3 Red-Hot Growth Stocks That Have Doubled This Year But Could Run Out of Steam in 2024

Valuations for many stocks have been rising sharply this year. But investors should be careful not to assume that the current year's trends will continue into 2024. Growth stocks, especially, are trading at elevated prices and could be due for a correction in the near future. Three stocks that may run out of steam next year include Riot Platforms (NASDAQ: RIOT), C3.ai (NYSE: AI) and Tesla (NASDAQ: TSLA).

There's no mystery behind the impressive performance of Riot Blockchain this year. Crypto valuations have been soaring, with Bitcoin's price jumping by more than 150%. Riot has more than just gone along for the ride, however, as its share price is up a monstrous 417%.

Riot is a Bitcoin-mining and digital infrastructure company. As the price of Bitcoin goes up, its revenue does as well. In its most recent earnings report, for the third quarter ended on Sept. 30, the company's revenue totaled $51.9 million and was up 12% year over year. Riot, however, still posted a net loss of $45.3 million this past quarter (versus a loss of $32.4 million in the prior-year period).

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Source Fool.com