A market downturn leaves plenty of room for opportunities. With future dips in the market predicted, those who have even a little cash set aside to invest could make huge gains in a short time. The stocks I’ll be covering today could triple in just three years — and could do even better given time. So let’s check out these three top stocks.
Goodfood
Goodfood Market Corp. (TSX:FOOD) has been a huge winner of 2020. The stock started off the year at around $3, and has since more than doubled as of writing. This growth is due to the company being one of the few top stocks to take advantage of a pandemic.
After experiencing some growing pains, Goodfood found its stride. The company added 450 new employees, opened up a distribution centre in Toronto, and has further plans to continue this long-term growth. Its recent earnings report supported this, with 44% increase in subscriptions, positive EBITDA and net income for the first time in company history, and a huge jump in revenue.
With its peers in the United States and United Kingdom being worth billions of dollars, Goodfood still has plenty of room to grow at a $403 million market capitalization. As the company continues to grow in popularity, you could see this stock easily triple in three years.
Lightspeed
Among the top stocks set to soar, Lightspeed POS Inc. (TSX:LSPD) is another top contender. The company provides point-of-sale services to mainly the retail and restaurant industry. While the company might be down right now, those looking for a long-term hold should stick with this stock.
Part of the near-term rebound should come as retail and restaurant locations begin reopening during the pandemic. This should see the company continue its record-breaking streak where it left off before the pandemic.
Revenue is expected to increase at 50% over the next few years, partially because of a recent deal with Ivanhoe Cambridge, a real estate company that would expanded Lightspeed into a new area. As the company takes on more big clients like Ivanhoe, expect some huge jumps in the next few years.
Cargojet
Another company taking advantage of the pandemic is Cargojet Inc. (TSX:CJT). The company already saw some major growth compared to other top stocks thanks to a recent partnership with Amazon. The e-commerce giant bought a 9.9% stake in the company, which could increase to a 14.9% stake in the next few years if Cargojet can provide $600 million worth of business.
Given the increase in demand for e-commerce products, that seems likely right now. The company delivered strong results during its first quarter, with total revenue increasing 11.4% from the previous year, gross margin up 51.9%, and adjusted EBITDA up 24.5%.
This streak will likely continue even after the pandemic, as this growth in e-commerce was already predicted — just not so suddenly. The stock is already up about 55% as of writing, and should continue to soar even higher throughout the remainder of the pandemic and beyond.
Bottom line
Investing in any of these top stocks would be a great move right now, or during the next market dips. Each company is just starting out on the TSX, so has plenty of room to grow. Each has also proven its worth among its peers and come out on top.
If investors are looking for solid buy-and-hold strategies or simply to make a strong increase in a few years, these are definitely ones to consider.
