We're not even halfway through with 2023, and the market has seen some pretty surprising stocks more than double this year. Which ones have a shot at an encore performance, doubling again from this point before the end of the year? I have a few ideas. 

It's going to be a controversial pick, but Tesla (TSLA 1.85%) has the potential to double again from current levels. Duolingo (DUOL 1.02%) and Redfin (RDFN 1.37%) are two more stocks that can easily double again in 2023 if things go their way. Let's take a closer look at these three potential winners.

1. Tesla: Up 103%

This might seem like a ludicrous year for Tesla to double. It began the year by slashing prices on its electric vehicles (EVs) in its two largest markets.

The aftermath became clear when it posted disappointing financial results in April. The stock took a 10% hit that day, as investors came to grips with the contracting margins that everyone should have already expected when Tesla began to cut prices to justify its ramped-up production line and access to federal tax rebates and credits. 

There have been some recent setbacks, too. No update was given at a recent press event on an even cheaper mass-market vehicle that the company has been teasing for years. A growing number of fatalities for Tesla cars in self-driving mode is making the distinctive feature vulnerable to a regulatory shutdown. In Tesla's defense, the accidents are rising because more drivers are now paying for access to the premium option, and there's no reliable way to measure how many accidents its self-driving mode has actually prevented.

Someone celebrating as a stock chart moves higher in the background.

Image source: Getty Images.

Now let's turn to the potential catalysts for the stock doubling again. First, we have the Cybertruck, the pickup that's been generating buzz since it was unveiled four years ago with styling that makes you rub your eyes. Tesla still expects to start making Cybertruck deliveries later this year.

We might also eventually get some concrete news on the cheaper entry-level vehicle, but is that car -- initially pitched as having a $25,000 price point -- really necessary when you can buy a Model 3 today for less than $33,000 after a $7,500 federal tax credit?

There's also a consensus forming around Tesla. The two leading U.S. automakers brokered deals with the company in recent weeks, making its charging adapters the industry standard and widening the potential reach of Tesla's growing network of Supercharger stations.

With some economists suggesting that we might now be able to sidestep a recession, Tesla is in great shape if consumers warm up to big-ticket purchases again.

2. Duolingo: Up 101%

Duolingo can help you learn many languages, but one thing it's definitely mastered is the ability to speak money to growth investors. The company behind the popular language-learning app has been posting hearty revenue growth since going public two summers ago. It's coming off back-to-back quarters of 42% revenue growth, and that's actually below its historical pace of top-line growth spurts. 

There are 72.6 million monthly active users of Duolingo, a 47% increase over the past year. The more hard-core users -- the 20.3 million daily active users and 4.8 million paid subscribers -- are growing even faster, up 62% and 63% over the past year, respectively. Duolingo isn't profitable on a reported basis, but with margins widening and losses narrowing, it's learning the language of Wall Street.

Duolingo is experiencing growth all over the world. They key here is that it's delivering 42% in revenue increases, and that's with the advertising market in a funk. Things will get markedly better when the economy starts turning the corner. Ad revenue should turn positive, and a natural uptick in foreign travel (with folks wanting to brush up on a new language) should send total growth even higher than today's pace.  

3. Redfin: Up 149%

The biggest gainer of these three stocks happens to be the one that was hit the hardest last year when the real estate market started to falter. There wasn't a lot of appetite for residential real estate when mortgage rates started to rise. First-time homebuyers were priced out of their dream starter properties, and existing homeowners weren't going to let go of cheap mortgages on their current digs. 

Redfin also had to tackle its own demons, going through layoffs and shutting down its RedfinNow home-flipping business. Investors are starting to like what they see as they walk through the ruins. This is the same high-tech provider of real estate services for buyers and sellers as before, but now it's lean and focused. 

Starting lines matter. Redfin can double again from current levels, and it would still be more than 75% below the all-time high it hit in early 2021. It will need a healthy economy for real estate investing to succeed, but with the Fed rate hikes seemingly near an end and consumers coming to grips with the new normal, this is starting to become a feasibly bullish short-term outlook.