Investing

3 Stocks Under $10 That Wall Street Sees More Than 100% Upside This Year

John Seetoo

Published: March 21, 2024 10:32 am

Since March 2023, the Dow Jones Industrial Average has surged from 31,800 to 38,900. During that 12-month stretch, some stocks, like Nvidia (NASDAQ: NVDA), have quadrupled, while others, like SunPower Corp. (NASDAQ: SPWR) have floundered, falling over 75% during the same period. 

As we approach the start of the second quarter of 2014, the search for other stocks that have the potential to make triple-digit gains is a brisk one, and analysts have been careful to factor in the aggressively activist regulatory activities of the SEC’s Gary Gensler and the FTC’s Lina Khan in these assessments. 

We screened our 24/7 Wall St. dividend equity research database, looking for stocks that pay massive dividends, and we found a collection of companies that Wall Street analysts appear to concur can each gain over 100% in a year, based on facts assessed at the time of this writing:

Bitdeer Technologies Group

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Cryptocurrencies have become the latest disruptive factor in the investment world. Predicated on blockchain technologies, cryptocurrencies have made the concept of decentralized finance (DeFi) a tangible asset. As Bitcoin flirts again with $70,000, the debate between cryptocurrency advocates and central bank traditionalists has only become more intense. 

The existence of cryptocurrencies requires “miners” who store blocks of code on separate computers and servers that are linked all over the world. Singapore headquartered Bitdeer Technologies Group (NASDAQ: BTDR) specializes in this type of data mining, both for its own account, as well as for providing mining solutions for the cryptocurrency industry. These mining services include, but are not limited to identifying and procuring new miners, data center design and construction, miner logistics, and miner operations and administration management.

Although based in Singapore, Bitdeer’s primary data centers are located in Singapore, the United States, Bhutan, and  Norway, as opposed to China, which has the second largest number of Bitcoin miners on Earth. Strategically, this is a plus for Bitdeer. A great many of the Chinese miners are situated in the Western part of the country, and fears over floods from the Three Gorges Dam could ostensibly wipe out many of them. Experts believe that such an occurrence could render Bitcoin subject to easier hacking or other kinds of digital attacks that would disable the security of the blockchain structure, so Bitdeer’s choices of Singapore, Bhutan,  the US and Norway are considered much safer locations. 

While cryptocurrency is one of the hottest asset classes at the moment, its dependence on a 24/7 electronic digital world puts it at risk from a number of fronts that don’t apply to other asset classes. In addition to natural disasters like the aforementioned flood example, many governments see cryptocurrencies as a threat to central bank control and as a tool for criminal and terrorist activities. Hamas is presently under investigation for using as much as an estimated $165 million in cryptocurrencies to finance its terrorist operations, and cryptocurrencies have also been tied to drug smuggling, human trafficking, and money laundering. If not direct outlawing, the use of cryptocurrency in criminality can conceivably be used to indict others associated with the blockchain, whether inadvertently or not. Should governments decide on new legislation outlawing cryptocurrencies, Bitdeer’s business model can easily be migrated towards servicing Big Data and A.I., since data centers and analytics also serve those arenas, which demand the same amount of processing power.

At the time of this writing, five analysts cover Bitdeer Technologies Group, including BTIG, H.C. Wainwright & Co., and Roth MKM. They have all rated Bitdeer a “buy” with a consensus one-year target price range of $13.65 – $14.00. 

908 Devices Inc.

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Among scientific analytical platforms, mass spectrometry is one of the most sophisticated and precise ones established to date. It is primarily used by military and law enforcement government agencies in addition to clinical medicine, space exploration, and in post-graduate level academic biology, chemistry and physics. Mass spectrometry analyzes the mass-to-charge ratio of ions to calculate the molecular weight of a sample and its individual constituent parts. As such, it can be used for analyzing the current or past residual presence of radioactive, explosive, pharmaceutical, bacterial, viral or other microscopic elements of a sample. It is thus invaluable for detecting CBRNE (Chemical, Biological, Radiological, Nuclear, Explosive) WMD’s, illicit drugs, potentially lethal pathogens, and other kinds of hazardous materials in gas, liquid, or solid form. 

Past analytical implements that utilized mass spectrometry were often large, standalone devices, akin to the size of airport X-ray scanning machines. 908 Devices Inc. (NASDAQ: MASS) is a pioneer in the design and manufacture of handheld and desktop sized mass spectrometry analytical devices.          

The 908 Devices product line includes the handheld MX908, the desktop Rebel, and the optical Maverick analyzers. Maven, Trace 2, and ZipChip comprise the 908 Devices online and plug and play platforms. The US Department of Defense, US Air Force, NATO and DrugDetectEU are among the larger institutional adoptees of the MX908, using it for drug searches in prisons, as well as for military CBRNE and HazMat detection applications. 

86% of MASS stock is held by institutions, so the float is relatively small. ARK Investment Management has the largest stake with 13.21%. Granahan Investment Management follows with 6.19%, Ameriprise Financial with 5.74%, Blackrock has 5.43%, and Vanguard Group is fifth at 5.30% (as of beginning Q1 2024).

Red Robin Gourmet Burgers, Inc.

Source: NicolasMcComber / iStock Unreleased via Getty Images

For the past 55 years, Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) franchise chains have been providing families with casual-dining burgers, fries, chicken wings, pizza, salads, soups, shakes, and other American cuisine staples. During this timespan, Red Robin has grown to over 500 restaurant locations across the US and Canada. 

One of Red Robin’s more strategic moves has been to initiate the sale of ten real estate Sale-Leaseback transactions to pay down debt and reallocate cash where needed. With each sale estimating net proceeds of over $20 million, these cash lump sums give Red Robin the means to strengthen its balance sheet, to lower taxable income through larger bookkeeping business deductions.

In order to stay competitive against casual-dining rivals like Applebee’s, Bob’s Big Boy, and Denny’s, Red Robin has also embraced digital technology to grow its online ordering business. Creating delivery collaborations with GrubHub and DoorDash, promoting its loyalty program and smartphone app to appeal to younger customers, and making menu innovations are just some of Red Robin’s digital initiatives.