DOOO - 3 Stocks That Could Double Your Money in June 2021
Although the Motley Fool believes in investing for the long run and avoiding speculative plays, there are seasonal buys that make more sense than others. By choosing the right industries to target at the right time of the year, there’s a decent chance of earning a higher return. In this article, I will discuss three stocks that could double your money in June.
Professional sports are back in full swing
Last summer, I wrote that Score Media and Gaming (TSXV:SCR) (NASDAQ:SCR) would be one of the big winners as professional sports leagues resumed operations after the COVID-19 pandemic caused them to shut down. Since then, Score Media stock gained as much as 600% before falling with the broader market this year. A big reason I figured Score Media would do so well is because of its newly released sportsbook feature, which hadn’t been widely used before sports leagues shut down that year.
Currently, major sports leagues are in exciting points of the season. The NHL and NBA are midway through the playoffs and the MLB and NFL are getting ready to take off. June could be the month to get into this company, as fans of these many sports flood onto Score Media’s mobile sportsbook. The stock is currently valued at $1.09 billion. A double would bring it to a valuation just north of $2 billion, which is still significantly less than its most expensive valuation over the past year.
A reliable Canadian giant
If you live in Canada, there’s a very good chance you’ve bought outdoor equipment at Canadian Tire (TSX:CTC-A) before. The company is well known for providing everything you need for playing outdoor sports, fishing, camping, barbequing, and so forth. As lockdown restrictions ease this month and the weather continues to get nicer, more and more families will start heading to Canadian Tire for all their outdoor needs.
Year to date, Canadian Tire stock has already performed very well, gaining more than 22%. In mid-May, the company saw its stock jump more than 10% in a single day, suggesting a lot of buying pressure for this stock. Canadian Tire stock is also an attractive dividend company, offering a yield of 2.3%. This dividend and the company’s recent strong performance should entice some investors to even keep holding the stock long after the summer is out.
Another company to take advantage of the outdoor leisure market
BRP (TSX:DOO) (NASDAQ:DOOO) is another stock that Canadians should consider as a top buy in June. The company manufactures jet skis, off-road vehicles, fishing boats, and much more. These are all industries that should see a large uptick in sales this quarter. In 2020, many families may have bought BRP products with their stimulus checks. While that claim is very speculative, it does align with the exceptional growth across BRP’s retail sales.
Year to date, BRP stock has gained as much as 43%. However, since the end of April, the stock has lost nearly 15% of its value. While some may see this as a negative, it provides investors an opportunity to enter at an attractive valuation. It also sets the company up for a very exciting summer.
The post 3 Stocks That Could Double Your Money in June 2021 appeared first on The Motley Fool Canada .
Fool contributor Jed Lloren has no position in any of the stocks mentioned.
2021