Got $500? 3 Growth Stocks to Buy That Could Double Your Money

Here’s a fact: You don’t need huge sums of money to start (or continue) investing. Any amount, if placed wisely, could eventually bring you great returns. Today, let’s consider $500. With that amount you could buy one of the following growth stocks — or invest in all three. They could double your money over time.

So, what stocks are we talking about? Teladoc Health (TDOC -3.91%) is a leader in the growing market of telemedicine. Moderna (MRNA -1.26%) is on its way to becoming more than a coronavirus vaccine stock. And Axsome Therapeutics (AXSM 5.46%) is starting what may become a billion-dollar revenue story. Let’s find out more.

1. Teladoc Health

Teladoc shares have dropped 67% this year. Investors worried after the telemedicine company reported two, billion-dollar non-cash goodwill impairment charges. These were linked to Teladoc’s purchase of Livongo, a specialist in chronic care, in 2020. That added to earlier concerns about the company’s lack of profitability so far.

But there’s reason to be optimistic about Teladoc over the long term. And that’s showing in its recent share performance. The stock has climbed 21% over the past month.

In the third quarter, Teladoc’s net loss narrowed. The company’s revenue and visits continue to climb in the double-digit-percentage range. And over time, Teladoc has won over big business; it serves more than half of Fortune 500 companies.

Yet there still is plenty of room for growth. For example, 92 million people in the U.S. have access to a Teladoc product. That’s out of a total of 298 million U.S. insured lives. At the same time, the telemedicine market is forecast to grow by double digits. Teladoc is likely to benefit.

As for valuation, Teladoc is a bargain right now. It’s trading for 2 times sales, nearly its cheapest price ever.

2. Moderna

Moderna has been generating billions of dollars in revenue and profit since it began selling its coronavirus vaccine. And that initially boosted the shares. This year, though, worries about Moderna’s revenue in a…

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