SHOP:CC - 2 Fantastic Growth Stocks to Buy Right Now
2024-05-07 10:00:00 ET
Growth stocks can be exciting but are a bit less so when they start to drop in share price. That’s why investors might want to consider finding companies that are on the upswing and look like they’re going to stay there. This is why today we’re going to look at two growth stocks doing just that. So, let’s get into why growth stocks Shopify ( TSX:SHOP ) and Cameco ( TSX:CCO ) deserve your attention on the TSX today.
Shopify stock
Shares of Shopify stock have been climbing once more, surpassing its three-digit point with the hope it won’t turn back once more. Shopify stock is now up 14% in the last year alone and 63% since the market bottom hit back in October.
Yet what investors should consider when looking at Shopify stock is the company’s base. Shopify stock is a leading e-commerce platform that enables businesses to create and manage online stores. With the continued growth of e-commerce globally, Shopify stands to benefit from the increasing number of businesses looking to establish or expand their online presence.
Shopify stock has demonstrated impressive revenue growth over the years, driven by a combination of increasing merchant subscriptions, transaction volumes, and additional services such as Shopify Payments, Shopify Shipping, and Shopify Capital.
What’s more, Shopify has delivered strong financial performance, with consistently increasing revenues and improving profitability metrics. While the company has experienced periods of volatility in its stock price, its long-term growth potential remains compelling for many investors.
Now that the company has strengthened its balance sheet and refocused back on its platform, investors and analysts alike are renewed in their love of the stock. So, consider this growth stock if you’re looking for more future growth as well.
Cameco stock
Another strong company to consider for current and future growth is Cameco stock. Shares of the uranium provider are up by 80% in the last year alone and yet are also below 52-week highs. So, this again marks a great time to jump in.
Cameco stock is one of the world’s largest uranium producers, with extensive mining operations in Canada, the United States, and Kazakhstan. Investing in Cameco provides exposure to the uranium market, which is a key component of the global nuclear energy industry.
Nuclear energy is increasingly being recognized as a viable option for clean, low-carbon electricity generation. As countries seek to reduce their reliance on fossil fuels and meet carbon emission targets, there is growing interest in expanding nuclear energy capacity. This trend could drive increased demand for uranium, benefiting uranium producers like Cameco.
What’s more, Cameco stock is already benefitting. The uranium market has faced supply-demand imbalances in recent years, with reduced uranium production and mine closures leading to a tightening of supply. Meanwhile, demand for uranium is expected to increase as nuclear reactor construction projects come online.
Plus, Cameco stock typically enters into long-term contracts with utility companies to sell its uranium production. These contracts provide revenue visibility and stability for the company, as well as insulation from short-term fluctuations in uranium prices. Overall, with shares up and more growth to come, Cameco stock looks like a clear winner among growth stocks as well.
The post 2 Fantastic Growth Stocks to Buy Right Now appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy .
2024