7 Growth Stocks That Could Double Your Money in 2023

While the recent slow activity in the major indices clouds the narrative, you can still enjoy opportunities for growth stocks that could double your money. To be sure, you must be willing to accept some risks. However, if the circumstances hit just right, these ideas can help get your portfolio on the right track quickly.

According to ChatGPT, growth-oriented enterprises carry the expectation to grow at a faster rate than the overall market. Typically, we’re talking about 8% for the S&P 500 index. So, if you can achieve gains of 9% or higher, technically, you’re in the club. However, to qualify for the best growth stocks for 2023, investors will likely be looking for something a little more. All of these ideas enjoy the strong support of at least one analyst, if not several. So, if you’re looking for growth stock winners that can realistically provide you 100% gains within a 12-month period, you’ve come to the right place.

LiveRamp (RAMP)

Based in San Francisco, California, LiveRamp (NASDAQ:RAMP) bills itself as the data collaboration platform of choice for the world’s most innovative companies. At the moment, LiveRamp carries a market capitalization of $1.58 billion. Since the beginning of this year, RAMP gained nearly 5% of equity value.

Financially, one of the biggest strengths of the enterprise is that it’s not just a pure-play example of growth stocks that could double your money. For example, LiveRamp benefits from a stable balance sheet. Its cash-to-debt ratio pings at 9.3, which ranks better than 64.64% of companies listed in the software industry. Also, its equity-to-asset ratio comes in at an impressive 0.78 times.

Of course, RAMP ranks among the best growth stocks for 2023 thanks to its three-year sales trend, which expanded at 26.7%. This stat beats out 83.16% of industry players. Also, its EBITDA growth rate during the same period comes in at 32.8%, above nearly 81%. Finally, analysts peg RAMP a unanimous strong buy with a price target of $35. While this implies “only” 41% upside potential, the most optimistic target calls for $40, implying over 61% growth.

Silicon Motion (SIMO)

Hailing from Taiwan, Silicon Motion (NASDAQ:SIMO) develops NAND flash controller integrated circuits for solid-state storage devices. A riskier name among growth stocks that could double your money, SIMO slipped nearly 15% since the January opener. Over the trailing one-year period, SIMO gave up almost 41% of equity value. Still, if you can overlook the red ink, Silicon Motion offers several strengths. First, the company benefits from having zero debt, thus enjoying flexibility during a difficult hour for the market. As well, its Altman Z-Score pings at 8.85, indicating high fiscal stability and low risk of bankruptcy.

Second, on the operational front, Silicon’s three-year revenue growth rate comes in at 29.8%, above 84.52% of sector peers. Also, it appears undervalued, trading at a trailing multiple of only 7.94. Lastly, analysts peg SIMO a consensus moderate buy. On average, their price target lands at $86.50, implying over 58% upside potential. However, the most optimistic target calls for $106, implying over 94% growth.

Procept BioRobotics (PRCT)

Another risky name among growth stocks that could double your money, Procept BioRobotics (NASDAQ:PRCT) fell more than 25% since the beginning of this year. However, contrarian investors are likely hoping that Procept’s core business relevancy will eventually spike interest on Wall Street. Per its website, Procept specializes in aquablation therapy for benign prostatic hyperplasia (BPH) treatment.

To be sure, the medical devices industry can be rather volatile. Therefore, investors want to be careful about overextending themselves. Still, PRCT could rank among the best growth stocks for 2023 because of its fiscal strength. Specifically, Procept’s Altman Z-Score pings at 5.43, indicating high stability and low risk of imminent financial implosion.

On the revenue front, its three-year sales expansion hit 109.4%. While this stat won’t stay this high indefinitely, consider this. In the first quarter of 2023, Procept rang up $24.4 million in sales, well above the $14.2 million posted in the year-ago quarter. To close, analysts peg PRCT as a consensus strong buy. On average, their price target stands at $47.80, implying over 62% upside potential. However, the highest target calls for $60, implying almost 104% upside. Thus, it could be one of the growth stock winners.

Kymera Therapeutics (KYMR)

Headquartered in Watertown, Massachusetts, Kymera Therapeutics (NASDAQ:KYMR) pioneers targeted protein degradation. Specifically, its website states that the company develops novel protein degrader therapeutics to treat disease in powerful new ways. Just from a relevancy standpoint, KYMR potentially meets the classification for growth stocks that could double your money. Since the January opener, KYMR gained over 13% of equity value.

Financially, Kymera enjoys significant strengths in the balance sheet. First, its cash-to-debt ratio pings at 5.77, above 63.95% of its biotechnology peers. Also, its Altman Z-Score lands at 5.15, ranked into the safe zone of fiscal stability.

For the subject at hand, Kymera’s three-year revenue growth rate pops at a stunning 107.6%. Of course, that’s not going to hold forever. However, investors appear enthused about the opportunity. In the trailing one-year period, KYMR gained nearly 67%. Turning to Wall Street, analysts peg KYMR a moderate buy. Their price target hits $50, implying over 77% upside potential. However, the highest target is $85, implying nearly 202% growth. Thus, it’s one of the most tempting growth stock picks.

Schrodinger (SDGR)

An international scientific software company, Schrodinger (NASDAQ:SDGR) specializes in developing computational tools and software for drug discovery and materials science. Per its public profile, pharmaceutical companies, biotech firms and academic researchers use Schrodinger’s software to simulate and model the behavior of molecules at the atomic level. Again, from a relevancy angle, SDGR appears to qualify for growth stocks that could double your money.

Financially, speculators may appreciate the underlying fiscal stability. For example, Schrodinger’s cash-to-debt ratio hits 4.55, ranked better than 72.45% of companies in the healthcare providers and services sector. Also, its Altman Z-Score hits at 5.49. Operationally, Schrodinger’s three-year revenue growth rate stands at 21%, ranked above 76.83% of the competition. However, its trailing-year net margin is only 7.3%, worse than 85.67% of its peers.

Still, analysts peg SDGR as a moderate buy. On average, their price target comes in at $57.57, implying 117% upside potential. Thus, it’s another tempting idea among growth stock opportunities.

Hesai Group (HSAI)

Based in China, Hesai Group (NASDAQ:HSAI) may be one of the growth stocks that could double your money. However, it’s probably best left for hardened speculators. Since the beginning of this year, HSAI cratered almost 58% of market value. Nevertheless, contrarians might consider acquiring HSAI for its core business of ultra-thin long-range lidar systems.

Although speculative, Hesai benefits from a strong balance sheet. Specifically, its cash-to-debt ratio hits 29.24, ranked better than 90.48% of companies in the vehicles and parts industry. Also, its equity-to-asset ratio comes in at 0.74, above the sector median stat of 0.47. In terms of the subject at hand, Hesai’s three-year revenue growth rate is 51.5%, above 96.77% of its peers. Still, you want to be careful with foreign entities, particularly regarding disclosure laws and higher volatility risk. Nevertheless, analysts peg HSAI as a unanimous strong buy. On average, their price target hits $28.50, implying nearly 221% upside potential.

AbCellera Biologics (ABCL)

Based in western Canada, AbCellera Biologics (NASDAQ:ABCL) is a biotech firm that researches and develops human antibodies. It frequently pops in as one of the growth stocks that could double your money because, if the stars align just right, ABCL could do much more than just rise 100%. Still, you’re going to need a heavy dose of patience.

Mainly, that’s because ABCL fell almost 40% since the beginning of this year. In the trailing one-year period, circumstances look a bit better, down more than 14%. Financially, though, AbCellera enjoys a decent balance sheet. Its equity-to-asset ratio pings at 0.81, ranked better than 64.45% of its peers. Also, its 4.6 Altman Z-Score indicates low bankruptcy risk.

At the moment, AbCellera’s three-year revenue growth rate comes in at 215.7%. Basically, that’s impossible to last. However, its expansion of capital expenditures over the past few years suggest its cooking up something special. Analysts remain enthused, pegging ABCL as a unanimous strong buy. Overall, their price target stands at $26.80, implying 367% upside potential.

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.