Stocks to buy

3 Tech Stocks Set to Deliver Triple-Digit Gains in 2024

After a brutal 2022, tech stocks have shown signs of life in 2023 as the tech giants roared back. However, many promising yet speculative tech stocks remain unloved. I believe 2024 will be their time to shine once economic clouds clear and investors regain their risk appetite.

The improving macroeconomic backdrop will likely supercharge these stocks in 2024. Declining interest rates and strong consumer fundamentals could accelerate revenue growth and make profitability timelines more achievable. Of course, with higher reward potential comes higher risk. The companies discussed here have promising technologies but unproven business models. I would not recommend betting the farm on them. Still, a modest allocation can pay off handsomely if just one or two take off. Let’s have a look at these promising tech stocks!

WM Technology (MAPS)

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I believe the time is ripe to reconsider the beaten-down pot tech sector. WM Technology (NASDAQ:MAPS), which provides critical software infrastructure to cannabis retailers and brands, looks poised for massive gains if legislative winds shift.

This online cannabis marketplace struggled as legalization hopes faded, regulatory burdens mounted and the economy weakened. But with shares languishing around 75 cents, investors with above-average risk tolerance can exploit the negativity.

WM Technology doesn’t have to wait for federal legalization to prosper. Its solutions help cannabis companies comply with complex regulations, promoting growth even in the current restricted environment. Once the political headwinds clear, this first mover could rapidly ascend to market leadership.

The numbers reveal this overlooked bargain. WM Technology is expected to have positive sales growth next year, positioning it for its first full year of positive EPS in 2024. Yet shares trade at just 0.36 times revenue — extremely attractive for a high-margin SaaS play. As profits materialize in the years ahead, expect Wall Street to revalue this disruptor.

Riot Platforms (RIOT)

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Bitcoin (BTC-USD) is showing signs of renewed momentum. And as the original crypto’s value rebounds, Riot Platforms (NASDAQ:RIOT) offers explosive upside. This leading miner boasts rock-bottom production costs while hoarding a massive Bitcoin trove to benefit from future price spikes.

Here’s why RIOT can deliver big gains if the crypto winter thaws. First, the company mines Bitcoin for only $5,537 per coin — the lowest among publicly traded miners. So if Bitcoin rallies next year, operating leverage will magnify RIOT’s profit surge.

Additionally, Riot holds over 7,327 Bitcoin, meaning its balance sheet already provides huge sensitivity to the token’s value. The upcoming 2024 “halving” event, which cuts mining rewards in half to induce scarcity, could light a fire under Bitcoin.

Of course, RIOT is not for the faint of heart, as regulatory clashes and Bitcoin’s volatility remain ongoing risks. But for opportunistic investors willing to stomach some turbulence, this out-of-favor name could deliver fireworks if crypto enters a new bull cycle.

Opera (OPRA)

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After retreating 50%-plus from its 2023 peak, Opera (NASDAQ:OPRA) looks poised for renewal. Its innovative products catering to young people and emerging markets position it for above-market growth this decade. And with strong advertising momentum amid Opera’s expansion into new verticals, a return to all-time highs above $25 no longer appears unrealistic.

Opera GX, dubbed “the gaming browser,” demonstrates the company’s knack for identifying underserved niches. This slick browser overlaying gaming-centric features has found a passionate audience among young gamers. With over 25 million monthly active users and counting, GX provides a funnel to engage Gen Z gamers.

In my opinion, Opera’s long-term staying power actually centers on developing markets like South Asia, Africa and Latin America. Its lightweight mobile browsers appeal to the underpowered devices commonly used in these regions, allowing Opera to serve over hundreds of millions users internationally. With strong growth tailwinds as internet proliferation continues, Opera could deliver double-digit annual EPS gains for years to come once these users start having more discretionary spending power.

On the date of publication, Omor Ibne Ehsan did not hold (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 Publishing Guidelines.