Within the portfolio of growth stocks, it’s a good idea to scout for stocks under $10 to double your money. Exposure to several low-price stocks allows an investor to diversify the portfolio even with relatively low capital.

The good news is that with challenging market conditions, there are several stocks under $10 that can double your money in one year.

The temptation of quick returns should not translate into going overweight on these stocks. However, a sub-portfolio of stocks under $10 that can double your money can be created for robust returns.

While I am focused on low-priced growth stocks, these companies are fundamentally sound. There are positive business catalysts that can drive these stocks higher in the next few quarters. Based on the business development, some of these small-cap stocks under $10 can also be considered for the long term.

Let’s discuss seven stocks under $10 that can double your money in one year.

Riot Blockchain (RIOT)

Bitcoin (BTC-USD) finally seems to have found a bottom around $20,000 levels. It’s a good time to accumulate deeply undervalued crypto stocks.

Riot Blockchain (NASDAQ:RIOT) stock looks attractive at current levels of $7.2. In the last one-month, the stock has trended higher by 13%. I expect the reversal to sustain considering positive business developments.

A key reason to like Riot is sustained growth in mining capacity. As of September, the company reported hash rate capacity of 5.6EH/s. Furthermore, the company is targeting capacity of 12.5EH/s by Q1 2023. This potentially implies a doubling of revenue.

Riot also has a strong balance sheet with 6,775 Bitcoin held as of September 2022. Once Bitcoin starts trending higher, the value of digital assets in the balance sheet will swell. This will boost the company’s financial flexibility for the next phase of expansion.

Assuming a scenario where Bitcoin is above $30,000 in the next 12 months, RIOT stock can easily double. In a bull-case scenario of Bitcoin surging above $50,000, multi-fold returns are likely.

Transocean (RIG)

I am bullish on Transocean (NYSE:RIG) stock.

In June, Transocean reported an order backlog of $6.1 billion. As of September, the company’s order backlog had swelled to $7.4 billion. The order backlog is 3.9 times the market capitalization. This is one indicator of undervaluation.

It’s also worth noting that oil has sustained above $80 per barrel. This is good news for the offshore drilling rigs services company. The recent order intake has been at a higher day rate. This is likely to translate into EBITDA margin expansion in 2023 and beyond.

From a growth perspective, Transocean still has 12 cold-stacked rigs. Further, two rigs are under construction. If market conditions remain positive, rig use will increase and this will boost top-line growth.

Given the cash flow visibility, Transocean is also positioned to deleverage in the next few years. As the company’s credit profile improves, RIG stock is likely to trend higher.

Rada Electronic (RADA)

Considering the global geo-political outlook, there is a focus on defense stocks. However, large-cap stocks have dominated the headlines. Rada Electronic (NASDAQ:RADA) is an emerging player in the defense sector that looks attractive.

Rada is a defense technology company with a focus on tactical radars. The interesting development here is that Rada has announced a merger with Leonardo DRS. The latter is a leading provider of advanced defense electronic products and technology.

Once the merger is completed, the total addressable market will swell. Importantly, growth is likely to accelerate for the combined entity. It’s worth mentioning here that Leonardo recently received an order worth $50 million from the Swedish military.

The order is for advanced thermal weapon sights. With Europe likely to ramp up defense spending, I expect the order intake to accelerate in the coming quarters.

Coming back to the merger, low double-digit adjusted EBITDA growth is likely in the next few years. This is attractive considering the fact that the combined entity has an adjusted EBITDA of $305 million for 2021.

Polestar Automotive (PSNY)

Polestar (NASDAQ:PSNY) stock had a decent listing in June 2022 and the stock touched highs of $13.30. However, the joy was short-lived and PSNY stock has been in a steady decline. At current levels, I believe the stock is attractive.

For Q2 2022, Polestar reported revenue growth of 95% on a year-on-year basis to $1.0 billion. While the company’s operating losses widened, the markets are likely to focus on deliveries growth.

Next week, the company will be launching Polestar 3. This model is likely to boost deliveries growth in 2023 and beyond. The company already has an attractive pipeline of new models with Polestar 6 to be launched in 2026.

It’s worth noting that Polestar has lowered its delivery guidance for 2022 to 50,000 vehicles. The initial target was to deliver 65,000 vehicles. If the production guidance for 2023 is encouraging, PSNY stock is likely to surge higher.

Hecla Mining (HL)

Hecla Mining (NYSE:HL) is among the stocks under $10 to double your money. After a correction of 31% in the last six-months, the stock seems to be poised for a reversal.

With the dollar strengthening, precious metals have been depressed. However, it seems that the dollar is overbought. It’s therefore a good time to consider exposure to some gold and silver mining stocks.

Hecla is the largest silver producer in the U.S. However, the company is diversified with gold mining also contributing to growth. For the first half of 2022, the company derived 34% and 39% revenue from gold and silver sales respectively.

Recently, Hecla completed the acquisition of Alexco Resource. With the acquisition, Hecla expects to “produce 17-20 million ounces per year in the next few years, which is 30 to 55% more than 2021.” With this growth visibility, HL stock looks attractive.

Hecla also has a strong balance sheet with net leverage of 1.4 as of Q2 2022. Further, with an attractive all-in-sustaining cost, the company is likely to remain cash flow positive even in the current scenario.

Solid Power (SLDP)

With multi-year tailwinds for the electric vehicle industry, Solid Power (NASDAQ:SLDP) is another attractive stock to consider. In particular, after a correction of almost 45% in the last six months.

As an overview, Solid Power is in the development stage for commercializing solid-state batteries. Battery technology is being touted as the future of EV batteries. Solid Power believes that by 2035, the total addressable market for EV batteries will be $305 billion. Therefore, there is immense scope for growth.

There are two reasons to be bullish on Solid Power. First and foremost, the company is backed by Ford (NYSE:F) and BMW (OTCMKTS:BMWYY). Financing investments in research and development is therefore not a challenge.

Furthermore, Solid Power has already completed installation of its pilot production line. This will be used for the production of EV-scale solid-state cells. The company will also begin shipments for validation testing by Ford and BMW. There is the possibility of some good news from the trials and it can send SLDP stock surging.

Heron Therapeutics (HRTX)

Bio-pharmaceutical stocks can deliver manifold returns. Valuations can skyrocket depending on the clinical trial results or drug commercialization. One stock that deserves a place in the portfolio is Heron Therapeutics (NASDAQ:HRTX).

After being in a downtrend through year-to-date 2022, HRTX stock has returned 7.5% in the last month. I believe that the upside is likely to sustain with several catalysts.

Last month, the company got U.S. Food and Drug Administration approval for its intravenous injection. The injection is for the prevention of postoperative nausea and vomiting. With a total of four drug approvals from the U.S. FDA, Heron seems positioned for accelerated growth in 2023.

In August 2022, the company also raised $76.5 million through private placement. The company currently has a cash runway through 2024. As sales and marketing efforts increase, the company’s financial flexibility is likely to translate into top-line growth acceleration.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.