3 stocks that could double in 2022

Even though the growth plays seem to be lagging, several stocks could double before the end of the year. Many growth stocks have fallen since November. Following the “tech sinking” that took place between November and April, investors decided to ignore the bright future of these companies and sell.

That’s why there are a number of stocks that could double. The macroeconomic situation is improving and the momentum favors several growth stocks.

The “sell first, ask questions later” attitude was largely driven by fears about the future of the US economy. These fears are largely unfounded and many investors are beginning to realize this.

A recession is not imminent. Inflation peaks, making it easier for the Fed to avoid triggering a recession. The Fed is not interested in crippling the economy to meet its 2% inflation target.

The very low valuation of many growth stocks overprices macroeconomic disasters that are unlikely to occur and grossly underestimates the very positive outlook and makes them one of the most likely stocks to double this year.

BNGO Bionano $1.70
SHORE Rivian $29.72
PLUG Plug hole $18.85

Bionano (BNGO)

Source: Dennis Diatel/Shutterstock.com

New evidence showing the promise of the company’s Saphyr DNA analysis system continues to surface.

The company last month announced the results of a study of Saphyr’s ability to detect structural variants (SV) in patients with AML, a common blood cancer in children.

According to the peer-reviewed study, which was conducted in Germany, Saphyr was able to identify significantly more VS than conventional methods in 70% of cases.

“These SVs are considered highly relevant to understanding the {development} of AML,” Bionano said. The company added that Saphyr may be particularly useful in the 30% of German children with AML who have no known indication of the disease.

Bionano also announced the results of a study on Saphyr’s ability to detect chromosomal abnormalities that may lead to fertility, recurrent pregnancy loss or genetic abnormalities.

Researchers would have been impressed with Saphyr’s speed and accuracy. The study took place in China, suggesting that Bionano may be on the verge of starting to break into this huge market.

Given the enormous value of Saphyr, Bionano may soon announce partnership agreements with leading companies. Such alliances are one of the main reasons why this is one of the stocks that could double this year.

Rivian (SHORE)

Rivian (RIVN) is a new electric vehicle introduced at the 2019 New York International Auto Show at the Jacob Javits Center.  This was the first day of the NYIAS press preview

Source: Miro Vrlik Photography / Shutterstock.com

Many reviewers continue to be nearly thrilled with the company’s R1T pickup truck.

consumer reports recently called the electric vehicle “super-fast, super-capable and brimming with innovative features.”

Meanwhile, Mizuho Americas expects the company to ramp up production and cut costs in the second half. Predicting that Rivian’s EBIT will break even by 2024, Mizuho maintained a price target of $80 and a “buy” rating on the stock.

As I have noted in the past, the company’s large number of orders from Amazon (NASDAQ:AMZN) and the large investment George Soros has made in it bodes very well for the outlook for RIVN stock.

Plug hole (PLUG)

Plug in the Power logo on the computer screen.  CAP stock.

Source: Postmodern Studio / Shutterstock

Major governments and corporations continue to take new steps to encourage the use of green hydrogen.

Plug Power, which is becoming one of the main producers of fuel and produces the electrolysers used for its manufacture, is extremely well positioned to benefit from this trend.

For example, earlier this month the EU announced plans to produce ten million tonnes of green hydrogen by 2030 and import ten million more by the same date. As I noted in a previous post, Washington’s bipartisan Infrastructure Act has allocated $10 billion to support hydrogen deployment.

Meanwhile, TGS Hydrogen Green is spending $840 million to launch a “green hydrogen factory” in Vietnam, and several companies will invest up to $10 billion in green hydrogen in Egypt.

For his part, Plug Power earlier this month it announced it would build the world’s largest green hydrogen plant and develop a one-gigawatt electrolyser for hydrogen company H2 Energy Europe.

Additionally, Plug intends to sell walmart (NYSE:WMT) up to 20 tonnes of liquid green hydrogen per day to power forklifts.

As of the date of publication, Larry Ramer held PLUG shares, BNGO shares and RIVN shares.

Larry Ramer has researched and written about US stocks for 15 years. He was employed by The Fly and Israel’s largest business newspaper, Globes. Larry started writing columns for InvestorPlace in 2015. Some of his highly successful contrarian picks include GE, solar stocks and Snap. You can reach him on StockTwits at @larryramer.

Garland K. Long