Investing seemed easy in 2021 when the market was going crazy. Stocks doubled and tripled within a year, left and right. But that's no longer the case, and many stocks need massive gains to get within even shouting distance of their former highs.

But a bear market doesn't discriminate, and there are some impressive businesses whose stocks were thrown out with the bathwater by Wall Street. Investors shouldn't expect many stocks to double in value anytime soon, but these five rising stars have a decent shot at doing it in 2023.

1. Roku Inc.

The entertainment industry has been steadily shifting to streaming for years, and Roku (ROKU -3.67%) sits at the front of this growing industry. Its streaming platform attracts users with the streaming sticks it sells, plus the smart television operating system that many brands license from the company. Roku currently has 65.4 million users and is the leading connected-TV platform in North America.

Roku should grow from the broader shift of advertising dollars to streaming platforms over the coming years.

ROKU Revenue (TTM) Chart

ROKU Revenue (TTM) data by YCharts

Revenue growth has slowed due to recession fears restricting advertising spending across the industry. However, Roku has still grown its revenue to $3.1 billion over the past four quarters, while the stock's price-to-sales (P/S) ratio has plummeted to a fraction of what it once was. A rebound in advertising spending could lift the stock, which could double from here and still remain well below its peak valuations from 2021.

2. SentinelOne

An increasingly digital world requires better cybersecurity than ever before. Yet another company is getting breached seemingly every day. SentinelOne (S -1.15%) uses artificial intelligence to detect threats, and can be deployed locally on devices or through the cloud. This year, SentinelOne earned a 100% detection rating by MITRE Engenuity ATT&CK, a third-party test that evaluates cybersecurity software. SentinelOne has arguably the most advanced product in its field today.

S Revenue (TTM) Chart

S Revenue (TTM) data by YCharts

SentinelOne is rapidly growing revenue. It grew 124% year over year in the second quarter of 2022. The company's strong growth made shares a hot commodity when the company went public, but you can see how the P/S ratio has collapsed from roughly 100 to just 12. SentinelOne is growing fast enough to give the stock a solid chance of doubling in value even without the valuation changing too much.

3. Hims & Hers Health

Consumers are looking for alternative methods of healthcare, evidenced by the success of Hims & Hers Health (HIMS -2.63%). You can receive a telehealth consultation from a healthcare professional for several conditions and ailments and subscribe to obtain a prescription and over-the-counter products. Hims & Hers has built a following by treating more taboo conditions for which patients are reluctant to visit a doctor, like hair loss and sexual health.

HIMS Revenue (TTM) Chart

HIMS Revenue (TTM) data by YCharts

Hims & Hers' popularity reflects its financials. The company grew revenue by 95% year over year in the third quarter while subscriptions jumped 80% to 991,000. A depressed valuation and strong growth have only been met with a falling stock price. Fundamentals often tell the story eventually, so investors should look for this growth to translate into solid investment returns at some point.

4. Coinbase Global

The cryptocurrency industry is going through the most challenging time in years, which has undoubtedly impacted Coinbase Global (COIN -4.42%). Coinbase is a leading cryptocurrency exchange; it makes money from fees when users buy and sell crypto. But the massive collapse of competing exchanges like FTX and a general bear market that's brought crypto prices down is stunting activity on the exchange. You can see that impact on Coinbase's revenue below.

COIN Revenue (TTM) Chart

COIN Revenue (TTM) data by YCharts

Coinbase still has a healthy cash position of $5.3 billion, which should get the company through these challenging times. Still, it's a situation investors need to watch closely. Assuming Coinbase survives to see another bull market in crypto, Coinbase's revenue should recover, and the stock could see a big rerating of its valuation, which has fallen from a P/S multiple of 21 to just 2. A more robust crypto market could easily lift Coinbase to a higher share price, though investors should respect the risks facing the company right now.

5. Meta Platforms

Big numbers typically work against you, so social media company Meta Platforms (META -0.81%) wouldn't usually be a stock you'd expect to double in a year. The company is worth almost $300 billion, even after its sharp decline. It's dealing with several challenges, including headwinds in advertising similar to what Roku is facing, privacy changes on iPhones that make tracking users for ads harder, and Wall Street's adverse reaction to Mark Zuckerberg's ambitious spending on Reality Labs.

META Revenue (TTM) Chart

META Revenue (TTM) data by YCharts

Despite that, Meta is still a juggernaut with 3.71 billion monthly active users across its social media apps. The company has done $118 billion in revenue over the past four quarters, yet the stock's valuation has fallen from a P/S multiple of 9 to just 2.5. Meta recently announced significant layoffs, a sign that it's finally reigning in its spending. If Wall Street turns positive on the stock again, seeing the stock rebound to a P/S multiple of 5 and doubling the share price doesn't seem so far-fetched.