With 2020 about to start fading in the rearview mirror, it’s time to start beefing up your portfolio for the year ahead. The strategies that won over the past year may not be the same keys to market-thumping success in 2021. I have a few names that I think will do just fine in the coming year.
I see three stocks that can double in 2021. Let’s go over what can make them take off in the coming months.
GoDaddy
GoDaddy is a company that probably doesn’t ping on a lot of growth radars. Isn’t peddling domain registrations a cutthroat business with low margins to boot? Well, GoDaddy has been a steady performer over the years in this niche.
The leading domain registrar is capping off a year that will stretch its streak of double-digit revenue growth to eight years. We didn’t put domain renewals on ice during the pandemic. If anything, we were motivated to grab a piece of cyberspace during the shelter-in-place phase of the COVID-19 crisis. There are now more than 20 million paying active accounts at GoDaddy. It came through with more than a million net adds through the first three quarters of 2020, a record nine-month haul for the 23-year-old company.
GoDaddy’s domains revenue rose 12% in its latest quarter, but that’s less than half of its business these days. It also offers hosting and presence services. Business applications revenue is actually its fastest growing segment, and that will only continue to accelerate after recent acquisitions in e-commerce, offline commerce, and integrated payments.
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