SHOP:CC - Got $3000? 3 Growth Stocks to Double Up on Right Now
2024-01-04 10:30:00 ET
Many investors continue to focus on how dividend stocks can provide them with some extra income in 2024. However, it’s just as important to also consider growth stocks. Growth stocks can provide you with extra income in returns. However, not all are alike.
As we’ve learned in the last few years, investors need to be careful with growth stocks. While some might climb and keep on climbing, others surge only to drop. So, here are three I would consider investing if you have $3,000 to invest today.
Cameco
While most renewable energy stocks have seen a drop when it comes to investor interest, Cameco ( TSX:CCO ) isn’t one of them. The world’s largest publicly traded uranium producer continues to see shares climb as more and more countries seek out clean energy production.
Yet Cameco stock remains the top choice as reactors are built around the world. This looks like it will continue to be the case for at least the next decade, if not longer. Therefore, if you’re looking for an investment in growth stocks to last at least the next 10 years, I would certainly consider this stock.
Right now, Cameco stock is up a whopping 85% in the last year alone. That could only climb higher as the company continues to make partnerships and acquisitions that will lead to further share growth.
Shopify
We certainly need to talk about Shopify ( TSX:SHOP ), as it continues its rise into the three-digit share price. The company is still less than half of its all-time high of $228 per share. But as a bull market eventually arrives, it’s likely Shopify stock could increase back to its once-great status.
For now, the tech stock has learned from its mistakes. It refocused on e-commerce growth, putting any profits it has back into the company to create the best platform for its businesses. And while those businesses focus on small- and medium-sized growth, the company has made clear that these small businesses are the future’s enterprise companies.
With so much growth already behind it, analysts believe there is still so much more to come. For now, shares are a whopping 94% in the last year. Again, basically, any positive announcement at this stage leads to even more growth for the tech stock.
WELL Health
Finally, an easy buy right now is to consider WELL Health Technologies ( TSX:WELL ). WELL stock surged to greatness during the pandemic when virtual healthcare was a must. However, it then slumped into nothingness, as investors wanted nothing to do with the pandemic or tech stocks.
Now, the tides may start turning again. And they already have for WELL stock, as the company continued record results quarter after quarter, both organically and through acquisitions. More revenue and profits should continue fairly easily for the stock in the future, especially as it continues to expand both in Canada and the United States.
So, with shares price at just $3.75 per share as of writing, this stock is an absolute steal. One that could easily double in the next year and climb even higher beyond 2024.
The post Got $3,000? 3 Growth Stocks to Double Up on Right Now appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in Shopify and Well Health Technologies. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy .
2024