We investors are always on a lookout for stocks that could be the next Shopify. After all, the stellar run in Shopify stock has made investors very rich. For instance, if you’d invested $1,000 in its shares five years back, it would be worth $25,512.
If you have missed investing in Shopify stock in its early days or are new to the market, don’t worry. There are a few Canadian stocks that have the potential to generate stellar gains like Shopify.
So, if you want to make a fortune out of your investments, consider buying these three stocks right now.
Shares of ride-sharing company Facedrive (TSXV:FD) are on a tear and have surged about 586% year to date. Its strong and growing customer base, low customer acquisition cost, and an eco-friendly and socially responsible ride-sharing platform are a perfect combination to generate outsized gains.
If that’s not all, a large addressable market and its planned expansion in the U.S. and Europe and gradually to the other parts of the world provide strong future growth opportunities.
The company’s key performance indicators look good and indicate that the company has enough catalysts that could boost its stock and make you a fortune. Its rides completed per month are growing at a breakneck pace. Meanwhile, the number of users and drivers registering to its platform has increased by 30% and 25%, respectively, from August 2019 to December 2019.
Investors looking to multiply their wealth should start lapping up its stock.
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Lightspeed POS (TSX:LSPD) is another top growth stock that should be on your radar to generate strong gains in the long term. The company’s commerce-enabling platform for small -and medium-sized (SMB) retailers and restaurateurs have already earned it a name as being the next Shopify.
Lightspeed stock has recovered sharply from its March lows, thanks to the growing demand for its products and services. The company helps SMBs in transitioning to an omnichannel platform by supporting their payments, e-commerce, supply chain, and analytics.
The outbreak of pandemic and increased online activities in North America is acting as a long-term tailwind. More and more businesses are likely to transition to online to survive and drive growth. With tonnes of demand for its digital products, Lightspeed POS is expected to generate phenomenal returns for its investors.
Kinaxis (TSX:KXS) has been a money multiplier over the past several years. It has risen nearly 92% this year and has grown over 537% in five years. If you haven’t bought its stock yet, buy now, as the growth in its stock has only just begun.
The company’s supply-chain management platform witnesses growing demand year over year. Meanwhile, acquisitions and partnerships accelerate its growth further.
Its multi-year subscription agreements, acquisition and retention of customers, and strong order backlog imply that the company is set to produce a robust set of financial numbers in the coming years, which should support the upside in its stock. Besides, its recent acquisitions of Prana Consulting and Rubikloud should augment its growth further.
These companies are growing at a breakneck pace, thanks to their strong products and services, huge addressable market, and sustained demand. All these companies have enormous growth prospects that should help make you a fortune in the long run.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Sneha Nahata has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends KINAXIS INC.