Wednesday, 27 December 2023

3 Top Stocks That Can Double Again in 2024

by Earn Media

The stock market has had a lot of big winners this year. In all, 127 stocks have more than doubled. Most of them won’t be able to repeat the feat in 2024, but I did look last month at some stocks that I think can double again in 2024, and I followed that up this month with three more potential two-time doublers. Now I have three more to add to that list.

Palantir (NYSE: PLTR), Duolingo (NASDAQ: DUOL), and Wayfair (NYSE: W) have soared 171%, 235%, and 104% this year, respectively. Shareholders have enjoyed a great 2023 in these stocks, and there could be some more upside in the year ahead. Let’s take a closer look.


Palantir is one of this year’s top gainers, even if its shares are trading more than 60% below the all-time highs from early 2021. The software builder for the intelligence community has overcome slowing growth with a refreshing push into profitability this year.

Revenue growth did decelerate for the third consecutive year, but last month’s third-quarter financials were impressive. Revenue rose by a better-than-expected 17% for the quarter, showing welcome year-over-year acceleration after eight reports of stagnant if not slowing top-line gains.

3 Top Stocks That Can Double Again in 2024

Image source: Getty Images.

Palantir isn’t just at the mercy of winning government contracts anymore. Its platform is making inroads into the private sector. Revenue for its U.S. commercial sector business rose a hearty 33% in its latest quarter, even if that accounts just 20% of its current operations. Palantir’s also winning on the bottom line. Red ink was a red flag here, but Palantir has now been profitable in each of the past four quarters.

It’s not just the stock chart that’s winning for Palantir this year. It keeps winning new deals. Palantir also hasn’t had a problem keeping, if not expanding, its existing partnerships. It was tapped to continue running the Army Vantage operations and platform for the U.S. Army earlier this month. Two days earlier, it renewed its partnership with UniCredit to accelerate the bank’s digital push while also increasing revenue and improve its risk profile.


Duolingo is one of the few companies that rose to prominence in the early days of the pandemic and is doing even better now. Folks looking for something to do flocked to the language-learning application during the early days of the COVID-19 shutdown, and interest is booming now that international travel restrictions have eased. The incentives are real to lean on Duolingo’s expanding catalog of short and interactive lessons.

Duolingo now has 83.1 million monthly active users on the platform, a 47% increase over the past year. The number of daily active users and of paid users is growing even faster, strong signs of the platform’s engagement and monetization upside. Like Palantir, Duolingo has now turned profitable. It has also expanded its offerings by offering music and an enhanced math module within its namesake application.

With strong momentum heading into 2024 for this all-pandemic weather play, the skies are clear for Duolingo’s sticky app to keep translating into success for language learners and investors alike.


At first glance, Wayfair hasn’t earned its upticks this year. The online furniture retailer hasn’t posted consistent double-digit revenue growth the way Palantir and Duolingo have in recent years. This should be Wayfair’s third straight year of declining top-line results. It’s also currently not profitable.

It may be a good time to buy e-commerce stocks in general, but the market hasn’t been as kind for big-ticket furniture items and other home accessories. High mortgage rates are cooling real estate activity, making it hard to justify springing for new furnishings. The good news is that Wayfair is starting to turn the corner. After nine quarters of year-over-year top-line declines, Wayfair came through with a 4% increase in its latest quarter. Analysts see a return to profitability next year, earlier than they were expecting until its well-received third quarter.

With interest rates now likely to head lower in 2024 and an improving economic outlook, the climate is finally kind for Wayfair’s digital strorefront. Palantir, Duolingo, and Wayfair have the right ingredients to potentially double again in the coming year.

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Rick Munarriz has positions in Duolingo. The Motley Fool has positions in and recommends Duolingo and Palantir Technologies. The Motley Fool recommends Wayfair. The Motley Fool has a disclosure policy.