Navigating the bustling landscape of the stock market is a thrilling journey, especially when it comes to high-growth stocks. Look to the horizon now and let these stocks that could double be your guide to multiplying fortunes.
This isn’t merely about chasing sky-high returns; it’s a comprehensive approach rooted in investing for growth. We are mapping out a pathway to the most alluring top growth stocks. These stocks have unparalleled upside potential, promising to give your portfolio an impressive facelift.
With this excitement in mind, here are three of the best high-growth stocks that can double your money.
T-Mobile (TMUS)
T-Mobile (NASDAQ:TMUS) is undoubtedly cruising on the highway of robust growth, proving itself a key player in the wireless sphere. As evidenced by five-year gains of 132%, this telecom titan paints an intriguing picture for growth-focused investors. Indeed, T-Mobile’s Q1 2023 earnings report shows an impressive 172% year-over-year surge in net income. This underscores the company’s profitability and financial health.
Not only is T-Mobile capitalizing on 5G, but it’s also poised to benefit from the ongoing consolidation in the wireless industry. Its strategic takeover of Mint Mobile adds yet another exciting chapter to this narrative. With CEO Mike Sievert promising to “supercharge” Mint with T-Mobile’s resources, the deal certainly spruces up T-Mobile’s growth prospects.
Furthermore, in light of President Joe Biden’s allocation of $42 billion to boost U.S. internet access, T-Mobile finds itself in position to tap into this golden opportunity.
Thus, for investors hunting for top-growth stocks with the potential to double, T-Mobile might be perfect.
Block (SQ)
In the dynamic landscape of high-growth stocks, Block (NYSE:SQ) stands out, showcasing an impressive year-to-date return of 21%. Block’s unique combination of e-commerce and digital payments set it apart from the competition. These factors have fueled its upward journey and could take it even higher.
Fresh off the back of surpassing Q1 2023 earnings expectations, Block is actively expanding its services. The company is introducing innovative loan options and is in the beta stage of launching a credit card. These initiatives demonstrate Block’s proactive approach to carving its path within the digital payments ecosystem.
Stocks that could double often show promising trends — this particular stock is no exception. One might argue that its current valuation is a tad steep. Just in the past month, the shares surged by an impressive 18%.
However, this stock should be on your radar if you’re scouting for a long-term selection in the financial services domain. Currently priced just below $79 per share, it’s significantly below its 52-week high.
Datadog (DDOG)
Riding high on the wave of technological innovation, Datadog (NASDAQ:DDOG) has shown impressive growth. The company has experienced a remarkable year-to-date increase of 60%. This growth solidifies DDOG’s status as one of the top growth stocks to monitor.
One of the key reasons to invest in Datadog is its huge total addressable market. According to a report published by Fortune Business Insights, the projected CAGR of 24.1% during the forecast period indicates that the cloud monitoring market is expected to reach $9.96 billion by 2030.
With such potential, Datadog is an appealing investment opportunity for growth-oriented individuals. Continuously innovating and adapting in the technology market, it is establishing itself among stocks with the potential to double in value. Without a doubt, Datadog serves as a vibrant example of a high-potential stock thriving in the ever-evolving landscape of technological advancement.
On the publication date, Faizan Farooque did not hold (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.