Finding one excellent growth stock can change your life financially. For example, investors that purchased shares of Shopify (TSX:SHOP)(NYSE:SHOP) at its IPO would have turned $10,000 into more than $477,000 today. That represents 4,671% growth and an annualized return of 97.95%. However, finding these sorts of companies can be difficult. In this article, I will discuss three growth stocks investors should buy today.
E-commerce is going to change shopping forever
As mentioned previously, Shopify is one company that has already rewarded investors with amazing returns. However, the company is still very much at the start of its growth story. In terms of a baseball game, you can liken this company as being in the third inning. Online shopping has been steadily increasing in terms of adoption since 2000; however, the COVID-19 pandemic has accelerated this adoption significantly.
Shopify provides an e-commerce platform for every business, from first-time entrepreneurs to large-cap companies. Since the smaller merchants are often the focus of Shopify articles, it is important to look at the Shopify Plus component of this business. Currently, there are more than 7,000 active Shopify Plus brands located in 175 countries.
Altogether, Shopify reports 10,978 checkouts per minute at its daily peak. This demonstrates how large this industry is. With consumers continuing to turn to online shopping with higher frequency, this investment opportunity is a no-brainer.
The payments space will benefit from the emergence of online shopping
Although e-commerce service providers like Shopify offer their own payment solutions, these companies do not have a monopoly in the space. There are a number of emerging payments companies that are poised to create a lasting impact.
Nuvei (TSX:NVEI) is a new IPO that some Canadians may be familiar with. The company offers payment technology solutions that are accessible in more than 200 global markets. Nuvei made an instant impact by closing the largest tech IPO in Canadian history. This shows the high amount of confidence that investors have in the company.
By offering in-store, unattended, mobile, and online solutions, Nuvei is well positioned to grow alongside the emergence of the payments industry. The company has secured top level customers in the online gaming, commerce, travel, and financial industries and is continuing to grow at a rapid clip.
Renewable energies will power the world
Finally, investors should make a play within the renewable energy space. Utilities are steadily focusing more heavily in the renewable space and Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP) is already positioned as a global leader.
With a portfolio of assets capable of producing 19,400 MW of power, there are so few companies capable of contending with its presence. The company has continued to prioritize growth with new projects in Brazil and India as prime examples. Brookfield Renewable has produced 18% annualized returns since its inception. It has also grown its distributions at a compound annual growth rate of 6% since 2000.
Backed by Brookfield Asset Management, this company is poised to continue leading the way in the renewable energy space. Brookfield Renewable is a top company that should find a place in your portfolio today.
Foolish takeaway
Investors should strive to find that one company that can generate massive life-changing wealth. Companies like Shopify, Nuvei, and Brookfield Renewable Partners should find a place in every Canadian’s portfolio. These are three companies that would be solid stocks to buy today.
