Your $1,400 stimulus check is on its way or might have already arrived. If you need to pay bills or buy essentials, this money will come in handy. But if you've taken care of the necessities, you might be thinking of spending this windfall. The options are many: travel, buying something new for your house or for yourself...

But there's another choice that could mean more money down the road: investment in some great stocks. Here, I'll talk about three of my favorites that could double your money over time.

An investor reaches into his wallet and touches a $100 bill.

Image source: Getty Images.

1. Moderna

You might be wary of Moderna's (MRNA 3.49%) prospects after the stock gained more than 400% last year. And now it's down 30% from a high reached in February. But this looks like a buying opportunity to me. Last year's gains came as investors bet on Moderna's chances of developing a coronavirus vaccine.

Today, Moderna has proved its vaccine technology works. About 76 million doses of that vaccine have made their way into arms of Americans. The company predicts at least $18.4 billion in revenue this year from orders so far. And Moderna has started clinical trials on boosters to better handle new strains of concern. If all goes well, that could mean billions in vaccine or booster revenue well into the future.

But Moderna isn't relying on its coronavirus vaccine alone. The company is launching phase 3 trials of its cytomegalovirus (CMV) vaccine candidate this year. CMV is a common virus that can be problematic for people who are pregnant or have weakened immune systems. And the biotech recently began pre-clinical development of HIV and flu vaccine candidates.

2. Teladoc Health

Teladoc Health (TDOC 1.95%) has declined about 9% since the start of the year. Another buying opportunity, in my opinion. Why? Investors are frowning because the telemedicine company's annual growth may slow this year compared with last year. Full-year 2020 revenue climbed 98% year over year. This year, the company predicts annual revenue may increase as much as 82%.

The pandemic offered Teladoc a major boost last year. In many cases, medical offices closed, and people turned to Teladoc for online medical visits for the first time. Even if some patients return to classic medical settings, I'm confident most of Teladoc's 2020 progress will stick. The telemedicine market, at a 25% compound annual growth rate, is expected to reach more than $396 billion by 2027, according to Fortune Business Insights.

And Teladoc is investing in growth. Last year, the company acquired Livongo, a specialist in the virtual management of chronic conditions. We should see cost savings and growth opportunities from this move in the years to come. In fact, Teladoc CEO Jason Gorevic says he's already seeing "tremendous interest" in international markets for chronic disease management.

3. lululemon athletica

lululemon athletica (LULU 15.89%) is another quality stock experiencing a bit of a lull this year. The shares are down 14% so far. But the seller of yoga-inspired apparel successfully managed the worst of the pandemic. The company only saw revenue slip for one quarter. And online sales remained strong from the start, showing the brand's strength.

For the year, Lululemon reported an 11% increase in net revenue. And earnings per share only fell about 8%. For 2021, Lululemon predicts revenue and earnings per share may gain as much as 28% and 39%, respectively. That's reason to be optimistic right now.

But there are reasons to be optimistic about the future, too. The company recently said it's on track on its Power of Three plan to double its men's line revenue and quadruple international revenue by 2023. And it expects to meet its goal of doubling digital revenue earlier.

These three stocks probably won't double your money overnight. But the companies have what it takes for long-term stock market gains: products and services that will keep revenue and profit growing. That means it's likely they'll reward the long-term investor. So, if you're patient, they may double your money.