WELL:CC - My Take: 4 Strong Growth Stocks to Buy This Week
2023-04-11 10:00:00 ET
The question on many investors’ minds today is whether or not we’ve seen the market bottom out yet. Over the past 12 months, the S&P/TSX Composite Index has experienced two 10% drops and two drops of just over 5%.
On the bright side, of those four selloffs, the two most recent ones were 5% drops. And the bottoms of both of those drops were higher than where the two 10% drops bottomed out in 2022. All that to say, there is a trend that we’re moving in the right direction.
It’s anybody’s guess as to if the selloff in March will end up being the start of a new bull run. But what we do know is that there are plenty of top TSX stocks well on their way to returning to their market-beating ways.
Here are four growth stocks that Canadian investors should have on their watch lists today.
Constellation Software
Constellation Software ( TSX:CSU ) is one of the few tech stocks trading in positive territory over the past year. Shares are already up 20% year to date and came surging into April trading at new all-time highs.
With many other high-quality tech stocks trading at discounted prices, now may not seem like an opportunistic time to be investing in Constellation Software. The reason why it’s a strong buy today is because this market-beating tech stock rarely trades at a significant discount.
The tech stock has returned more than 200% over the past five years.
This is the type of company you can feel good about buying and holding for the long term.
Descartes Systems
Descartes Systems ( TSX:DSG ) is another tech stock that’s had a strong past few months. Shares are up more than 10% this year and close to 20% over the past half-year.
Nearing a 200% return over the past five years, this tech company is loaded with market-beating growth potential for the years to come.
As a software developer in the supply chain management space, Descartes Systems understandably may fly under the radar for some investors. But for growth investors looking to earn steady returns for years to come, this is a business you want to own.
goeasy
goeasy ( TSX:GSY ) rarely goes on sale like this. Shares are down more than 50% from all-time highs set in late 2021. Still, the growth stock has largely outperformed the market over the past five years, returning more than 150%.
This consumer-facing financial services company has quietly been one of the top-performing TSX stocks over the past decade.
As interest rates gradually come back down, demand should return for goeasy. And with that, so should the market-beating returns.
WELL Health Technologies
Not many TSX stocks outperformed WELL Health Technologies ( TSX:WELL ) during the second half of 2020. Demand for the company’s telehealth services surged in the early days of the pandemic. The growth stock ended 2020 up an incredible 400%.
Shares are still down about 50% from all-time highs but WELL Health is making up ground quickly. The stock is already up close to 70% this year — well on its way to a market-crushing year in 2023 and perhaps even setting new all-time highs.
If you’re a long-term bull on the rise of the telehealth space, WELL Health is the stock for you.
The post My Take: 4 Strong Growth Stocks to Buy This Week appeared first on The Motley Fool Canada .
Fool contributor Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool recommends Constellation Software and Descartes Systems Group. The Motley Fool has a disclosure policy .
2023