3 Canadian Stocks That Could Still Double in 2024

Illustration of data, cloud computing and microchips

When it comes to Canadian stocks, it can sometimes seem like we only hear about companies after they have already doubled. We look back with regret on stocks that no longer offer the opportunity investors received months or even years ago.

Yet that’s not the case with these three Canadian stocks. These companies could certainly still double in 2024. In fact, many already have in the past! So let’s look at why investors may want to look at Celestica (TSX:CLS), Hut 8 (TSX:HUT), and WELL Health Technologies (TSX:WELL) once more.

Celestica

First, let’s take a look at what’s made Celestica stock so great in the last year, with shares surging 311% in the last year alone as of writing. Now part of this has come down to the electronics manufacturing services (EMS) firm’s stellar performance providing end-to-end product lifecycle solutions. Celestica has experienced consistent revenue growth, with a significant increase from $7.3 billion in 2022 to $8 billion in 2023. This growth was driven by strong performance in their advanced technology solutions and connectivity segments.

Furthermore, earnings saw an impressive increase of 68.1% in 2023. Celestica’s acquisition of NCS Global Services and the upscaling of their credit facility to $1.5 billion to support further growth initiatives have also boosted investor confidence.

As to the future, Celestica is well-positioned to benefit from the increasing demand for artificial intelligence (AI)-driven solutions and advanced technology services. The rise of AI applications in various industries, including manufacturing and supply chain management, provides significant growth opportunities. So it could certainly double once again.

Hut 8

As for Hut 8, the major player in cryptocurrency mining benefited significantly from the surge in Bitcoin and other cryptocurrency prices. As Bitcoin prices increase, so do the revenues of mining companies like Hut 8. Yet the company has been enhancing its mining operations, including the adoption of more efficient mining hardware and strategies, which has increased its profitability and appeal to investors.

Furthermore, if the cryptocurrency market experiences another bull run in 2024, Hut 8’s revenues and profitability could soar. The company’s extensive mining operations would benefit directly from higher Bitcoin and Ethereum prices.

Add in the company’s  recent expansion into data centres and investors have a winner. This strategic move positions Hut 8 not only as a leader in digital asset mining but also as a robust provider of high-performance computing (HPC) services. In particular, the acquisition of TeraGo’s data centres enhances Hut 8’s diversification by establishing a steady revenue stream independent of cryptocurrency market volatility. The Canadian stock also has made several strategic partnerships and contracts to diversify and lower volatility. So even with shares more than doubling from 52-week lows, more growth is on the way.

WELL Health stock

Finally, WELL Health stock also looks like a stellar option. The digital health sector is expected to continue growing, with increasing adoption of telehealth and electronic medical records. WELL Health’s established presence in this space positions it to continue to capitalize on this trend.Â

The company has aggressively pursued acquisitions to expand its service offerings and geographic reach, contributing to revenue growth and market share. WELL Health’s consistent financial performance, characterized by increasing revenues and strategic investments, has reinforced its position as a leading digital healthcare provider in Canada.

During 2023 alone, the company reported revenues of $776.1 million, a 36.4% increase from the previous year. For the 12 months ending March 31, 2024, revenue reached $838.2 million, reflecting a year-over-year growth rate of 37%. And with more mergers and acquisitions on the way, there is even more growth to come. Even as shares are up 33%, there is certainly more to come in 2024.

Should you invest $1,000 in Celestica Inc. right now?

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Fool contributor Amy Legate-Wolfe has positions in Well Health Technologies. The Motley Fool recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.