Opportunities for these companies to grow their revenues and profits strongly. These are the stocks with a high potential for returns that are supported by strong fundamental developments.
In the first half of 2023, Marathon Digital ($MARA) delivered four-bagger returns, highlighting the potential for multibagger returns in the blink of an eye. Other stocks that have doubled or tripled in the past year include Riot Platforms ($RIOT), Joby Aviation ($JOBY), and Curaleaf Holdings ($CURLF).
Riot Platform stock has skyrocketed due to an upside in Bitcoin and its expansion plans. The company's expansion plans include purchasing 33,280 miners, boosting mining capacity to 20.1EH/s by 2024, and the option to purchase 66,560 additional miners. With the potential for 3.5x growth in capacity in the next 18 months, RIOT seems positioned for multibagger returns.
Joby Aviation stock has surged by 140% year-to-date, as the air mobility company moves closer to commercialization. The company's business progress looks promising, and the company's financial flexibility through commercialization is robust. Joby has potential contracts worth $131 million from the U.S. Department of Defense and has a strong financial position.
Curaleaf Holdings is a major catalyst for multibagger returns in cannabis stocks, with federal-level legalization being a key factor. The recreational cannabis industry in Arizona recently broke the $100 million monthly mark, and Curaleaf Holdings' stock is well-positioned to benefit from sustained growth in the cannabis industry. The company has a presence in 19 states in the U.S. and revenue growth has been healthy, with a healthy adjusted EBITDA margin of 22%. The company's focus on research and development is significant, and as the product portfolio widens, revenue growth is likely to accelerate.
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