3 stocks that could double your money sooner than you think

AAll investors share the same goal. And it can be summed up in two words: Earn money. Some, however, may want to add four more words to the goal so that it is “Make Money ASAP”.

How quickly you make money and how much you earn depends on the assets you buy. Here are three stocks that could double your money sooner than you think.

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1. Innovative industrial properties

I have classified Innovative industrial properties (NYSE: IIPR) at the top of this list because the company has a relatively easy way to double your money. The stock has doubled in just over 12 months. It will likely take longer for the IIP to double again, but hitting the target in the next three to five years seems very achievable.

IIP is a real estate investment trust (REIT) that focuses on the medical cannabis market. The company has generated its growth so far by purchasing properties from medical cannabis operators and then leasing those properties to operators.

What does IIP need to do to continue to grow? Exactly what he does. This shouldn’t be a problem. The company currently only owns 75 properties in 19 states. There are many other states that have legalized medical cannabis where IPI could grow. It also has solid growth prospects in many of its current markets.

The IIP dividend is also important in doubling your money. Its dividend is currently earning 2.4%. The company has increased its dividend by almost 329% over the past three years.

2. Matterport

She is taken Matterport (NASDAQ: MTTR) less than eight months to deliver over 100% return. Six of those months, however, reflect the performance of Gores Holdings VI, the special purpose acquisitions company (SPAC) that merged with Matterport in July to go public.

Matterport is the leader in spatial data – creating 3D digital twins of physical spaces. The company single-handedly created the market with its software-as-a-service platform. It now has 5.6 million places under management. That’s 100 times the number of spaces all of Matterport’s rivals have combined.

The key to Matterport’s continued growth is its freemium model. Customers can start using its platform at no cost, but with limited functionality. If they like it (and many customers do), they can expand their usage by paying a monthly subscription.

The company estimates that it has an addressable market of $ 240 billion. No, Matterport probably won’t come close to capturing that whole market. But it is not necessary. If the company had just a 1% market share, its annual revenue would be around $ 12 billion. Matterport’s current market capitalization is less than half that amount.

3. DermTech

DermTech (NASDAQ: DMTK) stands out as another stock which (like Matterport) I think could be a freak in the making. The company went public in a reverse merger with a SPAC in 2019. The stock has yet to double, but I predict it could do so in the next three years.

One in five Americans develop skin cancer before the age of 70. DermTech’s genomic test offers a much better way to diagnose melanoma, the worst type of skin cancer, than the current standard approach of surgical biopsy. Missing a diagnosis of melanoma is 17 times less likely than a biopsy test. It’s also about 40% cheaper.

DermTech is also developing genomic tests that target other types of skin cancer and damage caused by ultraviolet rays. The company believes it has a $ 10 billion market opportunity.

It will not be easy for DermTech’s actions to double. The company must persuade more dermatologists to order its PLA tests. It must also be successful with its pipeline programs. However, DermTech’s genomic testing value proposition could make this title a big winner for investors sooner rather than later.

10 stocks we prefer at DermTech, Inc.
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Keith Speights owns shares of DermTech, Inc., Innovative Industrial Properties and Matterport, Inc. The Motley Fool owns and recommends DermTech, Inc., Innovative Industrial Properties and Matterport, Inc. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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