior-year period, with CTV now accounting for almost one-third of total spending on the platform.
With The Trade Desk valued at a seemingly high 100 times Wall Street’s earnings per share forecast for 2024, it’s going to need to keep up its rapid growth rate to justify its valuation. But with the company having a history of topping Wall Street’s estimates, and with the global ad market still growing, The Trade Desk has all the tools needed to double your money in 2024.
Livongo Health
Another stock that has been on fire since its IPO in July 2022 is Livongo Health (NASDAQ:LVGO). This digital health company provides solutions to help people with chronic conditions better manage their health. Its flagship solution, Livongo for Diabetes, uses artificial intelligence and coaching to help diabetics make better decisions and lead healthier lives.
In the third quarter, the company delivered 126% sales growth, with its diabetes segment growing by 148%. Livongo is also expanding its reach beyond diabetes. In the third quarter, the company announced that it was acquiring myStrength, a behavioral health company that Livongo believes can help it address the comorbidity between chronic conditions and mental health. The company also announced a partnership with DexCom, which will allow Livongo to integrate DexCom’s continuous glucose monitoring solutions into its Livongo for Diabetes platform.
With Livongo having plenty of room to run, and the company investing in growth opportunities, this is a stock that could easily double your money in 2024.
Innovative Industrial Properties
Innovative Industrial Properties (NYSE:IIPR) is a real estate investment trust (REIT) that acquires medical cannabis cultivation and processing facilities, and then leases these properties out for an extended period of time. The beauty of this business model is that it creates highly predictable cash flow.
Innovative Industrial Properties currently has 63 properties in its portfolio, with an average remaining lease length of 16.6 years. As long as the US federal government continues to turn a blind eye to state-level cannabis legalization, Innovative Industrial Properties should have no trouble finding new tenants and raising rental rates. The company has also been an active acquirer of new properties, which has helped to push its dividend higher by 567% since the end of 2021.
In 2024, Innovative Industrial Properties could be generating $20 in annualized rental income per share, which would put it at just 20 times its 2024 funds from operations (FFO). This is a company that could easily double your money in 2024.
Axsome Therapeutics
Axsome Therapeutics (NASDAQ:AXSM) is a clinical-stage biotech company with two late-stage therapies targeting major depressive disorder (AXS-05) and migraine-associated agitation (AXS-07). The company’s lead drug, AXS-05, is currently under review by the Food and Drug Administration (FDA) as a treatment for major depressive disorder. The FDA has set a PDUFA (decision) date of Aug. 22, 2024.
The reason Axsome has a legitimate shot at doubling your money in 2024 is that AXS-05 has already demonstrated strong efficacy in late-stage studies. In the phase 3 GEMINI study, AXS-05 met the primary endpoint of a statistically significant reduction in the Montgomery-Asberg Depression Rating Scale (MADRS) score from baseline to week six. The drug also met all secondary endpoints.
If approved, AXS-05 could be a game-changer for patients with major depressive disorder, as well as for Axsome.
