SCR - 3 of the Best Canadian Stocks to Buy Right Now
Whether you’re just starting investing or have been doing it for years, the choices are endless. That choice can be overwhelming. It’s hard to decide what the best Canadian stocks for your portfolio can be. But here at Motley Fool Canada, we attempt to do some of that work for you.
If you’re looking for strong stocks to buy and hold for a lifetime, there are some that stand above the rest. So here are three of the best Canadian stocks I’d buy right now.
Worldwide phenomenon
Lightspeed POS (TSX:LSPD) (NYSE:LSPD) continues to be an opportunity just waiting to soar. Its already rewarded shareholders generously over the last few years. Since its Initial Public Offering (IPO) the stock rose 434%! That’s even more than some of its peers in the first few years. But among Canadian stocks in the e-commerce space, I like Lightspeed stock for its international growth.
The company continues to bring in strong year-over-year revenue, but it’s in debt right now. That comes from its acquisition spree over the last year and more. Since January 2020, it’s spent almost US$2.3 billion on acquisitions. This is part of Lightspeed stock and its “land and launch” strategy.
It’s one of the best Canadian stocks because it’s so not Canadian. It has a foothold in over 100 countries, where it will continue to grow and develop from there.
As the company continues to expand, management believes revenue and profits will thrive. With shares up 20% in the last month alone, Lightspeed stock is definitely one of the best Canadian stocks money can buy today.
Bet on this
One of the best Canadian stocks that analysts continue to watch is Score Media and Gaming (TSX:SCR) (NASDAQ:SCR) . The company provides sports betting on its mobile app, but that’s not why analysts are so excited . Score stock is looking forward to the next phase of growth: single-day sports betting.
Should this be approved by the Senate, and it already has seen approval by the House of Commons, all bets are off. Analysts believe the market potential for online gaming in our country to hit between US$38 and US$5.4 billion each year in gaming revenue.
And it’s not just Canada, as Score stock also has a massive presence in the United States as well. As the country’s leading mobile sports brand, with millions of loyal users, it’s very likely that this year could be the one for exploding share growth.
Shares are already up 296% in the last year, and 80% in the last month! So Motley Fool Canada investors should definitely get on one of the best Canadian stocks before it rises even higher.
Food for thought
Finally, one way to build wealth is by investing in the best Canadian stocks in the most stable sectors . If there’s one thing we can’t live without, it’s food. And arable land is becoming less and less, providing few opportunities for literal growth.
Nutrien (TSX:NTR) (NYSE:NTR) provides a solution, with crop nutrients to feed the soil. But it’s more than that. The company continues to buy up the market share, expanding through growth in acquisitions and organically to boot. That’s what makes this the perfect company to buy among the best Canadian stocks.
Since the company’s IPO a few years back, shares have climbed 25%, but it’s up 63% in the last year. That’s as revenue continues to climb for the company. Meanwhile, it also offers a dividend yield of 2.42% for Motley Fool Canada investors.
While the stock is new, it’s in a stable industry that certainly isn’t going anywhere. So it’s definitely one of the best Canadian stocks to buy today.
The post 3 of the Best Canadian Stocks to Buy Right Now appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe owns shares of Lightspeed POS Inc. The Motley Fool owns shares of and recommends Lightspeed POS Inc. The Motley Fool recommends Nutrien Ltd.
2021