3 High-Flying TSX Stocks to Buy Right Now

The rally in these high-flying TSX stocks could continue, given their high-growth prospects.

| More on:

Image source: Getty Images

Despite the rising COVID-19 cases and a slowdown in the economic recovery rate, the Canadian equity markets have shown strong resilience, with the S&P/TSX Composite Index rising around 2% this year. However, the following three TSX stocks have witnessed a surge in their shock price this year. Let’s look at whether buying opportunities still exist in these stocks?


I had recommended Facedrive (TSXV:FD) earlier this month when the company was trading around $15 per share. If you had bought the stock then, your investment could have doubled by now. The company has witnessed a strong buying in the last couple of days amid its aggressive expansion plans.

On Monday, Facedrive had announced that it had expanded its food-delivery services to 19 cities across Canada amid increased demand. It has partnered with 4,425 restaurants and currently delivers 4,100 meals per day on an average. It has approximately 250,000 active users on its platform. Meanwhile, the company also has planned to expand its services to other cities in Canada and the United States soon.

The rising COVID-19 cases have led to an increased demand for delivery services. Further, the company’s environmentally friendly approach has been gaining traction with customers. Facedrive has expanded into grocery delivery services and has implemented health and safety features on its platform to enhance its users’ safety, health, and confidence.

Facedrive’s other segments, ride-hailing, e-commerce, and healthcare verticals, are also witnessing healthy growth. So, despite the recent surge, I expect the rally in Facedrive’s stock to continue.


Since the beginning of this year, BlackBerry’s (TSX:BB)(NYSE:BB) stock price has increased by over 180%. On Monday, the company announced the expansion of its three-year-old partnership with Baidu, a Chinese technology company. According to the new agreement, Baidu’s high-definition maps would run on BlackBerry’s QNX Neutrino real-time operating system, helping car manufacturers in China produce next-generation connected autonomous vehicles. The partnership offers BlackBerry significant growth prospects.

Further, BlackBerry announced earlier this month that it had sold its 90 smartphone technology patents to Huawei and had resolved its messaging patent litigation with Facebook. All these developments have led BlackBerry’s stock to rise.

Meanwhile, I believe the rally could continue, given its high growth prospects. In December, the company announced a collaboration with Amazon Web Services to develop and market its intelligent vehicle data platform, IVY. The platform would help car manufacturers securely read vehicle sensor data and create new in-vehicle applications that can run across multiple vehicle brands and models. The company is also expanding its presence in the cybersecurity and endpoint management market through its Spark Suite and Cyber Suite platforms.


Aphria (TSX:APHA)(NASDAQ:APHA) has returned over 85% this year. Along with the increased interest in the cannabis sector, the company’s impressive second-quarter performance has led its stock price to rise. The company outperformed both analysts’ top-line and bottom-line expectations during the quarter. It also reported positive EBITDA for the seventh consecutive quarter. Its financial position also looks healthy, with its liquidity standing at $320 million at the end of the second quarter.

The legal global cannabis market is growing at a faster pace amid increased legalization. Euromonitor International has projected the global legal cannabis market to grow at a compound annual growth rate (CAGR) of 27.7% over the next five years to reach $95 billion by 2025.

Meanwhile, Aphria is working on merging with Tilray, making the combined entity the largest cannabis company globally. With its scale, the combined entity will be well-positioned to benefit from the cannabis sales growth. Further, the synergy could create $100 million of pre-tax savings within the first two years of completing the transaction.

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.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. David Gardner owns shares of Amazon, Baidu, and Facebook. Tom Gardner owns shares of Baidu and Facebook. The Motley Fool owns shares of and recommends Amazon, Baidu, and Facebook. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned.

More on Tech Stocks

Money growing in soil , Business success concept.
Dividend Stocks

3 TSX Stocks That Could Make You a Millionaire

These three TSX stocks each have outstanding potential while trading undervalued today, creating significant opportunities for investors.

Read more »

Senior couple at the lake having a picnic
Tech Stocks

3 TSX Stocks That Are Great Long-Term Picks

October is a ripe time to buy growth stocks for wealth creation. Use the market downturn to tap the recovery…

Read more »

money cash dividends

Canadian Investors: Where to Put $100 Right Now

If you have $100 to invest right now, here are two high-risk growth stocks that can grow your money fivefold…

Read more »

Caution, careful
Dividend Stocks

Top Investor-Favourite TSX Stocks to Avoid This Year

Here are two TSX stocks that could continue to underperform.

Read more »

question marks written reminders tickets
Tech Stocks

Will Slowing Google Ad Sales Drive Alphabet Stock Lower?

Google ad sales are trending lower in 2022 due to a weak macro environment. But Alphabet stock is trading at…

Read more »

Businessman holding AI cloud
Tech Stocks

2 Stocks That Could Grow Your Portfolio Over the Next Decade

These two TSX stocks could be stellar additions to your long-term portfolio, given their multi-year growth potential and discounted stock…

Read more »

Wireless technology
Tech Stocks

These Tech Stocks Are Growing up to 138% Despite the Recession

Growth stocks like WELL Health Technologies (TSX:WELL) are thriving, despite the recession.

Read more »

grow dividends
Tech Stocks

BlackBerry (TSX:BB) Stock: The Best Buy for Your RRSP

BlackBerry stock is still falling after its quarterly result, despite a 28% revenue increase in its Internet of Things segment.

Read more »